NDIC concludes liquidation of 89 closed banks as new owners take over operations nationwide
The Nigeria Deposit Insurance Corporation (NDIC) has released the list of 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) as it concludes their liquidation process following successful acquisition by new owners. These 89 institutions were part of the 179 MFBs and 4 PMBs whose banking licenses were revoked by the Central Bank of Nigeria (CBN) on May 22-23, 2023. The liquidation was concluded under the Purchase and Assumption (P&A) resolution model, whereby the CBN issued licenses to 89 new eligible institutions to acquire the assets and liabilities of the defunct banks. These new institutions have since commenced operations under new names across multiple states including Abia, Akwa Ibom, Anambra, Delta, Edo, Ekiti, Enugu, Imo, Lagos, Ogun, Ondo, Osun, Oyo, Rivers, Adamawa, Niger, FCT, Kano, Plateau, Nasarawa, Benue, Kaduna, Jigawa, Kwara, and Katsina.
This ensures depositor protection through NDIC's insurance scheme (up to ₦500,000 per depositor) and maintains stability in the microfinance and mortgage banking sectors. Customers of the former banks should verify their accounts with the successor institutions using the full NDIC list. The P&A model prevents disruptive closures, preserving access to financial services for individuals and small businesses.
With liquidation activities concluding, what steps should depositors take to confirm their funds are safely transferred to the new institutions, and how can customers ensure uninterrupted service from their former banks' successors?