The Nigeria Deposit Insurance Corporation (NDIC) has secured Winding up Orders for 96 out of 183 microfinance and primary mortgage banks whose licences were revoked by the Central Bank of Nigeria (CBN) in May 2023
The corporation’s Managing Director, Bello Hassan, made this disclosure at a sensitisation seminar for Judges of the Federal High Court in Lagos organised by the NDIC, to enlighten the judiciary on the intricacies of the banking industry.
He said: “As at date, the Corporation had obtained Winding up Orders for 96 out of 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023, in less than one Year of revocation.”
The deposit insurance expert added that the NDIC was committed to fulfilling its mandate of protecting depositors through bank supervision, failure resolution and liquidation so as to boost confidence in the financial system.
Speaking on the role that the judiciary plays in the fulfillment of the mandate, Hassan pointed out that the corporation recognises the judiciary as one of our critical stakeholders and that with this, when cases are brought before them, they can receive accelerated hearing and proclamation of Just
Recalling some of the achievements from previous editions of the seminar, Hassan said that instances abound where liquidation-related litigations that hitherto experienced delays were reduced.
