The Nigeria Deposit Insurance Corporation has warned members of the public against carrying out transactions with 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria, saying the affected institutions are no longer authorised to conduct banking business in the country.
The warning was contained in a press statement issued on Wednesday by the Head of the Communication and Public Affairs Department of the NDIC, Hawwau Gambo, following the CBN’s revocation of the licences of the affected microfinance banks.
According to the corporation, it has been appointed the official liquidator of the failed banks in line with Section 12(2) of the Banks and Other Financial Institutions Act 2020 and Section 55(1) and (2) of the NDIC Act 2023.
The statement said, “Following the revocation of the operating licenses of 46 Microfinance Banks by the Central Bank of Nigeria, on July 1, 2026, the Nigeria Deposit Insurance Corporation has been appointed as the official Liquidator, pursuant to Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act 2023.”
The corporation said the appointment empowers it to oversee the orderly winding up of the institutions and protect the interests of depositors.
