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