NDIC Plans to Dissolve 87 Banks Following a 30-day Notice

The Nigeria Deposit Insurance Corporation (NDIC) has announced its intention to dissolve 87 microfinance and primary mortgage banks across Nigeria. This comes after the expiration of a 30-day notice issued on August 23, 2024. The NDIC, acting as the liquidator, plans to approach the Federal High Court in  Abuja for dissolution orders.

The affected institutions include 62 microfinance banks and 25 primary mortgage banks. According to NDIC, 80 of these banks had their licences revoked because they could not be located, while eight banks opted for self-liquidation.

The banks include Mar-Bonch MFB, Saving Corp MFB, Ovidi MFB, Galilee MFB,  and Royal Children Heritage MFB. Geographically, 16 banks are in Abuja, 51 in Lagos, five in Rivers, and others spread across states like Kogi, Bayelsa, Delta, and Edo.

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