Resolution of Failed Banks: NDIC Commences Process to Conclude the Liquidation of 89 MFBs & PMB

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of concluding the liquidation activities of 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) following their successful acquisition by new owners under the Purchase and Assumption (P&A) resolution model executed by the Corporation.

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 May 22nd and 23rd, 2023. 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:

NDIC MICROFINANCE BANK NAME CHANGES - DEFUNCT AND ASSUMING BANKS

ABIA

• Mouau Vasmucs Microfinance Bank Limited → Movasco-OP Microfinance Bank Limited

AKWA IBOM

• Eduek Microfinance Bank Limited → Mint Microfinance Bank Limited

• Ini Microfinance Bank Limited → Uforo Microfinance Bank Limited

• Nsehe Microfinance Bank Limited → Vista Microfinance Bank Limited

• Zawadi Microfinance Bank Limited → Zitra Microfinance Bank Limited

ADAMAWA

• Adamawa Homes & Savings Ltd → Adamawa Mortgage Bank Ltd

• Mautech Microfinance Bank Limited → Modibbo Adama University Microfinance Bank Limited

• Michika Microfinance Bank Limited → Premier Microfinance Bank Limited

• Biyama Microfinance Bank Limited → Dabtikir Microfinance Bank Limited

ANAMBRA

• Akpo Microfinance Bank Limited → Oganiru Microfinance Bank Limited

• Anya Microfinance Bank Limited → Pionner (Diohaunoego) Microfinance Bank Limited

• Awka Microfinance Bank Limited → Plantinum Microfinance Bank Limited

• Enugwu-Ukwu Microfinance Bank Limited → Umunri Microfinance Bank Limited

• Isi-Aku Microfinance Bank Limited → Isiego Microfinance Bank Limited

• Obosi Microfinance Bank Limited → Adike Microfinance Bank Limited

BENUE

• Bipc Microfinance Bank Limited → Novus Microfinance Bank Limited

• Jamis Microfinance Bank Limited → Strait Sahara Microfinance Bank Limited

DELTA

• Cub Microfinance Bank Limited → Unicoop Microfinance Bank Limited

• Umejei Microfinance Bank Limited → Kolisa Microfinance Bank Limited

EDO

• Abc Microfinance Bank Limited → Okada Microfinance Bank Limited

• Ehor Microfinance Bank Limited → Ehinoma Microfinance Bank Limited

• Esan Microfinance Bank Limited → Ubj Microfinance Bank Limited

EKITI

• Amoye Microfinance Bank Limited → Ikere Microfinance Bank Limited

ENUGU

• Goldenfunds Microfinance Bank Limited → Royal Excellent Microfinance Bank Limited

FCT

• Mainsail Microfinance Bank Limited → Duxbank Microfinance Bank Limited

• Ally Microfinance Bank Limited → Ultraviolet Microfinance Bank Limited

• Business Support Microfinance Bank Limited → Transpay Microfinance Bank Limited

• The Daniels Global Microfinance Bank Limited → Swifttrust Microfinance Bank Limited

• First Multiple Microfinance Bank Limited → Koboweb Microfinance Bank Limited

IMO

• Evangel Microfinance Bank Limited → Vangel Microfinance Bank Limited

• Greenland Microfinance Bank Limited → 5TT Microfinance Bank Limited

JIGAWA

• New World Microfinance Bank Limited → BKD New Microfinance Bank Limited

KADUNA

• Narict Microfinance Bank Limited → Basawa Microfinance Bank Limited

• Fahimta Microfinance Bank Limited → Cedrus Microfinance Bank Limited

• Mabinas Microfinance Bank Limited → Al'Hikma Microfinance Bank Limited

KANO

• Grassroots Microfinance Bank Limited → MIA Microfinance Bank Limited

• Northbridge Microfinance Bank Limited → Esteem Microfinance Bank Limited

KATSINA

• Cherish Microfinance Bank Limited → Cool Microfinance Bank Limited

KWARA

• Omu-Aran Microfinance Bank Limited → Olomu Aperan Microfinance Bank Limited

LAGOS

• Arise Microfinance Bank Limited → Shine Microfinance Bank Limited

• Banccorp Microfinance Bank Limited → Bloc Microfinance Bank Limited

• Bishopgate Microfinance Bank Limited → Advancly Microfinance Bank Limited

• Bridgeway Microfinance Bank Limited → Bway Microfinance Bank Limited

• Briyth Covenant Microfinance Bank Limited → Weston–Charis Microfinance Bank Limited

