Home News NDIC Plans to Liquidate 87 Microfinance Banks, Others

NDIC Plans to Liquidate 87 Microfinance Banks, Others

by Sammy

Nigerian Deposit Insurance Corporation (NDIC) will at the expiration of its notice released on August 23, 2024, approach a federal high court to grant the order to dissolve 87 microfinance banks and primary mortgage banks in the county.

“NOTICE is hereby given to the General Public that the Nigeria Deposit Insurance Corporation (NDIC) in its capacity as the Liquidator of the under-listed closed Microfinance Banks and Primary Mortgage Institutions, in accordance with the provisions of its enabling law and other relevant laws, will at the expiration of thirty (30) days from the date of this publication present an application to the Federal High Court to obtain dissolution orders of the closed banks and to release/discharge Corporation as Liquidator of the banks,” NDIC stated.

NDIC stated reasons for its actions to include the fact that the affected banks were either not located or embarked on self-liquidation.

According to the banking type, 62 of the affected financial institutions are microfinance banks while 25 are primary mortgage banks. Eighty of these institutions had their licences revoked because they were not located. The balance, 8, embarked on self-revocation.

Sixteen of the affected banks are located in Abuja, the Federal Capital Territory (FCT) while 51 are local in Lagos State, the nation’s commercial capital. Rivers State has five affected microfinance banks, according to the NDIC list.

Three of the affected microfinance banks are in Kogi; two each in Bayelsa and Delta states. The two affected microfinance banks in Edo State are Cubic microfinance Bank and Lofty Height Microfinance Bank.

Akwa Ibom, Kwara, Ondo, Osun and Oyo states have one affected bank each.

