Full List: NDIC Names 182 Liquidated Banks, Offers to Pay Customers Insured Sum
- The Nigeria Deposit Insurance Corporation has started paying depositors or recently closed microfinance banks
- The banks include 178 Microfinance Banks, four Primary Mortgage Banks, and other financial institutions
- The NDIC stated that it wants to ensure depositors do not panic over funds trapped in banks
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The Nigeria Deposit Insurance Corporation has begun paying all depositors of banks affected by the recent license revocation by the Central Bank of Nigeria (CBN).
The affected banks include 178 Microfinance Banks and four Primary Mortgage Banks, 62 of which had already stopped operations, and 74 were declared insolvent. At the same time, 12 were temporarily distressed, and the remaining six were voluntarily liquidated.
Source: UGC
NDIC begins process of paying closed bank customers, assures of stability of financial system in Nigeria
The Managing Director of NDIC, Bello Hassan, gave the assurance recently while speaking at a two-day capacity-building workshop organized in partnership with the Bureau of Public Procurement held at Four Points By Sheraton in Ikot Ekpene.
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The NDIC boss was represented by the Executive Director of Operations, Mustapha Ibrahim. He said that the Corporation would not compromise on standards and would ensure that the public would not panic over the safety of bank deposits.
Punch reports that the NDIC MD revealed that the Corporation would continue to strengthen the financial system to support Nigeria's economic advancement and contribute meaningfully to the financial system and its stability.
According to the NDIC boss, the role of the Corporation is to continue to play a critical part in the financial safety net arrangement of Nigeria's banking system as a deposit insurer.
He said:
""Following the recent revocation of the licenses of 178 Microfinance Banks and four Primary Mortgage Banks by the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation has since commenced the liquidation exercise with the primary purpose of paying the guaranteed sum, recovery of debts owed the banks, sale of physical assets and payment of liquidation dividend on the uninsured sum.
"The NDIC is hereby assuring depositors of the closed banks of speedy payment of their insured sums."
LIST OF 47 MICROFINANCE BANKS LICENCES REVOKED – first gazette
- EVANGEL MICROFINANCE BANK
- DOMINION MICROFINANCE BANK
- ANYA MICROFINANCE BANK
- AKWENGWU MICROFINANCE BANK
- FADAMA FARMERS MICROFINANCE BANK
- SAL-FOL MICROFINANCE BANK
- MAUTECH MICROFINANCE BANK
- WASE MICROFINANCE BANK
- SMARTMICRO MICROFINANCE BANK
- AMBA MICROFINANCE BANK
- BRIDGE HOUSE MICROFINANCE BANK
- MONEY WELL MICROFINANCE BANK
- OTUKPO MICROFINANCE BANK
- OLOGBON MICROFINANCE BANK
- BESTWAY MICROFINANCE BANK
- BIYAMA MICROFINANCE BANK
- GREENLAND MICROFINANCE BANK
- FASILDAPO MICROFINANCE BANK
- SUNRISE MICROFINANCE BANK
