NDIC begins liquidation of 42 microfinance banks

The Nigeria Deposit Insurance Corporation (NDIC) is in the process of liquidating 42 microfinance banks, whose licences were recently revoked by the Central Bank of Nigeria (CBN) and pay their insured depositors.

NDIC, which disclosed this on its Twitter handle, said the verification of the banks depositors’ claims will take place from December 21 to December 24 at the offices.

The agency said: “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 Microfinance Banks (MFBs) have been revoked by the Central Bank of Nigeria (CBN) effective from November 12, 2020.”

The NDIC asked eligible depositors to contact the representatives of the director, Claims Resolution Department at any of the centres/zonal offices in Abuja, Enugu, Lagos, Benin, Ilorin, Bauchi, Kano, Ilorin, Yola, Sokoto and Port Harcourt for further clarification on the matter.

Several microfinance banks have had problem of non-performing loans, a development that compelled NDIC to intervene in order to rid the industry of technically insolvent operators.

The agency had said in its 2018 annual report that 153 microfinance banks and six primary mortgage banks lost their operating licences during the period.

Read also: Buhari appoints new MD for NDIC, reappoints AMCON chief

The 42 affected banks include Hedgeworth MFB, Utako, Abuja; Future Growth MFB, Utako, Abuja; Bagwai MFB, Bagwai LGA, Kano; Ere City MFB, Oriade LGA, Osun State; Cafon MFB, Garki II, Abuja; Akcofed MFB, Uyo, Akwa-Ibom State and Gufax MFB, Uyo, Akwa Ibom State.

Others are – Partnership MFB, Onitsha, Anambra State; ICB MFB, Ilah, Delta State; Onima MFB, Ezinihite Mbaise LGA, Imo State; and Hometrust (NATIONS) MFB, Nkwere, Imo State; Ringim MFB, Ringim, Jigawa State; Bigthana MFB, Ali Akilu Road, Kaduna; Rogo MFB, Rogo LGA, Kano State; Makoda MFB, Makoda LGA, Kano; Takai MFB, Takai LGA, Kano State; Bebeji MFB, Bebeji LGA, Kano State; Ajingi MFB, Ajingi LGA, Kano State; Garko MFB, Garko, Kano; Kangiwa MFB, Kangiwa LGA, Kebbi State; Augie MFB, Augie LGA, Kebbi State; Mopa MFB, Mopa, Kogi State and Solid Base MFB, Ijumu LGA, Kogi State.

The Ultimate Benefit MFB, Lokoja, Kogi State; Ovidi MFB, Okene, Kogi State; Kirfi MFB, Kirfi LGA, Bauchi; Credit Express MFB, Kakawa Street, Lagos; King Solomon MFB, Western Avenue, Iponri, Lagos; Riggs MFB, Victoria Island, Lagos; Billionaire Blue Bricks MFB, Ajah, Lagos; Susu MFB, Yaba, Lagos; Wealthstream MFB, Apapa, Lagos; Aguda Titun MFB, Ogba, Lagos and Sapphire MFB, Uyo, Akwa Ibom State; Metro MFB, Ogba, Ikeja, Lagos, Mountain Top MFB, Trade Fair Complex, Lagos; Unyogba MFB, Ofu LGA, Kogi State; Wapo MFB, Okene, Kogi State; Ibogun MFB, Ifo LGA, Ogun State; Korede MFB, Igbotako, Ondo State; Ahetou MFB, Ogba/Egbema/Ndoni LGA, Rivers State and Fufore MFB, Yola, Adamawa State; completed the list.

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