The Nigeria Deposit Insurance Corporation has officially assumed responsibility for overseeing 46 microfinance banks after the Central Bank of Nigeria revoked their operating licences on Wednesday.
The corporation has been officially appointed as the Liquidator, acting under Section 12 (2) of the Banks and Other Financial Institutions Act 2020 and Section 55 (1 & 2) of the NDIC Act 2023.
The regulatory sweep has triggered a frantic scramble among depositors, forcing institutional leaders to immediately weigh in on what this means for the fragile micro-economic landscape.
In an immediate response to the regulatory directive, the Head of the Communication & Public Affairs Department at the NDIC, Hawwau Gambo, issued a strict public directive regarding the assets of the dissolved institutions.
“Members of the public are strongly advised against any unauthorized transaction with the closed banks, or any attempt by individuals to remove, conceal, retain, or interfere with the assets, records, or properties of the banks, as this may constitute a violation of the law that could attract appropriate legal consequences,” Gambo stated.
