Below is the list of 45 failed banks and the year of closure
- Abacus Merchant Bank Ltd – Jan. 16, 1998
- ABC Merchant Bank Ltd – Jan. 16, 1998
- African Express Bank Ltd – Jan. 16, 2006
- Allied Bank of Nigeria Plc – Jan. 16, 1998
- Allstates Trust Bank Plc – Jan. 16, 1998
- Alpha Merchant Bank Plc – Sept. 08, 1994
- Amicable Bank of Nigeria Plc – Jan. 16, 1998
- Assurance Bank of Nigeria Plc – Jan. 16, 2006
- Century Merchant Bank Ltd. – Jan. 16, 1998
- City Express Bank Plc – Jan. 16, 2006
- Commerce Bank Plc – Jan. 16, 1998
- Commercial Trust Bank Ltd – Jan. 16, 1998
- Continental Merchant Bank Plc – Jan. 16, 1998
- Coop. & Commerce Bank Plc – Jan. 16, 1998
- Credite Bank Nig. Ltd – Jan. 16, 1998
- Crown Merchant Bank Ltd. – Jan. 16, 1998
- Financial Merchant Bank Ltd. – Jan. 21, 1994
- Great Merchant Bank Ltd. – Jan. 16, 1998
- Group Merchant Bank Ltd. – Jan. 16, 1998
- Gulf Bank Ltd – Jan. 16, 2006
- Hallmark Bank Plc – Jan. 16, 2006
- Highland Bank of Nig Plc – Jan. 16, 1998
- ICON Ltd. (Merchant Bankers) – Jan. 16, 1998
- Ivory Merchant Bank Ltd. – Dec. 22, 2000
- Kapital Merchant Bank Ltd. – Jan. 21, 1994
- Lead Bank Plc – Jan. 16, 2006
- Lobi Bank of Nig. Ltd. – Jan. 16, 1998
- Mercantile Bank of Nig. Plc. – Jan. 16, 1998
- Merchant Bank of Africa Ltd. – Jan. 16, 1998
- Metropolitan Bank Ltd. – Jan. 16, 2006
- Nigeria Merchant Bank Ltd. – Jan. 16, 1998
- North-South Bank Nig. Plc. – Jan. 16, 1998
- Pan African Bank Ltd. – Jan. 16, 1998
- Pinacle Commercial Bank Ltd. – Jan. 16, 1998
- Premier Commercial Bank Ltd – Dec. 22, 2000
- Prime Merchant Bank Ltd. – Jan. 16, 1998
- Progress Bank Ltd. – Jan. 16, 1998
- Republic Bank Ltd – June 29, 1995
- Rims Merchant Bank Ltd. – Dec. 22, 2000
- Royal Merchant Bank Ltd. – Jan. 16, 1998
- Trade Bank Plc – Jan. 16, 2006
- United Commercial Bank Ltd. – Sept. 8, 1994
- Victory Merchant Bank Ltd. – Jan. 16, 1998
- Eagle Bank Plc- Jan. 16, 2006
- Liberty Bank Plc.- Jan. 16, 2006
Two were taken over by UBA and Ecobank
As the Nigerian banking sector experienced a spate of closures over the past few decades, some financial institutions have been able to weather the storm by taking over failed banks. United Bank of Africa (UBA) and Ecobank are two such examples of banks that have successfully acquired other financial institutions.
Similarly, UBA Plc was able to emerge as the successful bidder for Trade Bank Ltd. This acquisition gave UBA control over Trade Bank’s assets, including its customer base, loans, and investments. By taking over these failed banks, UBA and Ecobank were able to expand their market presence and strengthen their position within the banking industry.
However, while such acquisitions can provide opportunities for growth and expansion, they also come with certain challenges. For instance, the integration of different banking systems and processes can be complex and time-consuming, requiring significant investment in technology and personnel. Additionally, the success of such acquisitions depends on the ability of the acquiring bank to effectively manage and integrate the new customer base and assets, and to maintain the trust and confidence of its existing customers.
In summary, the acquisition of failed banks by UBA and Ecobank represents a successful strategy for navigating the turbulent Nigerian banking sector. While such acquisitions may present challenges, they also provide opportunities for growth and expansion, enabling these banks to consolidate their positions and cement their standing within the industry.
The post CBN list 45 failed Nigerian banks and dates of closure appeared first on STECHITEGIST.
