NDIC Begins Liquidating 89 Failed MFBs, PMBs

By Ifeyinwa Ike

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of concluding the liquidation activities of 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) following their successful acquisition by new owners under the Purchase and Assumption (P&A) resolution model executed by the Corporation.

The 89 closed banks were part of the 179 MFBs and 4 PMBs whose banking licenses were revoked by the Central Bank of Nigeria (CBN) on May 22nd and 23rd, 2023.

Through the Purchase and Assumption agreements, 89 new eligible institutions were issued licenses by the CBN, to acquire the assets and liabilities of the defunct banks and have since commenced operations under new names.

In order to legally conclude the liquidation process in accordance with the provisions of its enabling Act and other relevant laws, the NDIC in its capacity as the Liquidator of the defunct banks, will be presenting applications to various Judicial divisions of the Federal High Court to obtain orders of dissolution for the closed banks and to release the Corporation as Liquidator.

In a statement, Hawwau Gambo
Head, Communication & Public Affairs listed the defunct banks and assuming new banks are as follows:

1
MOUAU VASMUCS MICROFINANCE BANK LIMITED
MOVASCO-OP MICROFINANCE BANK LIMITED
ABIA

2
EDUEK MICROFINANCE BANK LIMITED
MINT MICROFINANCE BANK LIMITED
AKWA IBOM

3
INI MICROFINANCE BANK LIMITED
UFORO MICROFINANCE BANK LIMITED
AKWA IBOM

4
NSEHE MICROFINANCE BANK LIMITED
VISTA MICROFINANCE BANK LIMITED
AKWA IBOM

5
ZAWADI MICROFINANCE BANK LIMITED
ZITRA MICROFINANCE BANK LIMITED
AKWA IBOM

6
AKPO MICROFINANCE BANK LIMITED
OGANIRU MICROFINANCE BANK LIMITED
ANAMBRA

7
ANYA MICROFINANCE BANK LIMITED
PIONNER (DIOHAUNOEGO) MICROFINANCE BANK LIMITED
ANAMBRA

8
AWKA MICROFINANCE BANK LIMITED
PLANTINUM MICROFINANCE BANK LIMITED
ANAMBRA

9
ENUGWU-UKWU MICROFINANCE BANK LIMITED
UMUNRI MICROFINANCE BANK LIMITED
ANAMBRA

10
ISI-AKU MICROFINANCE BANK LIMITED
ISIEGO MICROFINANCE BANK LIMITED
ANAMBRA

11
OBOSI MICROFINANCE BANK LIMITED
ADIKE MICROFINANCE BANK LIMITE
ANAMBRA

12
CUB MICROFINANCE BANK LIMITED
UNICOOP MICROFINANCE BANK LIMITED
DELTA

13
UMEJEI MICROFINANCE BANK LIMITED
KOLISA MICROFINANCE BANK LIMITED
DELTA

14
ABC MICROFINANCE BANK LIMITED
OKADA MICROFINANCE BANK LIMITED
EDO

15
EHOR MICROFINANCE BANK LIMITED
EHINOMA MICROFINANCE BANK LIMITED
EDO

16
ESAN MICROFINANCE BANK LIMITED

UBJ MICROFINANCE BANK LIMITED
EDO

17
AMOYE MICROFINANCE BANK LIMITED
IKERE MICROFINANCE BANK LIMITED
EKITI

18
GOLDENFUNDS MICROFINANCE BANK LIMITED
ROYAL EXCELLENT MICROFINANCE BANK LIMITED
ENUGU

19
EVANGEL MICROFINANCE BANK LIMITED
VANGEL MICROFINANCE BANK LIMITED
IMO

20
GREENLAND MICROFINANCE BANK LIMITED
