The corporation also stated that the new licensed institutions have commenced operations under new names.
The Nigeria Deposit Insurance Corporation (NDIC) has released the list of 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) as it moves to conclude their liquidation process.
The NDIC said on Wednesday that it is concluding the liquidation activities of 89 closed MFBs and PMBs following their successful acquisition by new owners.
According to the NDIC, the successful acquisition was carried out under the Purchase and Assumption (P&A) resolution model executed by the corporation.
The NDIC clarified that the 89 closed banks were part of the 179 MFBs and 4 PMBs whose banking licenses were revoked by the Central Bank of Nigeria (CBN) on 22-23 May 2023.
It added that the CBN issued licenses to 89 new eligible institutions to acquire the assets and liabilities of the defunct banks.
The corporation also stated that the new licensed institutions have commenced operations under new names.
“Through the ‘Purchase and Assumption’ agreements, 89 new eligible institutions were issued licenses by the CBN to acquire the assets and liabilities of the defunct banks and have since commenced operations under new names,” the NDIC stated.
Find the full list of defunct banks, the newly assumed banks and their respective locations below.
S/N
OLD NAME
NEW NAME
LOCATION
1
MOUAU VASMUCS MICROFINANCE BANK LIMITED
MOVASCO-OP MICROFINANCE BANK LIMITED
ABIA
2
EDUEK MICROFINANCE BANK LIMITED
MINT MICROFINANCE BANK LIMITED
AKWA IBOM
3
INI MICROFINANCE BANK LIMITED
UFORO MICROFINANCE BANK LIMITED
AKWA IBOM
4
NSEHE MICROFINANCE BANK LIMITED
VISTA MICROFINANCE BANK LIMITED
AKWA IBOM
5
ZAWADI MICROFINANCE BANK LIMITED
