Failed Banks: NDIC commences process to conclude Liquidation of 89 MFBs, PMB

The Nigeria Deposit Insurance Corporation, NDIC, says it has commenced the process of concluding the liquidation activities of 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) pursuing their palmy acquisition by caller owners nether the Purchase and Assumption (P&A) solution exemplary executed by the Corporation.

A connection by Hawwau Gambo, the Head of Communication & Public Affairs astatine the NDIC, said the 89 closed banks were portion of the 179 MFBs and 4 PMBs whose banking licenses were revoked by the Central Bank of Nigeria (CBN) connected May 22nd and 23rd, 2023.

Recall that done acquisition and presumption agreements, 89 caller eligible institutions were issued licenses by the CBN to get the assets and liabilities of the defunct banks. They person since commenced operations nether caller names.

But to legally reason the liquidation process successful accordance with the provisions of its enabling Act and different applicable laws, the NDIC, successful its capableness arsenic the Liquidator of the defunct banks, volition beryllium presenting applications to assorted Judicial divisions of the Federal High Court to get orders of dissolution for the closed banks and to merchandise the Corporation arsenic Liquidator, Gambo, said.

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