• Credit Afrique Microfinance Bank Limited → Kaizen Microfinance Bank Limited

• Echo Microfinance Bank Limited → Plus One Microfinance Bank Limited

• Eyowo Microfinance Bank Limited → Entrepreneur Microfinance Bank Limited

• Fiyinfolu Microfinance Bank Limited → Teerus Microfinance Bank Limited

• Hackman Microfinance Bank Limited → Lightway Microfinance Bank Limited

• Halmond Microfinance Bank Limited → Casa Microfinance Bank Limited

• Manna Microfinance Bank Limited → Savesimple Microfinance Bank Limited

• Manny Microfinance Bank Limited → Silverend Microfinance Bank Limited

• Mayfair Microfinance Bank Limited → Optimun Global Microfinance Bank Limited

• Mercury Microfinance Bank Limited → Dash Microfinance Bank Limited

• Moneywise Microfinance Bank Limited → Indulge Microfinance Bank Limited

• Network Microfinance Bank Limited → Unicorn Microfinance Bank Limited

• Nuture Microfinance Bank Limited → MBAG Microfinance Bank Limited

• Onyx Microfinance Bank Limited → Digitvant Microfinance Bank Limited

• Oros Capital Microfinance Bank Limited → Ezpay Microfinance Bank Limited

• Peniel Microfinance Bank Limited → Zircon Microfinance Bank Limited

• Primera Microfinance Bank Limited → Koins Microfinance Bank Limited

• Purple Money Microfinance Bank Limited → Willows Microfinance Bank Limited

• Stallion Microfinance Bank Limited → Springfield Microfinance Bank Limited

• Sunrise Microfinance Bank Limited → Stable Microfinance Bank Limited

• Surbpolitan Microfinance Bank Limited → Charis Microfinance Bank Limited

• Verdant-Capital Microfinance Bank Limited → Verdant Microfinance Bank Limited

• Zikado Microfinance Bank Limited → Avest Microfinance Bank Limited

NASARAWA

• Josad Microfinance Bank Limited → Payrep Microfinance Bank Limited

NIGER

• Musharaka Microfinance Bank Limited → Muamala Microfinance Bank Limited

• Dangizhi Microfinance Bank Limited → Metro Express Network Microfinance Bank Limited

• Edumana Microfinance Bank Limited → Edusoko Microfinance Bank Limited

OGUN

• Aiyepe Microfinance Bank Limited → Springville Microfinance Bank Limited

• Interland Microfinance Bank Limited → Nexton Microfinance Bank Limited

• Star Microfinance Bank Limited → Sosa Microfinance Bank Limited

• Zigate Microfinance Bank Limited → Katsu Microfinance Bank Limited

ONDO

• Fasilidapo Microfinance Bank Limited → Ourpass Microfinance Bank Limited

• Newage Microfinance Bank Limited → Cashbrite Microfinance Bank Limited

OSUN

• Boluwaduro Microfinance Bank Limited → Afole Microfinance Bank Limited

• Iba Microfinance Bank Limited → Bankeasy Microfinance Bank Limited

• Idese Microfinance Bank Limited → Sofaj Microfinance Bank Limited

• Ola Microfinance Bank Limited → Run Microfinance Bank Limited

• Olofin Microfinance Bank Limited → DSC Microfinance Bank Limited

• Olofin-Owena Microfinance Bank Limited → Avantus Microfinance Bank Limited

• Osogbo Microfinance Bank Limited → Bold Microfinance Bank Limited

OYO

• Firstindex Microfinance Bank Limited → Ricia Capital Microfinance Bank Limited

• Joint Farmers Microfinance Bank Limited → Tellerone FI Microfinance Bank Limited

• Ologbon Microfinance Bank Limited → Akata Microfinance Bank Limited

PLATEAU

• Bluewhales Microfinance Bank Limited → Ellington Microfinance Bank Limited

RIVERS

• Iwoama Microfinance Bank Limited → Tenn Bank Limited

Hawwau Gambo

Head, Communication & Public Affairs