The Chairman of the Economic and Financial Crimes Commission (EFFC) Abdulrasheed Bawa, has called for collaboration from stakeholders in the financial sector to prevent banks in the country from becoming insolvent.
Bawa made the call in Lagos on Wednesday, while delivering a goodwill message at the opening of a two-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC), with the theme: “Effective Investigation and Prosecution of Banking Malpractices that Led to the Failure of Banks”.
The EFCC Chairman, who was represented by the Commission’s Lagos Zonal Commander Ahmed Ghali, said forensic analysis of the annual reports, bank statements and other financial documents of some of the failed banks investigated by the EFCC clearly showed a pattern necessitating collaborative efforts aimed at making the nation’s banking sector work more effectively.
He noted that many households, small businesses and large corporations rely on commercial banks to provide their financial needs, and urged bank officials to avoid engaging in fraudulent activities that can lead to a breach of public trust.
TheNewsGuru.com (TNG) reports that between 1994 and 2006, 45 banks in the country have had their licences revoked by the Central Bank of Nigeria (CBN), having been termed failed banks.
The Federal High Court issued orders for them to be wound up and appointed the NDIC as Liquidator of the banks.
Below is the list of the failed banks:
S/NO | NAME OF BANK UNDER LIQUIDATION | DATE OF CLOSURE |
1 | Abacus Merchant Bank Ltd | Jan. 16, 1998 |
2 | ABC Merchant Bank Ltd | Jan. 16, 1998 |
3 | African Express Bank Ltd | Jan. 16, 2006 |
4 | Allied Bank of Nigeria Plc | Jan. 16, 1998 |
5 | Allstates Trust Bank Plc | Jan. 16, 1998 |
6 | Alpha Merchant Bank Plc | Sept. 08, 1994 |
7 | Amicable Bank of Nigeria Plc. | Jan. 16, 1998 |
8 | Assurance Bank of Nigeria Plc | Jan. 16, 2006 |
9 | Century Merchant Bank Ltd. | Jan. 16, 1998 |
10 | City Express Bank Plc | Jan. 16, 2006 |
11 | Commerce Bank Plc | Jan. 16, 1998 |
12 | Commercial Trust Bank Ltd | Jan. 16, 1998 |
13 | Continental Merchant Bank Plc | Jan. 16, 1998 |
14 | Coop. & Commerce Bank Plc | Jan. 16, 1998 |
15 | Credite Bank Nig. Ltd | Jan. 16, 1998 |
16 | Crown Merchant Bank Ltd. | Jan. 16, 1998 |
17 | Financial Merchant Bank Ltd. | Jan. 21, 1994 |
18 | Great Merchant Bank Ltd. | Jan. 16, 1998 |
19 | Group Merchant Bank Ltd. | Jan. 16, 1998 |
20 | Gulf Bank Ltd | Jan. 16, 2006 |
21 | Hallmark Bank Plc | Jan. 16, 2006 |
22 | Highland Bank of Nig Plc | Jan. 16, 1998 |
23 | ICON Ltd. (Merchant Bankers) | Jan. 16, 1998 |
24 | Ivory Merchant Bank Ltd. | Dec. 22, 2000 |
25 | Kapital Merchant Bank Ltd. | Jan. 21, 1994 |
26 | Lead Bank Plc | Jan. 16, 2006 |
27 | Lobi Bank of Nig. Ltd. | Jan. 16, 1998 |
28 | Mercantile Bank of Nig. Plc. | Jan. 16, 1998 |
29 | Merchant Bank of Africa Ltd. | Jan. 16, 1998 |
30 | Metropolitan Bank Ltd. | Jan. 16, 2006 |
31 | Nigeria Merchant Bank Ltd. | Jan. 16, 1998 |
32 | North-South Bank Nig. Plc. | Jan. 16, 1998 |
33 | Pan African Bank Ltd. | Jan. 16, 1998 |
34 | Pinacle Commercial Bank Ltd. | Jan. 16, 1998 |
35 | Premier Commercial Bank Ltd | Dec. 22, 2000 |
36 | Prime Merchant Bank Ltd. | Jan. 16, 1998 |
37 | Progress Bank Ltd. | Jan. 16, 1998 |
38 | Republic Bank Ltd | June 29, 1995 |
39 | Rims Merchant Bank Ltd. | Dec. 22, 2000 |
40 | Royal Merchant Bank Ltd. | Jan. 16, 1998 |
41 | Trade Bank Plc | Jan. 16, 2006 |
42 | United Commercial Bank Ltd. | Sept. 8, 1994 |
43 | Victory Merchant Bank Ltd. | Jan. 16, 1998 |
44 | Eagle Bank Plc. | Jan. 16, 2006 |
45 | Liberty Bank Plc. | Jan. 16, 2006 |