NDIC begins final liquidation of 89 defunct Microfinance, Mortgage Banks

By Abiodun Folarin

WorldStage– Nigeria’s banking sector is entering a decisive cleanup phase as the Nigeria Deposit Insurance Corporation (NDIC), commenced the process to conclude the liquidation of 89 defunct Microfinance Banks (MFBs),and Primary Mortgage Banks (PMBs), following their successful transition to new ownership.

The move signals a major milestone in the resolution of distressed financial institutions, with the NDIC leveraging the Purchase and Assumption (P&A) model to safeguard depositors’ funds while ensuring continuity in banking services.

NDIC, in a statement on Wednesday signed by its Head of Communication and Public Affairs, Hawwau Gambo, said the 89 closed banks are part of the 179 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) whose operating licences were revoked by the Central Bank of Nigeria (CBN) on May 22 and 23, 2023.

According to her, 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.

In order to legally conclude the liquidation process in accordance with the provisions of its enabling Act and other relevant laws, the NDIC in its capacity as the Liquidator of the defunct banks, will be presenting applications to various Judicial divisions of the Federal High Court to obtain orders of dissolution for the closed banks and to release the Corporation as Liquidator.

The list of the defunct banks and assuming new banks are as follows:

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	ZITRA MICROFINANCE BANK LIMITED	AKWA IBOM
6	AKPO MICROFINANCE BANK LIMITED	OGANIRU MICROFINANCE BANK LIMITED	ANAMBRA
7	ANYA MICROFINANCE BANK LIMITED	PIONNER (DIOHAUNOEGO) MICROFINANCE BANK LIMITED	ANAMBRA
8	AWKA MICROFINANCE BANK LIMITED	PLANTINUM MICROFINANCE BANK LIMITED	ANAMBRA
9	ENUGWU-UKWU MICROFINANCE BANK LIMITED	UMUNRI MICROFINANCE BANK LIMITED	ANAMBRA
10	ISI-AKU MICROFINANCE BANK LIMITED	ISIEGO MICROFINANCE BANK LIMITED	ANAMBRA
11	OBOSI MICROFINANCE BANK LIMITED	ADIKE MICROFINANCE BANK LIMITE	ANAMBRA
12	CUB MICROFINANCE BANK LIMITED	UNICOOP MICROFINANCE BANK LIMITED	DELTA
13	UMEJEI MICROFINANCE BANK LIMITED	KOLISA MICROFINANCE BANK LIMITED	DELTA
14	ABC MICROFINANCE BANK LIMITED	OKADA MICROFINANCE BANK LIMITED	EDO
15	EHOR MICROFINANCE BANK LIMITED	EHINOMA MICROFINANCE BANK LIMITED	EDO
16	ESAN MICROFINANCE BANK LIMITED	UBJ MICROFINANCE BANK LIMITED	EDO
17	AMOYE MICROFINANCE BANK LIMITED	IKERE MICROFINANCE BANK LIMITED	EKITI
18	GOLDENFUNDS MICROFINANCE BANK LIMITED	ROYAL EXCELLENT MICROFINANCE BANK LIMITED	ENUGU
19	EVANGEL MICROFINANCE BANK LIMITED	VANGEL MICROFINANCE BANK LIMITED	IMO
20	GREENLAND MICROFINANCE BANK LIMITED	5TT MICROFINANCE BANK LIMITED	IMO