- JOINT FARMERS MICROFINANCE BANK
- PROLIFIC MICROFINANCE BANK
- HALMOND MICROFINANCE BANK
- AJIKOBI MICROFINANCE BANK
- KOGI MICROFINANCE BANK
- EYOWO MICROFINANCE BANK
- ARISE MICROFINANCE BANK
- ISI-AKU MICROFINANCE BANK
- BMAZAZHIN MICROFINANCE BANK
- INI MICROFINANCE BANK
- NARICT MICROFINANCE BANK
- INTERLAND MICROFINANCE BANK
- EHOR MICROFINANCE BANK
- BIBAJINRE MICROFINANCE BANK
- GOLDEN FUNDS MICROFINANCE BANK
- GWADABAWA MICROFINANCE BANK
- IBA MICROFINANCE BANK
- EDUMANA MICROFINANCE BANK
- WEST-END MICROFINANCE BANK
- UMEJEI MICROFINANCE BANK
- MOUAU VASMUCS MICROFINANCE BANK
- JAMIS MICROFINANCE BANK
- NEW WORLD MICROFINANCE BANK
- ABESTONE MICROFINANCE BANK
- NSEHE MICROFINANCE BANK
- OSOGBO MICROFINANCE BANK
- CROSSOVER MICROFINANCE BANK
- DANGIZHI MICROFINANCE BANK
- ATLAS MICROFINANCE BANK
- BLUEWHALES MICROFINANCE BANK
- EVEREST MICROFINANCE BANK
- IGANGAN MICROFINANCE BANK
- MAINSAIL MICROFINANCE BANK
- MERIT MICROFINANCE BANK
- MINNA MICROFINANCE BANK
- MUSHARAKA MICROFINANCE BANK
- NOPOV MICROFINANCE BANK
- OHON MICROFINANCE BANK
- PREMIUM MICROFINANCE BANK
- ROYAL MICROFINANCE BANK
- STATESMAN MICROFINANCE BANK
- SUISSE MICROFINANCE BANK
- VIBRANT MICROFINANCE BANK
- VIRTUE MICROFINANCE BANK
- ZAMARE MICROFINANCE BANK
- NORTH CAPITAL MICROFINANCE BANK
- CHIDERA MICROFINANCE BANK
- EXCELLENT MICROFINANCE BANK
- NI’IMA MICROFINANCE BANK
- COSMOPOLITAN MICROFINANCE BANK
- PROGRESSIVE LINK MICROFINANCE BANK
- TRUST ONE (FORMERLY DESMONARCHY)
- EKUOMBE MICROFINANCE BANK
- FIRST INDEX MICROFINANCE BANK
- OLA MICROFINANCE BANK
- ULI MICROFINANCE BANK
- VERDANT MICROFINANCE BANK
- AGULERI MICROFINANCE BANK LIMITED
- APEKS MICROFINANCE BANK LIMITED
- FAHIMTA MICROFINANCE BANK LIMITED
- MANNY MICROFINANCE BANK LIMITED
- REALITY MICROFINANCE BANK LIMITED
- SURBPOLITAN MICROFINANCE BANK LIMITED
- ONYX MICROFINANCE BANK LIMITED
- OSINA MICROFINANCE BANK LIMITED
- OLOFIN-OWENA MICROFINANCE BANK LIMITED
- ZIKADO MICROFINANCE BANK LIMITED
- PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED
- PENIEL MICROFINANCE BANK LIMITED
- TARABA MICROFINANCE BANK LIMITED
- BRASS MICROFINANCE BANK LIMITED
- MICHIKA MICROFINANCE BANK LIMITED
- NDIAGU MICROFINANCE BANK LIMITED
- NORTHBRIDGE MICROFINANCE BANK LIMITED
- FCT MICROFINANCE BANK LIMITED
- OMU-ARAN MICROFINANCE BANK LIMITED
- CHERISH MICROFINANCE BANK LIMITED
- BIPC MICROFINANCE BANK LIMITED
- DANIELS GLOBAL MICROFINANCE BANK LIMITED
- BANCORP MICROFINANCE BANK LIMITED
- MANNA MICROFINANCE BANK LIMITED
- MONEYWISE MICROFINANCE BANK LIMITED
- MERCURY MICROFINANCE BANK LIMITED
- NEW AGE MICROFINANCE BANK LIMITED
- PEARL MICROFINANCE BANK LIMITED
- ZAWADI MICROFINANCE BANK LIMITED
- SEED CAPITAL MICROFINANCE BANK LIMITED
- EDUEK MICROFINANCE BANK LIMITED
- EKSU MICROFINANCE BANK LIMITED
- DAKINGARI MICROFINANCE BANK LIMITED
- OGOJA MICROFINANCE BANK LIMITED
- NWABOSI MICROFINANCE BANK LIMITED
- NUTURE MICROFINANCE BANK LIMITED
- ACTIVE POINT MICROFINANCE BANK LIMITED
- AMOYE MICROFINANCE BANK LIMITED
- BOLUWADURO MICROFINANCE BANK LIMITED
