CBN Revokes Licenses of 42 Micro-Finance Banks

The Nigerian Deposit Insurance Corporation has begun the process of settling depositors whose funds are trapped on 42 micro-finance banks whose operational licenses have been revoke.

The Nigerian Deposit Insurance Corporation said it has commenced the closure of 42 Microfinance Banks (MFBs) which operating licenses were recently revoked by the Central Bank of Nigeria (CBN) with verification of their respective depositors. This was disclosed in a release signed by the Director, Claims Resolution Department of the Corporation, Mrs Nurat Ajigbewu.

According to the NDIC, the CBN revoked the licenses of the failed MFBs with effect from Thursday 12th November, 2020. Consequently, the corporation as the official liquidator of the banks processed the closure and payment of insured sums to verified depositors of the banks. In carrying out this mandate, the corporation has requested all depositors of the banks to visit the respective banks' address from Monday 21st-Thursday 24th December, 2020 where NDIC officials would be on ground to verify their claims.

NDIC’s statement was signed Bashir A.Nuhu

Director, Communication and Public Affairs Department.

The release listed the affected MFBs as Hedgeworth MFB, Future Growth MFB, Bagwai MFB, Ere City MFB, Cafon MFB, Akcofed MFB and Gufax MFB. Others are partnership MFB, ICB MFB, Onima MFB, Hometrust (Nations) MFB, Ringim MFB, Bigthana MFB, Rogo MFB, Makoda MFB, Takai MFB, Bebeji MFB, Ajingi MFB, Garko MFB, Kangiwa MFB, Augie MFB and Mopa MFB. Also on the list are Solid Base MFB, Ultimate Benefit MFB, Ovidi MFB, Kirfi MFB, Credit Express MFB, King Solomon MFB, Riggs MFB, Billionaire Blue Bricks MFB, Susu MFB, Wealthstream MFB,  Aguda Tiring MFB, Sapphire MFB, Metro MFB, Mountain Top MFB,  Unyogba MFB, Wapo MFB, Ibogun MFB, Korede MFB, Ahetou MFB and Fufore MFB.
The corporation requested eligible depositors to visit the banks' locations with proof of account ownership such as cashbook and cashbook as well as valid means of identification to enhance their verification.”

Enjoyed this article? Stay informed by joining our newsletter!


You must be logged in to post a comment.

About Author