21	ARISE MICROFINANCE BANK LIMITED	SHINE MICROFINANCE BANK LIMITED	LAGOS
22	BANCCORP MICROFINANCE BANK LIMITED	BLOC MICROFINANCE BANK LIMITED	LAGOS
23	BISHOPGATE MICROFINANCE BANK LIMITED	ADVANCLY MICROFINANCE BANK LIMITED	LAGOS
24	BRIDGEWAY MICROFINANCE BANK LIMITED	BWAY MICROFINANCE BANK LIMITED	LAGOS
25	BRIYTH COVENANT MICROFINANCE BANK LIMITED	WESTON–CHARIS MICROFINANCE BANK LIMITED	LAGOS
26	CREDIT AFRIQUE MICROFINANCE BANK LIMITED	KAIZEN MICROFINANCE BANK LIMITED	LAGOS
27	ECHO MICROFINANCE BANK LIMITED	PLUS ONE MICROFINANCE BANK LIMITED	LAGOS
28	EYOWO MICROFINANCE BANK LIMITED	ENTREPRENEUR MICROFINANCE BANK LIMITED	LAGOS
29	FIYINFOLU MICROFINANCE BANK LIMITED	TEERUS MICROFINANCE BANK LIMITED	LAGOS
30	HACKMAN MICROFINANCE BANK LIMITED	LIGHTWAY MICROFINANCE BANK LIMITED	LAGOS
31	HALMOND MICROFINANCE BANK LIMITED	CASA MICROFINANCE BANK LIMITED	LAGOS
32	MANNA MICROFINANCE BANK LIMITED	SAVESIMPLE MICROFINANCE BANK LIMITED	LAGOS
33	MANNY MICROFINANCE BANK LIMITED	SILVEREND MICROFINANCE BANK LIMITED	LAGOS
34	MAYFAIR MICROFINANCE BANK LIMITED	OPTIMUN GLOBAL MICROFINANCE BANK LIMITED	LAGOS
35	MERCURY MICROFINANCE BANK LIMITED	DASH MICROFINANCE BANK LIMITED	LAGOS
36	MONEYWISE MICROFINANCE BANK LIMITED	INDULGE MICROFINANCE BANK LIMITED	LAGOS
37	NETWORK MICROFINANCE BANK LIMITED	UNICORN MICROFINANCE BANK LIMITED	LAGOS
38	NUTURE MICROFINANCE BANK LIMITED	MBAG MICROFINANCE BANK LIMITED	LAGOS
39	ONYX MICROFINANCE BANK LIMITED	DIGITVANT MICROFINANCE BANK LIMITED	LAGOS
40	OROS CAPITAL MICROFINANCE BANK LIMITED	EZPAY MICROFINANCE BANK LIMITED	LAGOS
41	PENIEL MICROFINANCE BANK LIMITED	ZIRCON MICROFINANCE BANK LIMITED	LAGOS
42	PRIMERA MICROFINANCE BANK LIMITED	KOINS MICROFINANCE BANK LIMITED	LAGOS
43	PURPLE MONEY MICROFINANCE BANK LIMITED	WILLOWS MICROFINANCE BANK LIMITED	LAGOS
44	STALLION MICROFINANCE BANK LIMITED	SPRINGFIELD MICROFINANCE BANK LIMITED	LAGOS
45	SUNRISE MICROFINANCE BANK LIMITED	STABLE MICROFINANCE BANK LIMITED	LAGOS
46	SURBPOLITAN MICROFINANCE BANK LIMITED	CHARIS MICROFINANCE BANK LIMITED	LAGOS
47	VERDANT-CAPITAL MICROFINANCE BANK LIMITED	VERDANT MICROFINANCE BANK LIMITED	LAGOS
48	ZIKADO MICROFINANCE BANK LIMITED	AVEST MICROFINANCE BANK LIMITED	LAGOS
49	AIYEPE MICROFINANCE BANK LIMITED	SPRINGVILLE MICROFINANCE BANK LIMITED	OGUN
50	INTERLAND MICROFINANCE BANK LIMITED	NEXTON MICROFINANCE BANK LIMITED	OGUN
51	STAR MICROFINANCE BANK LIMITED	SOSA MICROFINANCE BANK LIMITED	OGUN
52	ZIGATE MICROFINANCE BANK LIMITED	KATSU MICROFINANCE BANK LIMITED	OGUN
53	FASILIDAPO MICROFINANCE BANK LIMITED	OURPASS MICROFINANCE BANK LIMITED	ONDO
54	NEWAGE MICROFINANCE BANK LIMITED	CASHBRITE MICROFINANCE BANK LIMITED	ONDO
