The Nigeria Deposit Insurance Corporation (NDIC) has assumed the role of liquidator for 46 microfinance banks whose operating licenses were rescinded by the Central Bank of Nigeria on July 1, 2026. This action is backed by the provisions within Section 12 (2) of BOFIA 2020 and Section 55 (1 & 2) of the NDIC Act 2023.
Hawwau Gambo, speaking for the NDIC, stated that these institutions are strictly prohibited from engaging in any further banking operations. The public has been cautioned to avoid conducting business with these defunct entities. Additionally, the corporation warned that tampering with the assets, documents, or properties belonging to these banks is illegal and subject to prosecution.
The NDIC has initiated the liquidation process, which includes securing the bank premises and beginning the verification of deposits to pay eligible customers. The corporation committed to providing regular updates to depositors throughout the liquidation proceedings.