5TT MICROFINANCE BANK LIMITED

IMO

21
ARISE MICROFINANCE BANK LIMITED
SHINE MICROFINANCE BANK LIMITED
LAGOS

22
BANCCORP MICROFINANCE BANK LIMITED
BLOC MICROFINANCE BANK LIMITED
LAGOS

23
BISHOPGATE MICROFINANCE BANK LIMITED
ADVANCLY MICROFINANCE BANK LIMITED
LAGOS

24
BRIDGEWAY MICROFINANCE BANK LIMITED
BWAY MICROFINANCE BANK LIMITED
LAGOS

25
BRIYTH COVENANT MICROFINANCE BANK LIMITED
WESTON–CHARIS MICROFINANCE BANK LIMITED
LAGOS

26
CREDIT AFRIQUE MICROFINANCE BANK LIMITED
KAIZEN MICROFINANCE BANK LIMITED
LAGOS

27
ECHO MICROFINANCE BANK LIMITED
PLUS ONE MICROFINANCE BANK LIMITED
LAGOS

28
EYOWO MICROFINANCE BANK LIMITED
ENTREPRENEUR MICROFINANCE BANK LIMITED
LAGOS

29
FIYINFOLU MICROFINANCE BANK LIMITED
TEERUS MICROFINANCE BANK LIMITED
LAGOS

30
HACKMAN MICROFINANCE BANK LIMITED
LIGHTWAY MICROFINANCE BANK LIMITED
LAGOS

31
HALMOND MICROFINANCE BANK LIMITED
CASA MICROFINANCE BANK LIMITED
LAGOS

32
MANNA MICROFINANCE BANK LIMITED
SAVESIMPLE MICROFINANCE BANK LIMITED
LAGOS

33
MANNY MICROFINANCE BANK LIMITED
SILVEREND MICROFINANCE BANK LIMITED
LAGOS

34
MAYFAIR MICROFINANCE BANK LIMITED
OPTIMUN GLOBAL MICROFINANCE BANK LIMITED
LAGOS

35
MERCURY MICROFINANCE BANK LIMITED
DASH MICROFINANCE BANK LIMITED
LAGOS

36
MONEYWISE MICROFINANCE BANK LIMITED
INDULGE MICROFINANCE BANK LIMITED
LAGOS

37
NETWORK MICROFINANCE BANK LIMITED
UNICORN MICROFINANCE BANK LIMITED
LAGOS

38
NUTURE MICROFINANCE BANK LIMITED
MBAG MICROFINANCE BANK LIMITED
LAGOS

39
ONYX MICROFINANCE BANK LIMITED
DIGITVANT MICROFINANCE BANK LIMITED
LAGOS

40
OROS CAPITAL MICROFINANCE BANK LIMITED
EZPAY MICROFINANCE BANK LIMITED
LAGOS

41
PENIEL MICROFINANCE BANK LIMITED
ZIRCON MICROFINANCE BANK LIMITED
LAGOS

42
PRIMERA MICROFINANCE BANK LIMITED
KOINS MICROFINANCE BANK LIMITED
LAGOS

43
PURPLE MONEY MICROFINANCE BANK LIMITED
WILLOWS MICROFINANCE BANK LIMITED
LAGOS

44
STALLION MICROFINANCE BANK LIMITED
SPRINGFIELD MICROFINANCE BANK LIMITED
LAGOS

45
SUNRISE MICROFINANCE BANK LIMITED
STABLE MICROFINANCE BANK LIMITED
LAGOS

46
SURBPOLITAN MICROFINANCE BANK LIMITED
CHARIS MICROFINANCE BANK LIMITED
LAGOS

47
VERDANT-CAPITAL MICROFINANCE BANK LIMITED
VERDANT MICROFINANCE BANK LIMITED
LAGOS

48
ZIKADO MICROFINANCE BANK LIMITED
AVEST MICROFINANCE BANK LIMITED
LAGOS

49
AIYEPE MICROFINANCE BANK LIMITED
SPRINGVILLE MICROFINANCE BANK LIMITED
OGUN

50
INTERLAND MICROFINANCE BANK LIMITED
NEXTON MICROFINANCE BANK LIMITED
OGUN

51
STAR MICROFINANCE BANK LIMITED
SOSA MICROFINANCE BANK LIMITED
OGUN

52
ZIGATE MICROFINANCE BANK LIMITED
KATSU MICROFINANCE BANK LIMITED
OGUN

53
FASILIDAPO MICROFINANCE BANK LIMITED
OURPASS MICROFINANCE BANK LIMITED
ONDO

54
NEWAGE MICROFINANCE BANK LIMITED
CASHBRITE MICROFINANCE BANK LIMITED
ONDO

55
