The Nigeria Deposit Insurance Corporation has commenced the liquidation of 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria, assuring depositors that the payment of insured deposits to eligible customers has begun.
The corporation disclosed this in a statement issued and made available to PLATFORM TIMES on Wednesday by its Head of Communication and Public Affairs Department, Hawwau Gambo.
According to the NDIC, it was appointed as the official liquidator of the affected banks following the revocation of their licences by the CBN on July 1, 2026, in line with Section 12(2) of the Banks and Other Financial Institutions Act, 2020, and Sections 55(1) and 55(2) of the NDIC Act, 2023.
The agency said the affected microfinance banks had ceased to be authorised to carry out banking operations in Nigeria.
It warned members of the public against transacting with the closed institutions or engaging in any activity involving their assets or records.
“The affected institutions are no longer authorised to conduct banking business in Nigeria.
“Members of the public are strongly advised against any unauthorised 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 and attract appropriate legal consequences,” the statement read.
The NDIC said it had immediately taken over the failed banks and commenced verification of depositors as well as payment of insured sums to eligible customers as part of an orderly liquidation process.
The corporation assured depositors that it would continue to provide updates on the liquidation exercise and other steps required for the settlement of claims.
The CBN had on Wednesday revoked the operating licences of the 46 microfinance banks over regulatory infractions, paving the way for the NDIC to assume responsibility for winding up their operations and reimbursing insured depositors in accordance with the law.
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