The Nigeria Deposit Insurance Corporation (NDIC) has invited depositors, creditors and shareholders of the defunct Progress Bank of Nigeria to submit claims for final liquidation dividends following fresh recoveries from the bank’s outstanding debts and assets.
The Corporation, which is the official liquidator of the failed bank, announced the development in a notice published on October 19, 2026, directing eligible beneficiaries to complete the claims process within one month.
The deadline for submission of claims is November 19, 2026.
The latest announcement provides another opportunity for former customers and other stakeholders with outstanding entitlements to receive payments from funds recovered during the bank’s liquidation.
However, the NDIC did not disclose the total amount available for distribution or specify how much each category of beneficiary would receive.
In the notice, the Corporation directed eligible claimants to visit its official website, www.ndic.gov.ng, and access the claims link to submit their applications.
Alternatively, beneficiaries may visit any of the designated NDIC offices across the country or send completed claim forms as email attachments to claimscomplaints@ndic.gov.ng.
The designated offices include the NDIC Lagos office at 23A Marina, Lagos Island, and its headquarters at Plot 447/448, Constitution Avenue, Central Business District, Garki, Abuja.
Other offices are located in Enugu, Benin City, Kano, Ilorin, Bauchi, Sokoto, Yola, Port Harcourt, Owerri and Abeokuta.
The exercise is expected to benefit depositors whose funds exceeded the insured amounts previously reimbursed by the NDIC, as well as creditors and shareholders with verified outstanding claims against the defunct financial institution.
Payments, however, will depend on the verification of claims and the funds available for distribution under the liquidation process.
Progress Bank is among several Nigerian financial institutions whose operating licences were revoked in previous years, leaving the NDIC responsible for recovering outstanding debts, realising assets and distributing available proceeds to eligible stakeholders.
In October 2023, the Corporation announced an additional liquidation dividend of more than ₦16 billion for depositors, creditors and shareholders of 20 defunct banks, including Progress Bank.
The announcement followed earlier payments totalling ₦45.45 billion to stakeholders of the affected institutions as of July 2023.
Other beneficiaries of the 2023 exercise included stakeholders of Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Merchant Bank of Africa, Premier Commercial Bank, North South Bank and Prime Merchant Bank.
The NDIC had attributed the additional payments to recoveries from debtors and the realisation of assets belonging to the failed banks.
Meanwhile, the Corporation disclosed on October 8, 2026, that cumulative payments to insured depositors of failed financial institutions had reached ₦69.65 billion.
The figure was presented by the NDIC Director of Strategy Development, Mrs Gwa Uduak, during the opening of the Corporation’s 2026 Customer Service Week in Abuja.
The presentation also put cumulative payments to uninsured depositors at ₦57.63 billion.
While insured depositors are reimbursed under the deposit insurance scheme, payments to uninsured depositors, creditors and other claimants depend largely on recoveries from debtors and proceeds from the sale of assets belonging to failed institutions.
The latest notice signals another step towards settling outstanding obligations to stakeholders of Progress Bank, although the NDIC is yet to disclose the value of the latest recoveries or the total dividend available for distribution.
Eligible depositors, creditors and shareholders are therefore required to submit their claims on or before November 19, 2026, to be considered for the final liquidation dividend.
