List of Distressed Banks in Nigeria (from 1994 to 2025)

Identifying a definitive "list of distressed banks" in Nigeria at any given time can be challenging because "distressed" can mean different things (e.g., facing liquidity issues, having a low capital adequacy ratio, or being on the verge of license revocation). However, the most concrete indicators of a bank being "distressed" or having failed are:

Revocation of License by the Central Bank of Nigeria (CBN): This is the ultimate sign of failure for a financial institution.

Liquidation by the Nigeria Deposit Insurance Corporation (NDIC): Once a license is revoked, the NDIC steps in as liquidator.

Intervention/Bridge Bank Operations: The CBN sometimes intervenes to prevent outright collapse, for example, by creating a "bridge bank" to take over the assets and liabilities of a failing bank.

Below is the list of deposit money banks which were closed, following the revocation of their operating licences by the Central Bank of Nigeria (CBN), between 1994 and 2018, as obtained from the NDIC website.

1. Financial Merchant Bank            21 January 1994

2. Kapital Merchant Bank              21 January 1994

3. United Commercial Bank             8 September 1994

4. Alpha Merchant Bank                   8 September 1994

5. Republic Bank                              29 June 1995

6. Abacus Merchant Bank              16 January 1998

7. ABC Merchant Bank                    16 January 1998

8. Allied Bank of Nigeria                 16 January 1998

9. Amicable Bank of Nig.                 16 January 1998

10. Century Merchant Bank            16 January 1998

11. Commerce Bank                          16 January 1998

12. Commercial Trust Bank             16 January 1998

13. Continental Merchant Bank      16 January 1998

14. Coop & Commerce Bank             16 January 1998

15. Credite Bank Nigeria                    16 January 1998

16. Crown Merchant Bank                 16 January 1998

17. Great Merchant Bank                    16 January 1998

18. Group Merchant Bank                  16 January 1998

19. Highland Bank of Nig.                  16 January 1998

20. Icon Merchant Bankers                16 January 1998

21. Lobi Bank of Nigeria                      16 January 1998

22. Mercantile Bank of Nig.                16 January 1998

23. Merchant Bank of Africa                16 January 1998

24. Nigeria Merchant Bank                  16 January 1998

25. North South Bank                           16 January 1998

26. Pan African Bank                            16 January 1998

27. Pinnacle Commercial Bank           16 January 1998

28. Prime Merchant Bank                    16 January 1998

29. Progress Bank of Nig.                     16 January 1998

30. Royal Merchant Bank                     16 January 1998

31. Victory Merchant Bank                   16 January 1998

32. Rims Merchant Bank                      20 December 2000

33. Ivory Merchant Bank                      20 December 2000

34. Premier Commercial Bank             20 December 2000

35. Peak Merchant Bank                        28 February 2003 (Under Litigation)

36. African Express Bank                      16 January 2006

37. Allstates Trust Bank                         16 January 2006

38. Assurance Bank                                 16 January 2006

39. City Express Bank                             16 January 2006

40. Eagle Bank Limited                          16 January 2006

41. Fortune International Bank             16 January 2006

42. Gulf Bank                                            16 January 2006

43. Hallmark Bank                                  16 January 2006

44. Lead Bank                                          16 January 2006

45. Liberty Bank                                      16 January 2006

46. Metropolitan Bank                          16 January 2006

47. Trade Bank                                        16 January 2006

48. Triumph Bank                                  16 January 2006 (Under Litigation)

49. Bank PHB                                            5 August 2011

50. Spring Bank                                        5 August 2011

51. Afri Bank                                              5 August 2011

52. African International Bank              1 August 2013

53. Skye Bank                                          21 September 2018

 

Others

Heritage Bank Plc (2024):

Status: License revoked by the CBN on June 3, 2024.

Action: The NDIC immediately commenced the liquidation of Heritage Bank Plc. This is a very recent and significant case in the Nigerian banking sector. The NDIC is currently selling off its properties and chattels.

 

Keystone Bank Limited (2025):

Status: While not "liquidated," Keystone Bank experienced significant corporate governance issues.

Action: In February 2025, a Lagos State Special Offences Court ordered the forfeiture of the shares of the bank previously held by the former shareholders (Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo) in favor of the Federal Government of Nigeria. This followed the CBN's dissolution of its previous Board and Management in January 2024 due to corporate governance breaches. This means the bank is now fully owned by the Federal Government, indicating a form of distressed resolution.

 

Unity Bank Plc (2024/2025):

Status: While Unity Bank's license has not been revoked, there have been reports and discussions in the media (as of early 2025) about its vulnerabilities and potential mergers. Premium Times reported in early 2025 that the merger between Providus Bank and Unity Bank illustrated a proactive effort to reposition the sector, suggesting Unity Bank was considered vulnerable.