55	BOLUWADURO MICROFINANCE BANK LIMITED	AFOLE MICROFINANCE BANK LIMITED	OSUN
56	IBA MICROFINANCE BANK LIMITED	BANKEASY MICROFINANCE BANK LIMITED	OSUN
57	IDESE MICROFINANCE BANK LIMITED	SOFAJ MICROFINANCE BANK LIMITED	OSUN
58	OLA MICROFINANCE BANK LIMITED	RUN MICROFINANCE BANK LIMITED	OSUN
59	OLOFIN MICROFINANCE BANK LIMITED	DSC MICROFINANCE BANK LIMITED	OSUN
60	OLOFIN-OWENA MICROFINANCE BANK LIMITED	AVANTUS MICROFINANCE BANK LIMITED	OSUN
61	OSOGBO MICROFINANCE BANK LIMITED	BOLD MICROFINANCE BANK LIMITED	OSUN
62	FIRSTINDEX MICROFINANCE BANK LIMITED	RICIA CAPITAL MICROFINANCE BANK LIMITED	OYO
63	JOINT FARMERS MICROFINANCE BANK LIMITED	TELLERONE FI MICROFINANCE BANK LIMITED	OYO
64	OLOGBON MICROFINANCE BANK LIMITED	AKATA MICROFINANCE BANK LIMITED	OYO
65	IWOAMA MICROFINANCE BANK LIMITED	TENN BANK LIMITED	RIVERS
66	ADAMAWA HOMES & SAVINGS LTD	ADAMAWA MORTGAGE BANK LTD	ADAMAWA
67	MAUTECH MICROFINANCE BANK LIMITED	MODIBBO ADAMA UNIVERSITY MICROFINANCE BANK LIMITED	ADAMAWA
68	MICHIKA MICROFINANCE BANK LIMITED	PREMIER MICROFINANCE BANK LIMITED	ADAMAWA
69	BIYAMA MICROFINANCE BANK LIMITED	DABTIKIR MICROFINANCE BANK LIMITED	ADAMAWA
70	MUSHARAKA MICROFINANCE BANK LIMITED	MUAMALA MICROFINANCE BANK LIMITED	NIGER
71	DANGIZHI MICROFINANCE BANK LIMITED	METRO EXPRESS NETWORK MICROFINANCE BANK LIMITED	NIGER
72	EDUMANA MICROFINANCE BANK LIMITED	EDUSOKO MICROFINANCE BANK LIMITED	NIGER
73	MAINSAIL MICROFINANCE BANK LIMITED	DUXBANK MICROFINANCE BANK LIMITED	FCT
74	ALLY MICROFINANCE BANK LIMITED	ULTRAVIOLET MICROFINANCE BANK LIMITED	FCT
75	BUSINESS SUPPORT MICROFINANCE BANK LIMITED	TRANSPAY MICROFINANCE BANK LIMITED	FCT
76	THE DANIELS GLOBAL MICROFINANCE BANK LIMITED	SWIFTTRUST MICROFINANCE BANK LIMITED	FCT
77	FIRST MULTIPLE MICROFINANCE BANK LIMITED	KOBOWEB MICROFINANCE BANK LIMITED	FCT
78	GRASSROOTS MICROFINANCE BANK LIMITED	MIA MICROFINANCE BANK LIMITED	KANO
79	BLUEWHALES MICROFINANCE BANK LIMITED	ELLINGTON MICROFINANCE BANK LIMITED	PLATEAU
80	JOSAD MICROFINANCE BANK LIMITED	PAYREP MICROFINANCE BANK LIMITED	NASARAWA
81	BIPC MICROFINANCE BANK LIMITED	NOVUS MICROFINANCE BANK LIMITED	BENUE
82	JAMIS MICROFINANCE BANK LIMITED	STRAIT SAHARA MICROFINANCE BANK LIMITED	BENUE
83	NARICT MICROFINANCE BANK LIMITED	BASAWA MICROFINANCE BANK LIMITED	KADUNA
84	FAHIMTA MICROFINANCE BANK LIMITED	CEDRUS MICROFINANCE BANK LIMITED	KADUNA
85	MABINAS MICROFINANCE BANK LIMITED	AL’HIKMA MICROFINANCE BANK LIMITED	KADUNA
86	NEW WORLD MICROFINANCE BANK LIMITED	BKD NEW MICROFINANCE BANK LIMITED	JIGAWA
87	NORTHBRIDGE MICROFINANCE BANK LIMITED	ESTEEM MICROFINANCE BANK LIMITED	KANO
88	OMU-ARAN MICROFINANCE BANK LIMITED	OLOMU APERAN MICROFINANCE BANK LIMITED	KWARA
89	CHERISH MICROFINANCE BANK LIMITED	COOL MICROFINANCE BANK LIMITED	KATSINA