List of Failed Banks in Nigeria

Banking institutions offer a range of services to their customers from, retail banking, treasury, private banking, project management, funds management,  among others. However, situations occur to some banks that make them not able to meet their obligations to their depositors and other stakeholders. Bad loans, capital inadequacy, regulatory issues, and asset and liability mismatch that affects the value of a bank’s assets to fall beyond the market worth of the liabilities of the bank, are reasons that can lead to a bank failing.

List of Failed Banks in Nigeria

This is a list of failed banks in Nigeria:

  • Bank of the North Limited

Bank of the North Limited located at Park Road, Fagge, Kano, Kano State merged with New Africa Bank Limited, Intercity Bank Plc, Pacific Bank Limited, First Interstate Merchant Bank Limited, Tropical Commercial Bank Plc, and Centre Point Bank to form Unity Bank for Africa.

  • Chartered Bank Limited
  • Intercontinental Bank Plc.

Intercontinental Bank Plc was a commercial bank in Nigeria owned by Access Bank Plc. It was founded in the year 1989 under the name Nigerian Intercontinental Merchant Bank Limited. The bank acquired Equity Bank of Nigeria in 1996. It was located at Plot 999C, Danmole Street off Adeola Odeku Idejo Street, Victoria Island, Lagos State.

  • IMB International Bank Plc.

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

  • New Africa Merchant Bank Limited

New Africa Merchant Bank Limiter was located at NNIL Building Kaduna, 4, Major General Muhammed Buhari way, Kaduna, Kaduna State.

  • Platinum Bank
  • Triumph Bank Plc.

Triumph Bank Plc formerly known as Triumph Merchant Bank was founded in the year 1991. It was located at 186 Awolowo road, South West Ikoyi, Lagos State. It offered Investment banking, Personal and business banking services.

  • 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. located at 57 Martin Street, Lagos Island, Lagos State operated as a commercial bank.

  • International Trust Bank Plc.

International Trust Bank Plc located at 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.

Trans International Bank Plc was Located at Plot 1,2,6 &7, Agodi GRA, Ibadan, Oyo State. It was registered in the year 1987.

  • Cooperative Bank
  • SGBN
  • Prudent Bank

Prudent Bank was incorporated initially as a finance company in the year 1979 by Late Chief Samuel Ogundupe which operated for ten years before it became Prudent Merchant Bank in 1989.

  • Liberty Bank Limited
  • New Nigeria Bank Limited
  • Hallmark Bank Plc

Hallmark Bank Plc located in 137/139, Broad Street, Marina, Lagos Island, Lagos State issued Bonds and Guarantees to company employers. The services it offered include; Treasury; Retail and Private Banking, Advisory, Project Management amongst other services.

  • Societe Bancaire (Nig.) Limited
  • Nigerian International Bank Limited
  • 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

Regent Bank Plc located in Victoria Island, Lagos, Nigeria was registered in the year 2000.

  • Gulf Bank

Gulf Bank was founded in 1970 with its headquarters in Lagos, Nigeria with branches in Osogbo, Abeokuta, Ilorin, Warri, Kaduna, and Akure. Gulf Bank which operated as a commercial bank offered services like Oil and Gas Financing; Funds Management; Telecommunication Financing; Private Banking; International Banking; Construction and Mortgage Financing amongst others.

  • Broad Bank
  • MBC International Bank
  • Oceanic Bank International(Nig.) Limited
  • Cooperative Development Bank
  • EIB International Bank Limited
  • National Bank of Nigeria Limited

National Bank of Nigeria was a Nigerian bank established in 1933. It emerged as one of the top 3 largest Indigenous banks in the country as of then. The bank became distressed and was liquidated in the year 1992. It was later sold to Odua Investment group and Stanmark Assets and started operations in the year 2000. It later merged with Wema Bank in 2005 after a recapitalization exercise.

  • Intercity Bank Plc

Intercity Bank Plc was located 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

Eagle Bank Limited was a privately-owned Commercial Bank located 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

Devcom Bank Limited was registered in the year 1989 and is located at 18A, Okoawo Close, Victoria Island, Lagos State, Nigeria.

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

ACB International Bank offered services such as; Import, Export, Project and Lease Financing, Asset Management, Private Banking, and terms Loans services. It was located at 106/108, Broad Street, Lagos Island, Lagos State.

  • Lead Merchant Bank Limited
  • Trust Bank of Africa Limited
  • Equatorial Trust Bank Limited
  • Bond Bank
  • Capital Bank International (CBI) Limited
  • Omega Bank Plc

Omega Bank Plc merged with Fountain Trust Bank Limited, Guardian Express Bank Plc, ACB International Bank Limited, and Citizen International Bank Limited to form Spring Bank. It was located at 1, Engineering Close, off Idowu Taylor Street, Victoria Island, Lagos State, Nigeria.

  • Diamond Bank Plc
  • NBM Bank Limited
  • Nigerian-American Bank Limited
  • City Express Bank Limited
  • Midas Bank
  • Magnum Trust Bank Limited
  • African International Bank Limited
  • Continental Trust Bank
  • Alex Bank of Nigeria Plc
  • Fortune International Bank Limited
  • Allstates Trust Bank Plc
  • Indo-Nigeria Bank Limited
  • Universal Trust Bank of Nigeria
  • Metropolitan Bank
  • Standard Trust Bank Limited


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