NDIC Concludes Permanent Liquidation of 89 Financial Institutions
The Nigeria Deposit Insurance Corporation (NDIC) has officially confirmed the final liquidation of 89 failed microfinance and primary mortgage banks across Nigeria. This decisive action represents the permanent closure of these institutions under their former identities, marking a significant regulatory step in the nation's financial sector.
Background and Regulatory Context
These 89 banks were part of a larger group of 179 microfinance banks and 4 primary mortgage banks whose operating licenses were revoked by the Central Bank of Nigeria in May 2023. The revocation resulted from persistent regulatory non-compliance and severe financial instability within these institutions.
Important clarification: While these banks will never operate again under their original names, their operations have been acquired by new investors through carefully structured 'Purchase and Assumption' agreements. This mechanism ensures continuity of banking services while protecting depositor interests.
Customer Protection and Transition Process
The NDIC has implemented robust safeguards for affected customers through the acquisition process. New financial institutions have assumed all deposits and operational responsibilities, with fresh banking licenses issued to these successor entities.
Banking operations have already resumed under completely new names and management structures. Customers who previously held accounts with the defunct banks must now interact exclusively with the new institutions that have taken over their accounts and financial relationships.
Critical Steps for Affected Depositors
The NDIC has issued specific guidance for customers who maintained accounts with any of the liquidated banks:
- Immediate verification of claims: Depositors must promptly confirm their account status and balances with the new banking institutions.
- Documentation submission: All required identification and account verification documents must be provided to facilitate the transition.
- Follow-up on outstanding balances: Customers should actively pursue any unresolved financial matters or unpaid balances.
The corporation emphasizes that once the liquidation process concludes fully, recovering funds becomes substantially more challenging for depositors who have not taken appropriate action.
Complete List of Liquidated Institutions and Successors
The following comprehensive list details the 89 permanently closed banks, their new institutional names, and their respective locations across Nigeria:
- ARISE MICROFINANCE BANK LIMITED → SHINE MICROFINANCE BANK LIMITED (LAGOS)
- BANCCORP MICROFINANCE BANK LIMITED → BLOC MICROFINANCE BANK LIMITED (LAGOS)
- BISHOPGATE MICROFINANCE BANK LIMITED → ADVANCLY MICROFINANCE BANK LIMITED (LAGOS)
- BRIDGEWAY MICROFINANCE BANK LIMITED → BWAY MICROFINANCE BANK LIMITED (LAGOS)
- BRIYTH COVENANT MICROFINANCE BANK LIMITED → WESTON–CHARIS MICROFINANCE BANK LIMITED (LAGOS)
- CREDIT AFRIQUE MICROFINANCE BANK LIMITED → KAIZEN MICROFINANCE BANK LIMITED (LAGOS)
- ECHO MICROFINANCE BANK LIMITED → PLUS ONE MICROFINANCE BANK LIMITED (LAGOS)
- EYOWO MICROFINANCE BANK LIMITED → ENTREPRENEUR MICROFINANCE BANK LIMITED (LAGOS)
- FIYINFOLU MICROFINANCE BANK LIMITED → TEERUS MICROFINANCE BANK LIMITED (LAGOS)
