Revoked licenses: NDIC putting 42 microfinance banks under lock and key

Factual Pursuit of Truth for Progress


By Francis Ogwo

The Nigeria Deposit Insurance Corporation (NDIC), on Monday, said it has begun the closure of 42 microfinance banks following the revocation of their licences on Friday.

This was disclosed in a statement signed by the Director, Claims Resolution Department of the Corporation, Mrs Nurat Ajigbewu, in which it said it began with verification of their respective depositors.

The statement from NDIC said the CBN revoked the operating licences of the failed MFBs with effect from Thursday, November 12, 2020. Consequently, the Corporation, as the official liquidator of the banks, commenced the process of closure and payment of insured sums to verified depositors of the banks.

In carrying out this mandate, the Corporation has requested all depositors of the closed banks to visit the respective banks’ addresses from Monday 21st – Thursday 24th December 2020 where NDIC officials would be on the ground to verify their claims.

The affected MFBs according to the release include Hedgeworth MFB, Future Growth MFB, Bagwai MFB, Ere City MFB, Cafon MFB, Akcofed MFB and Gufax MFB.

Others are Partnership MFB, ICB MFB, Onima MFB, Hometrust (Nations) MFB, Ringim MFB, Bigthana MFB, Rogo MFB, Makoda MFB, Takai MFB, Bebeji MFB, Ajingi MFB, Garko MFB, Kangiwa MFB, Augie MFB and Mopa MFB.

Also on the list are Solid Base MFB, Ultimate Benefit MFB, Ovidi MFB, Kirfi MFB, Credit Express MFB, King Solomon MFB, Riggs MFB, Billionaire Blue Bricks MFB, Susu MFB, Wealthstream MFB, Aguda Titun MFB, Sapphire MFB, Metro MFB , Mountain Top MFB, Unyogba MFB, Wapo MFB, Ibogun MFB, Korede MFB, Ahetou MFB and Fufore MFB.

The Corporation requested eligible depositors to visit the banks’ locations with proof of account ownership such as passbook and cheque book as well as valid means of identification to enhance their verification.


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