Home News Finance NDIC Plans to Dissolve 87 Banks Following a 30-day Notice
FinanceNews

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

580
NDIC Issues 'Notice Of Plan' To Terminate 87 Microfinance and Mortgage Banks

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.

 

Read Also: Liberia, Ghana Central Banks Clarify $20 Million Cash Transfer Saga, Dismiss Rumours Of Money Laundering

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

EducationNewsWorld

Mali Suspends Teaching of the French Revolution in 9th Grade Curriculum

The Malian Ministry of National Education has announced the suspension of the...

NewsWorld

Malian Forces Neutralize Dozens of Terrorists in Major Counteroffensive Operations

The Malian Armed Forces (FAMa) have carried out a series of successful...

NewsWorld

Mali, Niger and Burkina Faso Adopt Unified Sahel Alliance e-Passport

The member states of the Alliance of Sahel States (AES) — Mali,...

NewsWorld

Malian Ambassador Presents Credentials to Hungarian President

His Excellency Yacouba Diakité, the Extraordinary and Plenipotentiary Ambassador of the Republic...