- IYEDE MICROFINANCE BANK LIMITED
- MAYFAIR MICROFINANCE BANK LIMITED
- CALABAR MICROFINANCE BANK LIMITED
- IGHOMO MICROFINANCE BANK LIMTED
- HACKMAN MICROFINANCE BANK LIMITED
- IDESE MICROFINANCE BANK LIMITED
- BRIDGEWAY MICROFINANCE BANK LIMITED
- GRASSROOT MICROFINANCE BANK LIMITED
- SURELIFE MICROFINANCE BANK LIMITED
- TIJARAH MICROFINANCE BANK LIMITED
- IC-GLOBAL MICROFINANCE BANK LIMITED
- EJIAMATU MICROFINANCE BANK LIMITED
- BRIYTH COVENANT MICROFINANCE BANK LIMITED
- NANKA MICROFINANCE BANK LIMITED
- CUB MICROFINANCE BANK LIMITED
- BFL MICROFINANCE BANK LIMITED
- UMUNNE MICROFINANCE BANK LIMITED
- OROKE MICROFINANCE BANK
- ALKALERI MICROFINANCE BANK LIMITED
- CROWNED EAGLE MICROFINANCE BANK LIMITED
- UNIFA MICROFINANCE BANK LIMITED
- DADINKOWA MICROFINANCE BANK LIMITED
- IFESOWAPO MICROFINANCE BANK LIMITED
- OAF MICROFINANCE BANK LIMITED
- BAMA MICROFINANCE BANK LIMITED
- NGALA MICROFINANCE BANK LIMITED
- IWOAMA MICROFINANCE BANK LIMITED
- KADA MICROFINANCE BANK LIMITED
- KEFFI MICROFINANCE BANK LIMITED
- NUT-ENDWELL MICROFINANCE BANK LIMITED
- FIRST MULTIPLE MICROFINANCE BANK LIMITED
- SBDC MICROFINANCE BANK LIMITED
- OROS CAPITAL MICROFINANCE BANK LIMITED
- OZIZZA MICROFINANCE BANK LIMITED
- PRIMERA CREDIT MICROFINANCE BANK LIMITED
- IFEANYICHUKWU MICROFINANCE BANK LIMITED
- IHIOMA MICROFINANCE BANK LIMITED
- JOSAD MICROFINANCE BANK LIMITED
- AKPO MICROFINANCE BANK LIMITED
- AIYEPE MICROFINANCE BANK LIMITED
- ABC MICROFINANCE BANK LIMITED
- STAR MICROFINANCE BANK LIMITED
- PURPLE MONEY MICROFINANCE BANK LIMITED
- UTUH MICROFINANCE BANK LIMITED
- STALLION MICROFINANCE BANK LIMITED
- KJL MICROFINANCE BANK LIMITED
- CREDIT AFRIQUE MICROFINANCE BANK LIMITED
- COWRIES MICROFINANCE BANK LIMITED
- LAWEBOD MICROFINANCE BANK LIMITED
- MABINAS MICROFINANCE BANK LIMITED
- BUSINESS SUPPORT MICROFINANCE BANK LIMITED
- OGBE-AHIARA MICROFINANCE BANK LIMITED
- OLOFIN MICROFINANCE BANK LIMITED
- OBOSI MICROFINANCE BANK LIMITED
- FIYINFOLU MICROFINANCE BANK LIMITED
- BISHOPSGATE MICROFINANCE BANK LIMITED
- AWKA MICROFINANCE BANK LIMITED
- ZIGATE MICROFINANCE BANK LIMITED
- ESAN MICROFINANCE BANK LIMITED
- ENUGU-UKWU MICROFINANCE BANK LIMITED
- ECHO MICROFINANCE BANK LIMITED
- ALLY MICROFINANCE BANK LIMITED
- NETWORK MICROFINANCE BANK LIMITED
- AWGBU MICROFINANCE BANK LIMITED
- LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED
- RESORT SAVINGS & LOANS
- SAFETRUST MORTGAGE BANK
- ADAMAWA SAVINGS & LOANS
- KOGI SAVINGS & LOANS
"By the powers conferred on me": CBN revokes licenses of over 170 Microfinance Banks, finance companies
Legit.ng reported that the Central Bank of Nigeria (CBN) has revoked the licenses of 179 microfinance banks, four primary mortgage banks, and three finance companies nationwide.
The announcement was made in the official gazette of the Federal Government, which was published on the CBN's website on Tuesday, May 23, 2023.
According to the gazette, these financial institutions had their licenses revoked due to several reasons.
Source: Legit.ng
