NDIC takes over 46 revoked microfinance banks, warns against illegal transactions

The Nigeria Deposit Insurance Corporation, NDIC, has been appointed arsenic the authoritative Liquidator of the 46 Microfinance Banks, MFBs, revoked by the Central Bank of Nigeria, CBN, on July 1, 2026.

This is pursuant to Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act of 2023.

The Corporation, successful a connection signed by the Head of its Communication & Public Affairs Department, Hawwau Gambo, informed the depositors of the banks that the affected institutions are nary longer authorised to behaviour banking concern successful Nigeria.

It advised members of the nationalist against immoderate unauthorised transaction with the closed banks, oregon immoderate effort by individuals to remove, conceal, retain, oregon interfere with the assets, records, oregon properties of the banks, informing that this whitethorn represent a usurpation of the instrumentality that could pull due ineligible consequences.

“The NDIC has commenced the process of the orderly closure of the failed banks with their contiguous takeover, verification and outgo of insured sums to eligible depositors.

“Depositors and...