S/N CLOSED BANKS LOCATION TYPE REMARKS DATE OF REVOCATION OF LICENCE
1 GALILEE MFB Abuja MFB Not located 26 SEPTEMBER 2018
2 PINNACLE MFB Abuja MFB Not located 4 FEBRUARY 2014
3 ROYAL CHILDREN HERITAGE MFB Abuja MFB Not located 26 SEPTEMBER 2018
4 SAVINGS CORP MFB Abuja MFB Not located 26 SEPTEMBER 2018
5 SPEC MFB Abuja MFB Not located 26 SEPTEMBER 2018
6 IMAD MFB Abuja MFB Not located 26 SEPTEMBER 2018
7 IHIMA MFB Kogi MFB Not located 4 FEBRUARY 2014
8 LIBERTY MFB Kogi MFB Not located 26 SEPTEMBER 2018
9 OVIDI MFB Kogi MFB Not located 24 NOVEMBER 2020
10 NEW MERCANTILE MFB Abuja MFB Not located 4 FEBRUARY 2014
11 ALTITUDE MFB Lagos MFB Not located 26 SEPTEMBER 2018
12 BONDED MFB Lagos MFB Not located 26 SEPTEMBER 2018
13 HYBRID MFB Lagos MFB Not located 26 SEPTEMBER 2018
14 MAR-BONCH MFB Lagos MFB Not located 26 SEPTEMBER 2018
15 CORAL MFB Lagos MFB Not located 26 SEPTEMBER 2018
16 LASU MFB Lagos MFB Not located 26 SEPTEMBER 2018
17 SHORELINE MFB Lagos MFB Not located 26 SEPTEMBER 2018
18 SOVEREIGN MFB Lagos MFB Not located 26 SEPTEMBER 2018
19 WEALTHBASKET MFB Lagos MFB Not located 26 SEPTEMBER 2018
20 EDS MFB Lagos MFB Not located 4 FEBRUARY 2014
21 COMPASS MFB Lagos MFB Not located 4 FEBRUARY 2014
22 ENTERPRISE MFB Lagos MFB Not located 4 FEBRUARY 2014
23 FREEGATE MFB Lagos MFB Not located 4 FEBRUARY 2014
24 FUNDS MATRIX MFB Lagos MFB Not located 4 FEBRUARY 2014
25 GREEN FIELD MFB Lagos MFB Not located 4 FEBRUARY 2014
26 INTERGLOBAL MFB Lagos MFB Not located 4 FEBRUARY 2014
27 KINGS MFB Lagos MFB Not located 4 FEBRUARY 2014
28 KEYSTONE MFB Lagos MFB Not located 4 FEBRUARY 2014
29 VINNING MFB Lagos MFB Not located 4 FEBRUARY 2014
30 MARVELOUS MFB Lagos MFB Not located 26 SEPTEMBER 2018
31 SANTRUST MFB Lagos MFB Not located 26 SEPTEMBER 2018
32 TSM MFB Lagos MFB Not located 26 SEPTEMBER 2018
33 BIZTRUST MFB Lagos MFB Not located 26 SEPTEMBER 2018
34 GIDEON TRUST MFB Lagos MFB Not located 26 SEPTEMBER 2018
35 ETHICS MFB Lagos MFB Not located 26 SEPTEMBER 2018
36 FIRST CREDIT MFB Lagos MFB Not located 26 SEPTEMBER 2018
37 GAPBRIDGE MFB Lagos MFB Not located 26 SEPTEMBER 2018
38 NEW GATE MFB Lagos MFB Not located 24 SEPTEMBER 2010
39 PRIMATE MFB Lagos MFB Not located 24 SEPTEMBER 2010
40 MUSTASON MFB Lagos MFB Not located 24 SEPTEMBER 2010
41 MUSTARD MFB Lagos MFB Not located 26 SEPTEMBER 2018
42 SOUTHWEST MFB Lagos MFB Not located 24 SEPTEMBER 2010
43 TRUST ONE MFB Lagos MFB Not located 23 MAY 2023
44 TRADERS MFB Lagos MFB Not located 4 FEBRUARY 2014
45 CITISERVE MFB Lagos MFB Not located 4 FEBRUARY 2014
46 SVP MFB Rivers MFB Not located 4 FEBRUARY 2014
47 CKC MFB Rivers MFB Not located 4 FEBRUARY 2014
48 ACORN MFB Rivers MFB Not located 4 FEBRUARY 2014
49 ARACOM MFB Ondo MFB Not located 4 FEBRUARY 2014
50 HOMELAND MFB Bayelsa MFB Not located 24 SEPTEMBER 20
51 FIRST GOLDEN MERCURY MFB Osun MFB Not located 4 FEBRUARY 2014
52 CUBIC MFB Edo MFB Not located 24 SEPTEMBER 2010
53 SOLACE MFB Delta MFB Not located 4 FEBRUARY , 2010
54 TOP MEGA TRUST MFB Delta MFB Not located 4 FEBRUARY 2014
55 ADVANCE MFB Akwa ibom MFB Not located 26 SEPTEMBER 2018
56 UMU-UMA MFB Anambra MFB Not located 4 FEBRUARY , 2014
57 FIRST AMALGAMATED B/S Kwara MFB Not located 5 JANUARY 2015
58 HORIZON BUILDING SOCIETY Abuja PMB Not located 6 AUGUST 2012
59 IMANI SAVINGS & LOANS Abuja PMB Not located 6 AUGUST 2012
60 NEW CAPITAL SAVINGS & LOANS Abuja PMB Not located 6 AUGUST 2012
61 OWNERS HOME S & L Abuja PMB Not located 6 AUGUST 2012
62 PERENNIAL BUILDING SOCIETY Abuja PMB Not located 6 AUGUST 2012
63 PRIMROSE SAVINGS & LOANS Abuja PMB Not located 6 AUGUST 2012
64 GLOBAL BUILDING SOCIETY (CONFLUENCE S&L) Abuja PMB Not located 5 JANUARY 2015
65 MELROSE SAVINGS & LOANS Abuja PMB Not located 6 AUGUST 2012
66 ACCLAIM HOMES AND LOANS Lagos PMB Not located 6 AUGUST 2012
67 CB HOMES SAVINGS AND LOANS Lagos PMB Not located 6 AUGUST 2012
68 COASTAL HOMES SAVINGS AND LOANS Lagos PMB Not located 6 AUGUST 2012
69 CREST MORTGAGE SAVINGS AND LOANS Lagos PMB Not located 6 AUGUST 2012
70 ESTAPORT BUILDING SOCIETY Lagos PMB Not located 6 AUGUST 2012
71 GUARDIAN TRUST S & L Lagos PMB Not located 6 AUGUST 2012
72 HOME TRUST SAVINGS AND LOANS Lagos PMB Not located 6 AUGUST 2012
73 MARS HOME INVESTMENT SAVINGS AND LOANS Lagos PMB Not located 6 AUGUST 2012
74 OMONO BUILDING SOCIETY Lagos PMB Not located 6 AUGUST 2012
75 SECURE SAVINGS AND LOANS Lagos PMB Not located 6 AUGUST 2012
76 URBAN SHELTER SAVINGS AND LOANS Lagos PMB Not located 6 AUGUST 2012
77 CONSOLIDATED ESTATE BUILDING SOCIETY Lagos PMB Not located 5 JANUARY 2015
78 HOME FOUNDATION SAVINGS AND LOANS Lagos PMB Not located 5 JANUARY 2015
79 PASSWORD SAVINGS AND LOANS Lagos PMB Not located 5 JANUARY 2015
80 SUPREME SAVINGS AND LOANS Lagos PMB Not located 1 OCTOBER 2018
81 MIDLAND MORTGAGES Rivers PMB Self-liquidation 5 JANUARY 2015
82 GARDEN CITY MFB Rivers MFB Self-liquidation 26 SEPTEMBER 2018
83 COMBINED BENEFIT MFB Bayelsa MFB Self-liquidation 4 FEBRUARY 2014
84 CORPORATE MFB Oyo MFB Self-liquidation 4 FEBRUARY 2014
85 LOFTY HEIGHTS MFB Edo MFB Self-liquidation 4 FEBRUARY 2014
86 EXPRESS MFB Abia MFB Self-liquidation 4 FEBRUARY 2014
87 MULTI-BANC SAVINGS AND LOANS Lagos PMB Self-liquidation 5 JANUARY 2015

SIGNED: MANAGEMENT

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