The FTC Group has petitioned President Bola Tinubu and the Nigeria Deposit Insurance Corporation (NDIC) over what it describes as unresolved surplus funds arising from the liquidation of a bank more than three decades ago.
The group is seeking government intervention in the long-running matter, raising questions about the handling of assets and liabilities following the bank’s liquidation and the fate of funds it claims remain outstanding.
In its petition, the FTC Group called for the relevant authorities to review the circumstances surrounding the liquidation, establish the status of the disputed surplus and ensure that any money legally due to the rightful beneficiaries is accounted for.
The group’s appeal to Tinubu reflects its desire for a high-level resolution to an issue it says has remained unresolved for about 30 years.
The NDIC, which is responsible for protecting depositors and managing the resolution of failed insured banks in Nigeria, is central to the matter because of its role in the liquidation process.
When a bank is liquidated, its assets are generally realised and used to settle outstanding obligations according to the applicable legal framework. Where funds remain after eligible claims and liabilities have been settled, questions may arise over who is entitled to the surplus and how it should be distributed.
The FTC Group’s petition therefore places renewed attention on the need for transparency in the management of the bank’s liquidation records, including the identification of assets realised, liabilities settled and any balance that may remain undistributed.
The group is asking the authorities to examine the matter and provide clarity on the status of the funds rather than allow the dispute to continue indefinitely.
However, the petition itself does not establish that the NDIC has unlawfully withheld money. The claims will require verification against the relevant liquidation records, legal decisions and financial documentation.
The case also raises broader questions about the resolution of historical banking disputes in Nigeria, particularly where decades have passed since the original liquidation.
For affected parties, a transparent review could help clarify whether any surplus remains, who is legally entitled to it and what steps are required to bring the matter to a conclusion.
The response from the Presidency and the NDIC will be important in determining whether the petition leads to a formal review or further action.
As the matter develops, the central issues remain the verification of the claimed surplus, the legal rights of the parties involved and the need for an accountable resolution of a dispute that has reportedly lasted for three decades.
