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Home Industries Financial Services

NDIC set to liquidate 42 Microfinance Banks

Johnson Uche by Johnson Uche
December 20, 2020
in Financial Services, Spotlight
154 failed banks: Insurance corporation commences payment to depositors , NDIC settles over 500,000 failed banks, MFB depositors, Defunct Savannah Bank not yet liquidated – NDIC clarifies , NDIC to use AI, digital technology to tackle emerging threats to banks , NDIC extends insurance coverage to mobile money subscribers, FG moves to capture 80% of Nigerians in formal financial services sector 
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The Nigeria Deposit Insurance Corporation (NDIC) is verifying the claims of stakeholders of the 42 microfinance banks (MFBs) that recently lost their operating licenses in the latest efforts of the Central Bank of Nigeria (CBN) to sanitize and weed technically insolvent operators in the industry.

READ: Nigerian economy to grow by 2.38% in Q4 – CBN 

The NDIC will conduct the verification exercise between Monday and Thursday 24 December at the branches of the MFB and will involve meeting with the depositors, creditors, and shareholders of the banks to ascertain their relationships, as well as their deposits in preparatory to their liquidation by the corporation, which is statutorily empowered to do so.

READ: Nigeria’s manufacturing sector gains momentum in November, first time in 6 months

According to NDIC Twitter handle,

  • “This is to inform the depositors, creditors, shareholders and the general public that the operating licenses of the under listed forty-two (42) Microfinance Banks (MFBs) have been revoked by the Central Bank of Nigeria (CBN), effective 12th November 2020.
  • “The Nigeria Deposit Insurance Corporation (NDIC), the Official Liquidator of the banks whose licenses were recently revoked, is in the process of closing the listed banks and pay their insured Depositors.
  • “We, therefore, request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December 2020 till Thursday, 24th December 2020.

READ: Update-#EndSARS: Flutterwave Chairman says he ordered closure of firm’s payment platform

What you should know

  • The Central Bank of Nigeria (CBN) on 12th November 2020, revoked the licenses of the banks and the NDIC is expected to prepare their rites of passage to finally close the regulators’ books on them.
  • In 2018, over 153 Micro-Finance Banks (MFBs) and six Primary Mortgage Banks (PMBs) lost their operating licenses, according to the 2018 Annual Reports of the NDIC. This latest revocation is another in the series of clean up by the two banking regulators (NDIC and CBN).
  • Most MFBs have been battling with high level of non-performing loans which had inevitably resulted in high portfolio risk (PAR) and impaired their capital and liquidity to do businesses.
  • The 42 MFBs are 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; Gufax MFB, Uyo, Akwa Ibom State, Partnership MFB, Onitsha, Anambra State; ICB MFB, Ilah, Delta State; Onima MFB, Ezinihite Mbaise LGA, Imo State; and Hometrust (NATIONS) MFB, Nkwere, Imo State.
  • Also on the list are 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 L.G.A., 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; Solid Base MFB, Ijumu LGA, Kogi State; 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 Titan MFB, Ogba, Lagos and Sapphire MFB, Uyo, Akwa Ibom State.
  • The list also includes 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.

READ: CBN raises alarm over fraudulent loan offers, investment schemes with charged fees

Related

Tags: Microfinance BanksNDIC

Comments 1

  1. Bulus J Mai says:
    December 21, 2020 at 9:07 am

    While congratulating the NDIC r their effectI’ve supervision of the MFB the MFB are most times economical with the truth about thier operations and Shareholders are always in the dark about their dividends which are not always declared. The NDIC should do something about this please.

    Reply

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