Over the past 28 years, at least 45 commercial and merchant banks have ceased operations. Data obtained revealed that the banks had their licenses revoked by the Central Bank of Nigeria, between 1994 and 2006.

In 2018, Skye Bank had its operating license revoked by the CBN, and Polaris Bank was authorized to take over.

The Federal High Court ordered the winding up of the banks and appointed the Nigeria Deposit Insurance Corporation (NDIC) as their liquidator.

Below is the list of 45 failed banks and the year of closure

Abacus Merchant Bank Ltd - Jan. 16, 1998

ABC Merchant Bank Ltd - Jan. 16, 1998

African Express Bank Ltd - Jan. 16, 2006

Allied Bank of Nigeria Plc - Jan. 16, 1998

Allstates Trust Bank Plc - Jan. 16, 1998

Alpha Merchant Bank Plc - Sept. 08, 1994

Amicable Bank of Nigeria Plc - Jan. 16, 1998

Assurance Bank of Nigeria Plc - Jan. 16, 2006

Century Merchant Bank Ltd. - Jan. 16, 1998

City Express Bank Plc - Jan. 16, 2006

Commerce Bank Plc - Jan. 16, 1998

Commercial Trust Bank Ltd - Jan. 16, 1998

Continental Merchant Bank Plc - Jan. 16, 1998

Coop. & Commerce Bank Plc - Jan. 16, 1998

Credite Bank Nig. Ltd - Jan. 16, 1998

Crown Merchant Bank Ltd. - Jan. 16, 1998

Financial Merchant Bank Ltd. - Jan. 21, 1994

Great Merchant Bank Ltd. - Jan. 16, 1998

Group Merchant Bank Ltd. - Jan. 16, 1998

Gulf Bank Ltd - Jan. 16, 2006

Hallmark Bank Plc - Jan. 16, 2006

Highland Bank of Nig Plc - Jan. 16, 1998

ICON Ltd. (Merchant Bankers) - Jan. 16, 1998

Ivory Merchant Bank Ltd. - Dec. 22, 2000

Kapital Merchant Bank Ltd. - Jan. 21, 1994

Lead Bank Plc - Jan. 16, 2006

Lobi Bank of Nig. Ltd. - Jan. 16, 1998

Mercantile Bank of Nig. Plc. - Jan. 16, 1998

Merchant Bank of Africa Ltd. - Jan. 16, 1998

Metropolitan Bank Ltd. - Jan. 16, 2006

Nigeria Merchant Bank Ltd. - Jan. 16, 1998

North-South Bank Nig. Plc. - Jan. 16, 1998

Pan African Bank Ltd. - Jan. 16, 1998

Pinacle Commercial Bank Ltd. - Jan. 16, 1998

Premier Commercial Bank Ltd - Dec. 22, 2000

Prime Merchant Bank Ltd. - Jan. 16, 1998

Progress Bank Ltd. - Jan. 16, 1998

Republic Bank Ltd - June 29, 1995

Rims Merchant Bank Ltd. - Dec. 22, 2000

Royal Merchant Bank Ltd. - Jan. 16, 1998

Trade Bank Plc - Jan. 16, 2006

United Commercial Bank Ltd. - Sept. 8, 1994

Victory Merchant Bank Ltd. - Jan. 16, 1998

Eagle Bank Plc- Jan. 16, 2006

Liberty Bank Plc.- Jan. 16, 2006

Checks by Legit.ng showed that Ecobank took over All States Trust Bank and Trade Bank Ltd, respectively, through successful bidding.

All States Trust Bank's had 65 branches which were taken over by Ecobank including over 32,000 depositors. Also, UBA Plc emerged as the successful bidder for Trade Bank Ltd.