- Heritage Bank recently lost its operating licence and had to close down
- This means that over 20 banks have been closed down between 2000 and 2024
- A list of such banks has been compiled, and some of the names include Skye and Intercontinental
The closure of Heritage Bank sent shock waves through the banking sector and thousands, if not millions, of customers have had to forfeit their money in the interim. Those who have more than 5 million with the bank have to wait a long while before they can get their money, such is the mess that comes with the revocation of a bank’s licence.
The latest closure of Heritage Bank is not the first time the Central Bank of Nigeria (CBN) has revoked the licence of a bank in the country. There are many who have suffered the ill fate that Heritage Bank suffered.
21 Nigerian banks closed down between 2000 - 2024
According to the Nigeria Deposit Insurance Corporation (NDIC), the banks listed below closed between 2000 and 2024 after the Central Bank of Nigeria (CBN) revoked their operating licenses:
- Premier Commercial Bank - 20 December, 2000
- Ivory Merchant Bank 20 December, 2000
- Rims Merchant Bank 20 December, 2000
- African Express Bank 16 January, 2006
- Eagle Bank Limited 16 January, 2006
- City Express Bank 16 January, 2006
- Fortune International Bank 16 January, 2006
- Allstates Trust Bank 16 January, 2006
- Lead bank 16 January, 2006
- Metropolitan Bank 16 January, 2006
- Liberty Bank 16 January, 2006
- Gulf Bank 16 January, 2006
- Hallmark Bank 16 January, 2006
- Trade Bank 16 January, 2006
- Triumph Bank 16 January, 2006
- Bank PHB 5 August, 2011
- Afri Bank 5 August, 2011
- Spring Bank 5 August, 2011
- African International Bank 1 August, 2013
- Skye Bank 21 September, 2018
- Heritage Bank 3 June, 2024
Banks that were acquired by other banks
Intercontinental Bank was one of the well-known financial institutions operating in Nigeria until it was taken over by the CBN in 2011 and later acquired by Access Bank in 2013.
Below are other banks that were also taken over by the CBN and were later merged/acquired by another bank.
Afribank
Afribank was taken over by the Central Bank of Nigeria(CBN) in 2011. The bank was one of Nigeria’s oldest, founded in 1959 by French investors.
It was renamed Mainstreet Bank Limited and eventually acquired by Skye Bank in 2014. Skye Bank collapsed and was bought by Polaris Bank in 2018.
Oceanic Bank
Oceanic Bank was taken over by the Central Bank of Nigeria (CBN) and eventually acquired by ECO Bank the same year which was 2011. The bank was founded by the Ibru family in 1990.
Diamond bank
Diamond Bank was merged with Access Bank in 2019. The bank was well-known and founded in 1990 by Mr Pascal Dozie, a past president of the Society for Corporate Governance Nigeria.