The Nigeria Deposit Insurance Corporation (NDIC) has commenced the verification and payment of insured deposits to customers of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN), assuring depositors that the liquidation process would be carried out in an orderly manner.
The Corporation said it had been appointed the official liquidator of the failed institutions following the revocation of their licences by the CBN on July 1, 2026, in line with the provisions of Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55 (1) and (2) of the NDIC Act 2023.
In a statement signed by Hawwau Gambo, head, Communication and Public Affairs Department, the NDIC said it had immediately taken over the affected banks and commenced the processes required to verify depositors and pay insured sums to eligible customers.
“The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors,” the Corporation said.
The deposit insurer also announced that the affected microfinance banks are no longer authorised to conduct banking business in Nigeria following the revocation of their operating licences, warning customers and members of the public against carrying out any transactions with the closed institutions. Related News Blackout looms as floods trigger force majeure in Nigeria's commercial capital Appeal Court reserves judgment in INEC’s dispute over 2027 election timetable European Bank to open first office in Nigeria during Matteo Patrone’s visit