- HACKMAN MICROFINANCE BANK LIMITED → LIGHTWAY MICROFINANCE BANK LIMITED (LAGOS)
- HALMOND MICROFINANCE BANK LIMITED → CASA MICROFINANCE BANK LIMITED (LAGOS)
- MANNA MICROFINANCE BANK LIMITED → SAVESIMPLE MICROFINANCE BANK LIMITED (LAGOS)
- MANNY MICROFINANCE BANK LIMITED → SILVEREND MICROFINANCE BANK LIMITED (LAGOS)
- MAYFAIR MICROFINANCE BANK LIMITED → OPTIMUN GLOBAL MICROFINANCE BANK LIMITED (LAGOS)
- MERCURY MICROFINANCE BANK LIMITED → DASH MICROFINANCE BANK LIMITED (LAGOS)
- MONEYWISE MICROFINANCE BANK LIMITED → INDULGE MICROFINANCE BANK LIMITED (LAGOS)
- NETWORK MICROFINANCE BANK LIMITED → UNICORN MICROFINANCE BANK LIMITED (LAGOS)
- NUTURE MICROFINANCE BANK LIMITED → MBAG MICROFINANCE BANK LIMITED (LAGOS)
- ONYX MICROFINANCE BANK LIMITED → DIGITVANT MICROFINANCE BANK LIMITED (LAGOS)
- OROS CAPITAL MICROFINANCE BANK LIMITED → EZPAY MICROFINANCE BANK LIMITED (LAGOS)
- PENIEL MICROFINANCE BANK LIMITED → ZIRCON MICROFINANCE BANK LIMITED (LAGOS)
- PRIMERA MICROFINANCE BANK LIMITED → KOINS MICROFINANCE BANK LIMITED (LAGOS)
- PURPLE MONEY MICROFINANCE BANK LIMITED → WILLOWS MICROFINANCE BANK LIMITED (LAGOS)
- STALLION MICROFINANCE BANK LIMITED → SPRINGFIELD MICROFINANCE BANK LIMITED (LAGOS)
- SUNRISE MICROFINANCE BANK LIMITED → STABLE MICROFINANCE BANK LIMITED (LAGOS)
- SURBPOLITAN MICROFINANCE BANK LIMITED → CHARIS MICROFINANCE BANK LIMITED (LAGOS)
- VERDANT-CAPITAL MICROFINANCE BANK LIMITED → VERDANT MICROFINANCE BANK LIMITED (LAGOS)
- ZIKADO MICROFINANCE BANK LIMITED → AVEST MICROFINANCE BANK LIMITED (LAGOS)
- MOUAU VASMUCS MICROFINANCE BANK LIMITED → MOVASCO-OP MICROFINANCE BANK LIMITED (ABIA)
- EDUEK MICROFINANCE BANK LIMITED → MINT MICROFINANCE BANK LIMITED (AKWA IBOM)
- INI MICROFINANCE BANK LIMITED → UFORO MICROFINANCE BANK LIMITED (AKWA IBOM)
- NSEHE MICROFINANCE BANK LIMITED → VISTA MICROFINANCE BANK LIMITED (AKWA IBOM)
- ZAWADI MICROFINANCE BANK LIMITED → ZITRA MICROFINANCE BANK LIMITED (AKWA IBOM)
- AKPO MICROFINANCE BANK LIMITED → OGANIRU MICROFINANCE BANK LIMITED (ANAMBRA)
- ANYA MICROFINANCE BANK LIMITED → PIONNER (DIOHAUNOEGO) MICROFINANCE BANK LIMITED (ANAMBRA)
- AWKA MICROFINANCE BANK LIMITED → PLANTINUM MICROFINANCE BANK LIMITED (ANAMBRA)
- ENUGWU-UKWU MICROFINANCE BANK LIMITED → UMUNRI MICROFINANCE BANK LIMITED (ANAMBRA)
- ISI-AKU MICROFINANCE BANK LIMITED → ISIEGO MICROFINANCE BANK LIMITED (ANAMBRA)
- OBOSI MICROFINANCE BANK LIMITED → ADIKE MICROFINANCE BANK LIMITED (ANAMBRA)
- CUB MICROFINANCE BANK LIMITED → UNICOOP MICROFINANCE BANK LIMITED (DELTA)
- UMEJEI MICROFINANCE BANK LIMITED → KOLISA MICROFINANCE BANK LIMITED (DELTA)
- ABC MICROFINANCE BANK LIMITED → OKADA MICROFINANCE BANK LIMITED (EDO)
- EHOR MICROFINANCE BANK LIMITED → EHINOMA MICROFINANCE BANK LIMITED (EDO)
- ESAN MICROFINANCE BANK LIMITED → UBJ MICROFINANCE BANK LIMITED (EDO)
- AMOYE MICROFINANCE BANK LIMITED → IKERE MICROFINANCE BANK LIMITED (EKITI)
- GOLDENFUNDS MICROFINANCE BANK LIMITED → ROYAL EXCELLENT MICROFINANCE BANK LIMITED (ENUGU)
- EVANGEL MICROFINANCE BANK LIMITED → VANGEL MICROFINANCE BANK LIMITED (IMO)
- GREENLAND MICROFINANCE BANK LIMITED → 5TT MICROFINANCE BANK LIMITED (IMO)
- AIYEPE MICROFINANCE BANK LIMITED → SPRINGVILLE MICROFINANCE BANK LIMITED (OGUN)
- INTERLAND MICROFINANCE BANK LIMITED → NEXTON MICROFINANCE BANK LIMITED (OGUN)
