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21 Nigerian banks that were closed down between 2000 - 2024

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Here is a list of the banks that the CBN has closed down between 2000 and 2024
  • 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:


  1. Premier Commercial Bank - 20 December, 2000
  2. Ivory Merchant Bank 20 December, 2000
  3. Rims Merchant Bank      20 December, 2000
  4. African Express Bank 16 January, 2006
  5. Eagle Bank Limited 16 January, 2006
  6. City Express Bank 16 January, 2006
  7. Fortune International Bank 16 January, 2006
  8. Allstates Trust Bank 16 January, 2006
  9. Lead bank 16 January, 2006
  10. Metropolitan Bank 16 January, 2006
  11. Liberty Bank 16 January, 2006
  12. Gulf Bank 16 January, 2006
  13. Hallmark Bank 16 January, 2006
  14. Trade Bank 16 January, 2006
  15. Triumph Bank 16 January, 2006
  16. Bank PHB 5 August, 2011
  17. Afri Bank 5 August, 2011
  18. Spring Bank 5 August, 2011
  19. African International Bank 1 August, 2013
  20. Skye Bank 21 September, 2018
  21. 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.



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Halima AdeosunAdmin

Halima Adeosun is a news writer with over 5 years of experience reporting insightful events, and human interest stories.

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