NDIC Instantly takes over Failed MFBs, commences depositors’ verification.

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of a systematic closure of the failed 46 Microfinance Banks (MFBs) following their immediate takeover, verification and payment of insured sums to eligible depositors.

In a statement released to journalists during the the Corporation disclosed that following the revocation of the operating licenses of MFBs by the Central Bank of Nigeria (CBN) and subsequent appointment of the NDIC as the official liquidator, pursuant to Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act 2023.

The Corporation further informed the depositors of the banks in particular and the public in general that the affected institutions are no longer authorized to conduct banking business in Nigeria.

Accordingly, members of the public are strongly advised against any unauthorized transaction with the closed banks, or any attempt by individuals to remove, conceal, retain, or interfere with the assets, records, or properties of the banks, as this may constitute a violation of the law that could attract appropriate legal consequences.
The said that:
“Depositors and the general public would be duly informed on an ongoing basis on further steps to be taken regarding the liquidation exercise,”

The names of the affected MFBs as listed in statement are:

1 Minji-Se Churchill MFB Tier 1 Rivers

2 Merchant MFB Tier 2 Abia

3 Janmaa MFB Tier 1 Kwara

4 Busu MFB Tier 2 Niger

5 Gold MFB Tier 1 Lagos

6 Zain MFB (foremerly Dawakin Tofa MFB) Tier 2 Kano

7 Bompai MFB Tier 1 Kano

8 Ajwa MFB (Formerly Gezawa) Tier 2 Kano

9 Now Now Digital MFB Tier 2 Kano

10 Crystabel Microfinance Bank Tier 1 Bayelsa

11 Chanelle MFB State Lagos

12 Abia SME MFB Tier 1 Abia

13 Kamba MFB Tier 2 Kebbi

14 Iwade MFB Tier 2 Ogun

15 Winview MFB Tier 1 Abuja

16 Zuru MFB Tier 2 Kebbi

17 Minjibir MFB Tier 1 Kano

18 Shanono MFB Tier 2 Kano

19 Sumaila MFB Tier 2 Kano

20 Rimin Gado MFB Tier 2 Kano

21 Mwaghavul MFB State Plateau

22 Sycamore MFB Tier 2 Kano

23 TOFA MFB Tier 2 Kano

24 Safegate MFB Tier 1 Lagos

25 Creekline MFB Delta Tier 2

26 Bestar MFB Tier 1 Oyo

27 Livingspring MFB Tier 1 Cross River

28 Apple MFB Tier 2 Ogun

29 Stanford MFB State Uyo

30 Frontline MFB Tier 2 Anambra

31 Zafec MFB Tier 2 Kaduna

32 Supreme MFB Tier 1 Lagos

33 Bejin-Doko MFB Tier 2 Niger

34 Kanopoly MFB Tier 1 Kano

35 Bellbank MFB formerly Tsanyawa Tier 2 Kano

36 Yeneng MFB Tier 2 Plateau

37 Creditville MFB Tier 1 Lagos

38 MBAG MFB Tier 1 Lagos

39 STRAIGHT SAHARA MFB Tier 1 Benue

40 OURPASS MFB Tier 2 Ondo

41 VERDANT MFB Tier 1 Lagos

42 BASAWA MFB Tier 2 Kaduna

43 CASHA MFB Tier 2 Abuja

44 ESTEEM MFB Tier 2 Kano

45 ENTERPRENEUR MFB Tier 1 Lagos

46 AVANTUS MFB Tier 2 Osun

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