- STAR MICROFINANCE BANK LIMITED → SOSA MICROFINANCE BANK LIMITED (OGUN)
- ZIGATE MICROFINANCE BANK LIMITED → ZIGATE MICROFINANCE BANK LIMITED (OGUN)
- FASILIDAPO MICROFINANCE BANK LIMITED → OURPASS MICROFINANCE BANK LIMITED (ONDO)
- NEWAGE MICROFINANCE BANK LIMITED → CASHBRITE MICROFINANCE BANK LIMITED (ONDO)
- BOLUWADURO MICROFINANCE BANK LIMITED → AFOLE MICROFINANCE BANK LIMITED (OSUN)
- IBA MICROFINANCE BANK LIMITED → BANKEASY MICROFINANCE BANK LIMITED (OSUN)
- IDESE MICROFINANCE BANK LIMITED → SOFAJ MICROFINANCE BANK LIMITED (OSUN)
- OLA MICROFINANCE BANK LIMITED → RUN MICROFINANCE BANK LIMITED (OSUN)
- OLOFIN MICROFINANCE BANK LIMITED → DSC MICROFINANCE BANK LIMITED (OSUN)
- OLOFIN-OWENA MICROFINANCE BANK LIMITED → AVANTUS MICROFINANCE BANK LIMITED (OSUN)
- OSOGBO MICROFINANCE BANK LIMITED → BOLD MICROFINANCE BANK LIMITED (OSUN)
- FIRSTINDEX MICROFINANCE BANK LIMITED → RICIA CAPITAL MICROFINANCE BANK LIMITED (OYO)
- JOINT FARMERS MICROFINANCE BANK LIMITED → TELLERONE FI MICROFINANCE BANK LIMITED (OYO)
- OLOGBON MICROFINANCE BANK LIMITED → AKATA MICROFINANCE BANK LIMITED (OYO)
- IWOAMA MICROFINANCE BANK LIMITED → TENN BANK LIMITED (RIVERS)
- ADAMAWA HOMES & SAVINGS LTD → ADAMAWA MORTGAGE BANK LTD (ADAMAWA)
- MAUTECH MICROFINANCE BANK LIMITED → MODIBBO ADAMA UNIVERSITY MICROFINANCE BANK LIMITED (ADAMAWA)
- MICHIKA MICROFINANCE BANK LIMITED → PREMIER MICROFINANCE BANK LIMITED (ADAMAWA)
- BIYAMA MICROFINANCE BANK LIMITED → DABTIKIR MICROFINANCE BANK LIMITED (ADAMAWA)
- MUSHARAKA MICROFINANCE BANK LIMITED → MUAMALA MICROFINANCE BANK LIMITED (NIGER)
- DANGIZHI MICROFINANCE BANK LIMITED → METRO EXPRESS NETWORK MICROFINANCE BANK LIMITED (NIGER)
- EDUMANA MICROFINANCE BANK LIMITED → EDUSOKO MICROFINANCE BANK LIMITED (NIGER)
- MAINSAIL MICROFINANCE BANK LIMITED → DUXBANK MICROFINANCE BANK LIMITED (FCT)
- ALLY MICROFINANCE BANK LIMITED → ULTRAVIOLET MICROFINANCE BANK LIMITED (FCT)
- BUSINESS SUPPORT MICROFINANCE BANK LIMITED → TRANSPAY MICROFINANCE BANK LIMITED (FCT)
- THE DANIELS GLOBAL MICROFINANCE BANK LIMITED → SWIFTTRUST MICROFINANCE BANK LIMITED (FCT)
- FIRST MULTIPLE MICROFINANCE BANK LIMITED → KOBOWEB MICROFINANCE BANK LIMITED (FCT)
- GRASSROOTS MICROFINANCE BANK LIMITED → MIA MICROFINANCE BANK LIMITED (KANO)
- BLUEWHALES MICROFINANCE BANK LIMITED → ELLINGTON MICROFINANCE BANK LIMITED (PLATEAU)
- JOSAD MICROFINANCE BANK LIMITED → PAYREP MICROFINANCE BANK LIMITED (NASARAWA)
- BIPC MICROFINANCE BANK LIMITED → NOVUS MICROFINANCE BANK LIMITED (BENUE)
- JAMIS MICROFINANCE BANK LIMITED → STRAIT SAHARA MICROFINANCE BANK LIMITED (BENUE)
- NARICT MICROFINANCE BANK LIMITED → BASAWA MICROFINANCE BANK LIMITED (KADUNA)
- FAHIMTA MICROFINANCE BANK LIMITED → CEDRUS MICROFINANCE BANK LIMITED (KADUNA)
- MABINAS MICROFINANCE BANK LIMITED → AL’HIKMA MICROFINANCE BANK LIMITED (KADUNA)
- NEW WORLD MICROFINANCE BANK LIMITED → BKD NEW MICROFINANCE BANK LIMITED (JIGAWA)
- NORTHBRIDGE MICROFINANCE BANK LIMITED → ESTEEM MICROFINANCE BANK LIMITED (KANO)
- OMU-ARAN MICROFINANCE BANK LIMITED → OLOMU APERAN MICROFINANCE BANK LIMITED (WARA)
- CHERISH MICROFINANCE BANK LIMITED → COOL MICROFINANCE BANK LIMITED (KATSINA)
This comprehensive regulatory action by the NDIC represents a crucial step in strengthening Nigeria's financial system stability while ensuring continued protection for banking customers across the nation.
