By Oluwakemi Kindness
The Nigeria Deposit Insurance Corporation (NDIC) has begun the process of paying insured deposits to customers of 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN).
The NDIC in a statement on Wednesday by Hawwau Gambo, Head, communication and public affairs, NDIC, says it has taken over the failed banks as the official liquidator following the CBN’s decision to revoke their licences on July 1, 2026.
The appointment she noted is in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1) and (2) of the NDIC Act 2023.
The Corporation said the affected institutions are no longer authorised to conduct banking business in Nigeria and warned members of the public against carrying out any transactions with them.
It also cautioned individuals against removing, concealing, retaining or interfering with the banks’ assets, records or properties, warning that such actions could attract legal consequences.
The NDIC said it has commenced the orderly closure of the failed banks, including their immediate takeover, verification of depositors and payment of insured sums to eligible customers.
It added that depositors and the general public would be updated regularly on the liquidation process and the next steps.
The 46 affected microfinance banks are spread across several states, including Lagos, Kano, Abuja, Rivers, Abia, Ogun, Kaduna, Kebbi, Niger, Plateau, Benue, Ondo, Osun, Delta, Oyo, Bayelsa, Cross River and Anambra.
