By Tony Obiechina, Abuja
The Nigeria Deposit Insurance Corporation (NDIC) has concluded the process of liquidating 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) following their successful acquisition by new owners under the Purchase and Assumption (P&A) resolution model executed by the Corporation.
The 89 closed banks were part of the 179 MFBs and 4 PMBs whose banking licenses were revoked by the Central Bank of Nigeria (CBN) on May 22nd and 23rd, 2023.
Through the Purchase and Assumption agreements, 89 new eligible institutions were issued licenses by the CBN, to acquire the assets and liabilities of the defunct banks and have since commenced operations under new names.
In order to legally conclude the liquidation process in accordance with the provisions of its enabling Act and other relevant laws, the NDIC in its capacity as the Liquidator of the defunct banks, will be presenting applications to various Judicial divisions of the Federal High Court to obtain orders of dissolution for the closed banks and to release the Corporation as Liquidator.
This was contained in a statement issued by Hawwau Gambo, Head, Communication & Public Affairs of the NDIC on Wednesday.
The list of the defunct banks and assuming new banks include, MOUAU VASMUCS MICROFINANCE BANK LIMITED; New owners MOVASCO-OP MICROFINANCE BANK LIMITED; EDUEK MICROFINANCE BANK LIMITED; MINT MICROFINANCE BANK LIMITED; INI MICROFINANCE BANK LIMITED; UFORO MICROFINANCE BANK LIMITED
NSEHE MICROFINANCE BANK LIMITED and VISTA MICROFINANCE BANK LIMITED
ZAWADI MICROFINANCE BANK LIMITED
ZITRA MICROFINANCE BANK LIMITED
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