List of Failed Banks in Nigeria

Failed banks in Nigeria

A bank is a type of financial entity that lends money while both taking deposits from the general public and generating demand deposits. [1] The bank can carry out lending activities directly or indirectly by using capital markets.

Because banks are crucial to the financial stability and economic health of a nation, they are subject to intense regulation in most jurisdictions. The majority of nations have institutionalized the fractional reserve banking system, in which banks keep liquid assets that are only partially equivalent to their current liabilities.

Retail banking, private banking, project management, money management, and other services are only a few of the ones that banking institutions provide to their clients. To be able to fulfill their duties to their depositors and other stakeholders, some banks, however, face circumstances that prevent them from doing so. Failure of a bank can be caused by a variety of factors, including subpar lending practices, insufficient capital, unfavorable regulatory conditions, and an asset and liability mismatch that causes the value of the bank’s assets to exceed the market value of its liabilities.

Banks are typically required to maintain a certain level of capital based on the Basel Accords, an international set of capital rules, in addition to additional regulations aimed at ensuring liquidity.

While banking as we know it today developed in the 14th century in the affluent cities of Renaissance Italy, it actually served as a continuation of ideas and notions of credit and lending with origins in the ancient world. Numerous banking families have been influential throughout the course of banking history, including the Medicis, the Fuggers, the Welsers, the Berenbergs, and the Rothschilds. Banca Monte dei Paschi di Siena, which was formed in 1472, is the oldest still operating retail bank, and Berenberg Bank is the oldest still operating merchant bank (founded in 1590).

This is a list of failed banks in Nigeria:

  • BANK OF THE NORTH LIMITED

First Interstate Merchant Bank Limited, Tropical Commercial Bank Plc, Centre Point Bank, Bank of the North Limited, Intercity Bank Plc, Pacific Bank Limited, Park Road, Fagge, Kano, Kano State, and Bank of the North Limited merged to form Unity Bank for Africa from the merger of these financial institutions.

  • Chartered Bank Limited
  • INTERCONTINENTAL BANK PLC.

First Interstate Merchant Bank Limited, Tropical Commercial Bank Plc, Centre Point Bank, Bank of the North Limited, Intercity Bank Plc, Pacific Bank Limited, Park Road, Fagge, Kano, Kano State, and Bank of the North Limited merged to form Unity Bank for Africa from the merger of these financial institutions.

  • IMB INTERNATIONAL BANK PLC.

The International Merchant Bank Plc (IMB) was situated in Victoria Island, Lagos State, at IBM Plaza, 1, Akin Adesola Street.

  • NEW AFRICA MERCHANT BANK LIMITED

NNIL Building Kaduna, 4, Major General Muhammed Buhari Way, Kaduna, Kaduna State was home to New Africa Merchant Bank Limiter.

  • Platinum Bank
  • Triumph Bank Plc.

In 1991, Triumph Merchant Bank, today known as Triumph Bank Plc, was established. 186 Awolowo Road, South West Ikoyi, Lagos State was where it was situated. Business, personal, and investment banking services were all available.

  • GLOBAL BANK PLC.

  • Global Bank Plc was a commercial bank located at No.  2, Awolowo Road, Ikoyi, Lagos State.
  • TRADE BANK PLC.

Trade Bank Plc., a commercial bank, situated at 57 Martin Street, Lagos Island, Lagos State.\

  • INTERNATIONAL TRUST BANK PLC.

International Trust Bank Plc. It was Situated on the 6th Floor, Icon House- Plot 999f, Idejo-Danmola Street, Victoria Island, Lagos state.

  • Fountain Trust Bank Plc.
  • FSB International Bank Plc.
  • Investment Banking & Trust Company Ltd. (IBTC)
  • Manny Bank Nig. Plc.
  • Pacific Merchant Bank Plc.
  • Trans International Bank Plc.
  • GATEWAY BANK

Gateway Bank Plc was located at 1-5 Fajuyi Road, Abeokuta, Ogun State.

  • Guardian Express Bank Plc
  • First Interstate Bank (Nig.) Limited
  • New Universal Bank Limited
  • Assurance Bank
  • Reliance Bank
  • Regent Bank Plc
  • GULF BANK

Gulf Bank was established in 1970 and has branches in Osogbo, Abeokuta, Ilorin, Warri, Kaduna, and Akure in addition to its headquarters in Lagos, Nigeria. Oil and gas financing, funds management, telecommunication financing, private banking, international banking, construction and mortgage financing were just a few of the services Gulf Bank, which operated as a commercial bank, offered.

  • INTERCITY BANK PLC

Intercity Bank Plc was situated at No. 1, Intercity Bank Street, Magadishu City Centre off Ahmadu Bello Way, Kaduna, Kaduna State, Nigeria.

  • CENTRE POINT BANK PLC

Centre Point Bank Plc was located at Plot 499, Central Business District Abogo Largeme Street off Construction Avenue, Abuja, Federal Capital Territory.

  • EAGLE BANK LIMITED

Privately held Eagle Bank Limited had its headquarters at Eagle Plaza, 22 Akin Adesol Street, Victoria Island, Lagos State.

  • Afribank Nigeria Plc
  • Citizens International Bank Limited
  • Lion Bank of Nigeria Plc
  • First Atlantic Bank Limited
  • Devcom Bank Limited

The address of Devcom Bank Limited is 18A, Okoawo Close, Victoria Island, Lagos State, Nigeria. It was founded in 1989.

  • Tropical Commercial Bank Limited
  • Marina International Bank (Merchant Bankers)
  • Afribank International Limited (Merchant Bankers)
  • ACB International Bank

The services provided by ACB International Bank included import, export, project and lease financing, asset management, private banking, and term loans. It had a 106 address.

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