BOLUWADURO MICROFINANCE BANK LIMITED
AFOLE MICROFINANCE BANK LIMITED
OSUN

56
IBA MICROFINANCE BANK LIMITED
BANKEASY MICROFINANCE BANK LIMITED
OSUN

57
IDESE MICROFINANCE BANK LIMITED
SOFAJ MICROFINANCE BANK LIMITED
OSUN

58
OLA MICROFINANCE BANK LIMITED
RUN MICROFINANCE BANK LIMITED
OSUN

59
OLOFIN MICROFINANCE BANK LIMITED
DSC MICROFINANCE BANK LIMITED
OSUN

60
OLOFIN-OWENA MICROFINANCE BANK LIMITED
AVANTUS MICROFINANCE BANK LIMITED
OSUN

61
OSOGBO MICROFINANCE BANK LIMITED
BOLD MICROFINANCE BANK LIMITED
OSUN

62
FIRSTINDEX MICROFINANCE BANK LIMITED
RICIA CAPITAL MICROFINANCE BANK LIMITED
OYO

63
JOINT FARMERS MICROFINANCE BANK LIMITED
TELLERONE FI MICROFINANCE BANK LIMITED
OYO

64
OLOGBON MICROFINANCE BANK LIMITED
AKATA MICROFINANCE BANK LIMITED
OYO

65
IWOAMA MICROFINANCE BANK LIMITED
TENN BANK LIMITED
RIVERS

66
ADAMAWA HOMES & SAVINGS LTD
ADAMAWA MORTGAGE BANK LTD
ADAMAWA

67
MAUTECH MICROFINANCE BANK LIMITED
MODIBBO ADAMA UNIVERSITY MICROFINANCE BANK LIMITED
ADAMAWA

68
MICHIKA MICROFINANCE BANK LIMITED
PREMIER MICROFINANCE BANK LIMITED
ADAMAWA

69
BIYAMA MICROFINANCE BANK LIMITED
DABTIKIR MICROFINANCE BANK LIMITED
ADAMAWA

70
MUSHARAKA MICROFINANCE BANK LIMITED
MUAMALA MICROFINANCE BANK LIMITED
NIGER

71
DANGIZHI MICROFINANCE BANK LIMITED
METRO EXPRESS NETWORK MICROFINANCE BANK LIMITED
NIGER

72
EDUMANA MICROFINANCE BANK LIMITED
EDUSOKO MICROFINANCE BANK LIMITED
NIGER

73
MAINSAIL MICROFINANCE BANK LIMITED
DUXBANK MICROFINANCE BANK LIMITED
FCT

74
ALLY MICROFINANCE BANK LIMITED
ULTRAVIOLET MICROFINANCE BANK LIMITED
FCT

75
BUSINESS SUPPORT MICROFINANCE BANK LIMITED
TRANSPAY MICROFINANCE BANK LIMITED
FCT

76
THE DANIELS GLOBAL MICROFINANCE BANK LIMITED
SWIFTTRUST MICROFINANCE BANK LIMITED
FCT

77
FIRST MULTIPLE MICROFINANCE BANK LIMITED
KOBOWEB MICROFINANCE BANK LIMITED
FCT

78
GRASSROOTS MICROFINANCE BANK LIMITED
MIA MICROFINANCE BANK LIMITED
KANO

79
BLUEWHALES MICROFINANCE BANK LIMITED
ELLINGTON MICROFINANCE BANK LIMITED
PLATEAU

80
JOSAD MICROFINANCE BANK LIMITED
PAYREP MICROFINANCE BANK LIMITED
NASARAWA

81
BIPC MICROFINANCE BANK LIMITED
NOVUS MICROFINANCE BANK LIMITED
BENUE

82
JAMIS MICROFINANCE BANK LIMITED
STRAIT SAHARA MICROFINANCE BANK LIMITED
BENUE

83
NARICT MICROFINANCE BANK LIMITED
BASAWA MICROFINANCE BANK LIMITED
KADUNA

84
FAHIMTA MICROFINANCE BANK LIMITED
CEDRUS MICROFINANCE BANK LIMITED
KADUNA

85
MABINAS MICROFINANCE BANK LIMITED
AL’HIKMA MICROFINANCE BANK LIMITED
KADUNA

86
NEW WORLD MICROFINANCE BANK LIMITED
BKD NEW MICROFINANCE BANK LIMITED
JIGAWA

87
NORTHBRIDGE MICROFINANCE BANK LIMITED
ESTEEM MICROFINANCE BANK LIMITED
KANO

88
OMU-ARAN MICROFINANCE BANK LIMITED
OLOMU APERAN MICROFINANCE BANK LIMITED
KWARA

89
CHERISH MICROFINANCE BANK LIMITED
COOL MICROFINANCE BANK LIMITED
KATSINA