Financial Trust Group Appeals to Tinubu Over Bank Liquidation

Financial Trust Group has formally appealed to President Bola Tinubu to intervene in a longstanding dispute with the Nigeria Deposit Insurance Corporation (NDIC) concerning unaccounted liquidation surpluses and dividends from Financial Merchant Bank Limited and Republic Bank Limited. The Group asserts that these funds are owed to the estate of its late founder, Dr Olufemi Ajayi.

They have requested the immediate release of comprehensive, independently verifiable, and audited accounts detailing the assets realized from the liquidation of the two banks, which occurred in January 1994 and June 1995, respectively. The Group emphasized the need for transparency and adherence to statutory obligations under the Federal Government’s Renewed Hope agenda.

They argue that three decades without satisfactory accounting raises significant concerns about regulatory accountability and the treatment of indigenous entrepreneurs. The NDIC had previously announced a declaration of N16.18 billion in liquidation dividends to depositors, creditors, and shareholders of 20 banks in liquidation, including the two banks in question.