Tuesday, May 12
Insurance

Resolution of Failed Banks: NDIC Commences Process To Conclude Liquidation Of 89 MFBs & PMB

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Yemisi Izuora

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.

 

The list of the defunct banks and assuming new banks are as follows:

 

S/N OLD NAME NEW NAME LOCATION
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

 

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