NDIC set to liquidate 62 MFBs, 25 PMBs

The Nigeria Deposit Insurance Corporation (NDIC) is set to liquidate 87 micro finance banks and primary mortgage whose licences have been revoked by the Central Bank of Nigeria (CBN).

The NDIC in a notice posted on its website on August 23, 2024, said that after expiration of 30 days from the date of the publication, the Corporation will present an application to the Federal High Court to obtain dissolution orders to liquidate the 87 microfinance banks and primary mortgage banks under liquidation.

The report showed that out of 87 institutions waiting for liquidation, 62 of them are microfinance banks, 25 are primary mortgage banks.

According to the list released by NDIC, 16 of the affected banks are located in Abuja, the Federal Capital Territory (FCT) , 51 of them are operate in Lagos State while  five affected microfinance banks located in Rivers State.

The Corporation said, “noticed is hereby given to the General Public that the Nigeria Deposit Insurance Corporation (NDIC) in its capacity as the Liquidator of the under-listed closed Microfinance Banks and Primary Mortgage Institutions, in accordance with the provisions of its enabling law and other relevant laws, will at the expiration of 30 days from the date of this publication present an application to the Federal High Court to obtain dissolution orders of the closed banks and to discharge the Corporation as Liquidator of the banks.”