NDIC commences closure of 42 Microfinance Banks after CBN’s directive

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The Nigeria Deposit Insurance Corporation (NDIC) has commenced the closure of 42 microfinance banks after a directive from the Central Bank of Nigeria (CBN). The NDIC had earlier on Friday announced on its website that the CBN has revoked the operating licences of 42 microfinance banks.

It confirmed on Monday that the closure of the banks has commenced. “This is to inform the depositors, creditors, shareholders, and the general public that the operating licenses of the under listed Forty-Two (42) Microfinance Banks (MFBs) have been revoked by the Central Bank of Nigeria (CBN) effective 12th November 2020.

“The Nigeria Deposit Insurance Corporation (NDIC), the Official Liquidator of the banks whose licenses were recently revoked, is in the process of closing the listed banks and pay their insured Depositors,” NDIC statement read in part.

The NDIC therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.

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