The Nigeria Deposit Insurance Corporation (NDIC) has commenced the final phase of winding down 89 defunct Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) across the country following their acquisition by new operators under its resolution framework, it emerged on Wednesday.
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/NBBSPIDEL.png")
![](https://thenigerialawyer.com/wp-content/uploads/2026/05/2026-Summer-IDRI-Masterclass.jpg")
The Corporation said the move follows the earlier revocation of licences by the Central Bank of Nigeria (CBN) in May 2023, which affected 179 microfinance banks and four primary mortgage banks.
Under the Purchase and Assumption (P&A) model, according to Hawwau Gambo, the Head of Communication and Public Affairs, 89 new institutions were subsequently licensed to take over the assets and liabilities of the failed banks and have since commenced operations under new identities.
NDIC, acting as liquidator, the statement noted, will now approach various divisions of the Federal High Court to obtain formal orders dissolving the defunct entities and discharging the Corporation from its liquidation responsibilities, in line with its enabling law.
A breakdown of the affected institutions shows that Lagos accounts for the highest number, with 27 banks undergoing the process.
This is followed by Osun with seven, Anambra with six, the Federal Capital Territory (FCT) with five, while Akwa Ibom, Ogun, and Adamawa recorded four each.
Oyo, Kaduna, Edo, and Niger recorded three each.
Other states affected include Benue, Delta, Imo, and Ondo, with two each, while Abia, Ekiti, Enugu, Rivers, Plateau, Nasarawa, Kano, Kwara, Jigawa, and Katsina recorded one each.
The Corporation said the exercise aims to bring closure to the resolution process while ensuring depositors’ interests remain protected, and the financial system remains stable.
The NDIC added that the transition under the P&A arrangement has allowed continuity of banking services in affected locations, as the acquiring institutions have fully taken over operations of the defunct banks.
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation
______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
The book also examines Nigeria's legal ecosystem, focusing on the LPELR and NBA AI Guidelines. As a bonus, every purchase comes with a FREE eBook titled: How to Use the AI Features in LegalPedia and LawPavilion.
Ohio Books Ltd praises the publication, stating:
"....this is the only Nigerian book I know of on the topic."
How to Order:
📞 Call, Text, or WhatsApp: 08034917063 | 07055285878
📧 Email: benadigwe1@gmail.com
🌎 Website: www.benadigwe.com
Ebook Version: Access it directly online at https://selar.com/prv626
Authored by Ben Ijeoma Adigwe Esq., ACIarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria.
______________________________________________________________________
