All bank depositors who were impacted by the Central Bank of Nigeria’s (CBN) recent licence revocation have started receiving payments from the Nigeria Deposit Insurance Corporation (NDIC).
A total of 178 microfinance banks and four primary mortgage banks are among the afflicted institutions.
Precisely, 62 of them have already ceased operations, while 74 have been deemed bankrupt. Six were voluntarily liquidated at the same time as 12 were temporarily distressed.
The Managing Director of NDIC, Bello Hassan, provided the assurance recently in remarks made at a capacity-building workshop hosted at the Four Points by Sheraton in Ikot Ekpene in collaboration with the Bureau of Public Procurement.
Executive Director of Operations Mustapha Ibrahim spoke on behalf of the NDIC director. He assured the public that there would be no public panic over the security of bank accounts and that the Corporation would uphold standards at all costs.
In the report, the NDIC MD stated that the Corporation would keep bolstering the financial system to promote Nigeria’s economic development and significantly improve the financial system’s stability.
People Also Read: See Why You Need To Adopt e-Naira – CBN
According to the NDIC boss, the role of the Corporation is to continue to play a critical part in the financial safety net arrangement of Nigeria’s banking system as a deposit insurer.
He said: “Following the recent revocation of the licenses of 178 Microfinance Banks and four Primary Mortgage Banks by the Central Bank of Nigeria.
“The Nigeria Deposit Insurance Corporation (NDIC) has since commenced the liquidation exercise with the primary purpose of paying the guaranteed sum, recovery of debts owed the banks, sale of physical assets and payment of liquidation dividend on the uninsured sum”.
Here Is A List Of Microfinance Banks With Licenses Revoked
EVANGEL MICROFINANCE BANK
DOMINION MICROFINANCE BANK
ANYA MICROFINANCE BANK
AKWENGWU MICROFINANCE BANK
FADAMA FARMERS MICROFINANCE BANK
SAL-FOL MICROFINANCE BANK
MAUTECH MICROFINANCE BANK
WASE MICROFINANCE BANK
SMARTMICRO MICROFINANCE BANK
AMBA MICROFINANCE BANK
BRIDGE HOUSE MICROFINANCE BANK
MONEY WELL MICROFINANCE BANK
OTUKPO MICROFINANCE BANK
OLOGBON MICROFINANCE BANK
BESTWAY MICROFINANCE BANK
BIYAMA MICROFINANCE BANK
GREENLAND MICROFINANCE BANK
FASILDAPO MICROFINANCE BANK
SUNRISE MICROFINANCE BANK
JOINT FARMERS MICROFINANCE BANK
PROLIFIC MICROFINANCE BANK
HALMOND MICROFINANCE BANK
AJIKOBI MICROFINANCE BANK
KOGI MICROFINANCE BANK
EYOWO MICROFINANCE BANK
ARISE MICROFINANCE BANK
ISI-AKU MICROFINANCE BANK
BMAZAZHIN MICROFINANCE BANK
INI MICROFINANCE BANK
NARICT MICROFINANCE BANK
INTERLAND MICROFINANCE BANK
EHOR MICROFINANCE BANK
BIBAJINRE MICROFINANCE BANK
GOLDEN FUNDS MICROFINANCE BANK
GWADABAWA MICROFINANCE BANK
IBA MICROFINANCE BANK
EDUMANA MICROFINANCE BANK
WEST-END MICROFINANCE BANK
UMEJEI MICROFINANCE BANK
MOUAU VASMUCS MICROFINANCE BANK
JAMIS MICROFINANCE BANK
NEW WORLD MICROFINANCE BANK
ABESTONE MICROFINANCE BANK
NSEHE MICROFINANCE BANK
OSOGBO MICROFINANCE BANK
CROSSOVER MICROFINANCE BANK
DANGIZHI MICROFINANCE BANK
ATLAS MICROFINANCE BANK
BLUEWHALES MICROFINANCE BANK
EVEREST MICROFINANCE BANK
IGANGAN MICROFINANCE BANK
MAINSAIL MICROFINANCE BANK
MERIT MICROFINANCE BANK
MINNA MICROFINANCE BANK
MUSHARAKA MICROFINANCE BANK
NOPOV MICROFINANCE BANK
OHON MICROFINANCE BANK
PREMIUM MICROFINANCE BANK
ROYAL MICROFINANCE BANK
STATESMAN MICROFINANCE BANK
SUISSE MICROFINANCE BANK
VIBRANT MICROFINANCE BANK
VIRTUE MICROFINANCE BANK
ZAMARE MICROFINANCE BANK
NORTH CAPITAL MICROFINANCE BANK
CHIDERA MICROFINANCE BANK
EXCELLENT MICROFINANCE BANK
NI’IMA MICROFINANCE BANK
COSMOPOLITAN MICROFINANCE BANK
PROGRESSIVE LINK MICROFINANCE BANK
TRUST ONE (FORMERLY DESMONARCHY) EKUOMBE MICROFINANCE BANK
FIRST INDEX MICROFINANCE BANK
OLA MICROFINANCE BANK
ULI MICROFINANCE BANK
VERDANT MICROFINANCE BANK
AGULERI MICROFINANCE BANK LIMITED
APEKS MICROFINANCE BANK LIMITED
FAHIMTA MICROFINANCE BANK LIMITED
MANNY MICROFINANCE BANK LIMITED
REALITY MICROFINANCE BANK LIMITED
SURBPOLITAN MICROFINANCE BANK LIMITED
ONYX MICROFINANCE BANK LIMITED
OSINA MICROFINANCE BANK LIMITED
OLOFIN-OWENA MICROFINANCE BANK LIMITED
ZIKADO MICROFINANCE BANK LIMITED
PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED
PENIEL MICROFINANCE BANK LIMITED
TARABA MICROFINANCE BANK LIMITED
BRASS MICROFINANCE BANK LIMITED
