NDIC Begins Final Liquidation of 89 Failed Microfinance and Mortgage Banks

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The Nigeria Deposit Insurance Corporation has commenced the final liquidation process for 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) following their acquisition under the Purchase and Assumption (P&A) resolution framework.

The Corporation in a statement said the move follows the successful transfer of assets and liabilities of the affected institutions to new owners licensed by the Central Bank of Nigeria.

The banks were among 179 Microfinance Banks and four Primary Mortgage Banks whose licences were revoked by the Central Bank of Nigeria in May 2023.

According to the NDIC, 89 eligible new institutions were subsequently licensed to take over the assets and liabilities of the defunct banks and have since begun operations under new names.

The Corporation stated that it will approach the Federal High Court to obtain orders for the formal dissolution of the affected institutions, in line with its statutory mandate.

It added that the court orders will also formally discharge it from its role as liquidator once the process is completed.

The NDIC noted that the development represents the final stage of an orderly resolution process designed to protect depositors and ensure stability in the financial system.

The agency reaffirmed its commitment to the safe and structured resolution of failed financial institutions across the country.

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