Barely a few hours after the Central Bank of Nigeria (CBN) revoked the licences of 46 microfinance banks in the country, the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors.
The corporation’s action is based on its statutory mandate as the official liquidator of the affected MfBs, pursuant to Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act 2023.
In a statement issued on Wednesday by the NDIC’s Head, Communication & Public Affairs Department, Hawwau Gambo, indicated that based on this capacity that the Corporation enlightened the depositors of the banks in particular and the general public that the affected institutions were no longer authorized to conduct banking business in Nigeria.
Consequently, it advised members of the public “against any unauthorized transaction with the closed banks, or any attempt by individuals to remove, conceal, retain, or interfere with the assets, records, or properties of the banks, as this may constitute a violation of the law that could attract appropriate legal consequences.”
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The NDIC promised that depositors of the failed MfBs and the general public would be duly informed on an ongoing basis on further steps to be taken regarding the liquidation exercise.
The aapex bank listed the MFBs whose licences were revoked as Minji-Se Churchill MFB, Merchant MFB, Janmaa MFB, Busu MFB, Gold MFB, Zain MFB (formerly Dawakin Tofa MFB), Bompai MFB, Ajwa MFB (Formerly Gezawa), NOW NOW DIGITAL MFB, Crystabel Microfinance Bank, Chanelle MFB, Abia SME MFB, Kamba MFB, Iwade MFB, Winview MFB, Zuru MFB, Minjibir MFB, Shanono MFB, Sumaila MFB, Rimin Gado MFB, Mwaghavul MFB, Sycamore MFB, and TOFA MFB.
Others include Safegate MFB, Creekline MFB, Bestar MFB, Livingspring MFB, Apple MFB, Stanford MFB, Frontline MFB, Zafec MFB, Supreme MFB, Bejin-Doko MFB, Kanopoly MFB, Bellbank MFB (formerly Tsanyawa), Yeneng MFB, Creditville MFB, MBAG MFB, STRAIGHT SAHARA MFB, OURPASS MFB, VERDANT MFB, BASAWA MFB, CASHA MFB, ESTEEM MFB, ENTREPRENEUR MFB, and AVANTUS MFB.
