The Nigeria Deposit Insurance Corporation has warned members of the public against carrying out transactions with 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria, saying the affected institutions are no longer authorised to conduct banking business in the country.
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The warning was contained in a press statement issued on Wednesday by the Head of the Communication and Public Affairs Department of the NDIC, Hawwau Gambo, following the CBN’s revocation of the licences of the affected microfinance banks.
According to the corporation, it has been appointed the official liquidator of the failed banks in line with Section 12(2) of the Banks and Other Financial Institutions Act 2020 and Section 55(1) and (2) of the NDIC Act 2023.
The statement said, “Following the revocation of the operating licenses of 46 Microfinance Banks by the Central Bank of Nigeria, on July 1, 2026, the Nigeria Deposit Insurance Corporation has been appointed as the official Liquidator, pursuant to Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act 2023.”
The corporation said the appointment empowers it to oversee the orderly winding up of the institutions and protect the interests of depositors.
“It is in this capacity that the Corporation wishes to inform the depositors of the banks in particular and the general public in general that the affected institutions are no longer authorised to conduct banking business in Nigeria,” the statement added.
The NDIC cautioned members of the public against dealing with the failed banks or tampering with their assets and records.
It stated, “Consequently, members of the public are strongly advised against any unauthorised transaction with the closed banks, or any attempt by individuals to remove, conceal, retain, or interfere with the assets, records, or properties of the banks, as this may constitute a violation of the law that could attract appropriate legal consequences.”
The corporation disclosed that it had already commenced the liquidation process, including taking possession of the banks, verifying depositors’ claims and paying insured deposits to eligible customers.
“The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors,” the statement said.
It added that depositors and the general public would receive regular updates throughout the liquidation exercise.
“Depositors and the general public would be duly informed on an ongoing basis on further steps to be taken regarding the liquidation exercise,” the statement added.
PUNCH Online earlier reported that the Central Bank of Nigeria revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet key regulatory requirements for continued operations.
Among the 46 affected institutions are Gold Microfinance Bank, Merchant Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Safegate Microfinance Bank, NOW NOW Digital Microfinance Bank, Zain Microfinance Bank, Bompai Microfinance Bank, Sycamore Microfinance Bank, Apple Microfinance Bank, Entrepreneur Microfinance Bank and Avantus Microfinance Bank, alongside several others operating across Lagos, Kano, Abuja, Abia, Ogun, Kaduna, Niger, Rivers, Plateau, Benue, Osun and other states.
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