NDIC to liquidate 87 microfinance banks revoked by CBN

The Nigerian Deposit Insurance Corporation (NDIC) will, at the expiration of its notice released on August 23, 2024, approach a Federal High Court to grant the order to dissolve 87 microfinance banks and primary mortgage banks in the country.

The Corporation disclosed this in a statement titled “Notice of intention to terminate liquidation activities” published on its website.

The statement reads, “NOTICE is hereby given to the General Public that the Nigeria Deposit Insurance Corporation (NDIC), in its capacity as the Liquidator of the under-listed closed Microfinance Banks and Primary Mortgage Institutions, in accordance with the provisions of its enabling law and other relevant laws, will at the expiration of thirty (30) days from the date of this publication present an application to the Federal High Court to obtain dissolution orders of the closed banks and to release/discharge Corporation as Liquidator of the banks.”

NDIC stated reasons for its actions to include the fact that the affected banks were either not located or embarked on self-liquidation.

See Affected Banks and their dates of licence revocation 

1. Galilee MFB, Abuja – 26 September 2018

2. Pinnacle MFB, Abuja – 4 February 2014

3. Royal Children Heritage MFB, Abuja – 26 September 2018

4. Savings Corp MFB, Abuja – 26 September 2018

5. Spec MFB, Abuja – 26 September 2018

6. Imad MFB, Abuja – 26 September 2018

7. Ihima MFB, Kogi – 4 February 2014

8. Liberty MFB, Kogi – 26 September 2018

9. Ovidi MFB, Kogi – 24 November 2020

10. New Mercantile MFB, Abuja – 4 February 2014

11. Altitude MFB, Lagos – 26 September 2018

12. Bonded MFB, Lagos – 26 September 2018

13. Hybrid MFB, Lagos – 26 September 2018

14. Mar-Bonch MFB, Lagos – 26 September 2018

15. Coral MFB, Lagos – 26 September 2018

16. Lasu MFB, Lagos – 26 September 2018

17. Shoreline MFB, Lagos – 26 September 2018

18. Sovereign MFB, Lagos – 26 September 2018

19. Wealthbasket MFB, Lagos – 26 September 2018

20. EDS MFB, Lagos – 4 February 2014

21. Compass MFB, Lagos – 4 February 2014

22. Enterprise MFB, Lagos – 4 February 2014

23. Freegate MFB, Lagos – 4 February 2014

24. Funds Matrix MFB, Lagos – 4 February 2014

25. Green Field MFB, Lagos – 4 February 2014

26. Interglobal MFB, Lagos – 4 February 2014

27. Kings MFB, Lagos – 4 February 2014

28. Keystone MFB, Lagos – 4 February 2014

29. Vinning MFB, Lagos – 4 February 2014

30. Marvelous MFB, Lagos – 26 September 2018

31. Santrust MFB, Lagos – 26 September 2018

32. TSM MFB, Lagos – 26 September 2018

33. Biztrust MFB, Lagos – 26 September 2018

34. Gideon Trust MFB, Lagos – 26 September 2018

35. Ethics MFB, Lagos – 26 September 2018

36. First Credit MFB, Lagos – 26 September 2018

37. Gapbridge MFB, Lagos – 26 September 2018

38. New Gate MFB, Lagos – 24 September 2010

39. Primate MFB, Lagos – 24 September 2010

40. Mustason MFB, Lagos – 24 September 2010

41. Mustard MFB, Lagos – 26 September 2018

42. Southwest MFB, Lagos – 24 September 2010

43. Trust One MFB, Lagos – 23 May 2023

44. Traders MFB, Lagos – 4 February 2014

45. Citiserve MFB, Lagos – 4 February 2014

46. SVP MFB, Rivers – 4 February 2014

47. CKC MFB, Rivers – 4 February 2014

48. Acorn MFB, Rivers – 4 February 2014

49. Aracom MFB, Ondo – 4 February 2014

50. Homeland MFB, Bayelsa – 24 September 2010

51. First Golden Mercury MFB, Osun – 4 February 2014

52. Cubic MFB, Edo – 24 September 2010

53. Solace MFB, Delta – 4 February 2010

54. Top Mega Trust MFB, Delta – 4 February 2014

55. Advance MFB, Akwa Ibom – 26 September 2018

56. Umu-Uma MFB, Anambra – 4 February 2014

57. First Amalgamated B/S, Kwara – 5 January 2015

58. Horizon Building Society, Abuja – 6 August 2012

59. Imani Savings & Loans, Abuja – 6 August 2012

60. New Capital Savings & Loans, Abuja – 6 August 2012

61. Owners Home S & L, Abuja – 6 August 2012

62. Perennial Building Society, Abuja – 6 August 2012

63. Primrose Savings & Loans, Abuja – 6 August 2012

64. Global Building Society (Confluence S&L), Abuja – 5 January 2015

65. Melrose Savings & Loans, Abuja – 6 August 2012

66. Acclaim Homes and Loans, Lagos – 6 August 2012

67. CB Homes Savings and Loans, Lagos – 6 August 2012

68. Coastal Homes Savings and Loans, Lagos – 6 August 2012

69. Crest Mortgage Savings and Loans, Lagos – 6 August 2012

70. Estaport Building Society, Lagos – 6 August 2012

71. Guardian Trust S & L, Lagos – 6 August 2012

72. Home Trust Savings and Loans, Lagos – 6 August 2012

73. Mars Home Investment Savings and Loans, Lagos – 6 August 2012

74. Omono Building Society, Lagos – 6 August 2012

75. Secure Savings and Loans, Lagos – 6 August 2012

76. Urban Shelter Savings and Loans, Lagos – 6 August 2012

77. Consolidated Estate Building Society, Lagos – 5 January 2015

78. Home Foundation Savings and Loans, Lagos – 5 January 2015

79. Password Savings and Loans, Lagos – 5 January 2015

80. Supreme Savings and Loans, Lagos – 1 October 2018

81. Midland Mortgages, Rivers – 5 January 2015 (Self-liquidation)

82. Garden City MFB, Rivers – 26 September 2018 (Self-liquidation)

83. Combined Benefit MFB, Bayelsa – 4 February 2014 (Self-liquidation)

84. Corporate MFB, Oyo – 4 February 2014 (Self-liquidation)

85. Lofty Heights MFB, Edo – 4 February 2014 (Self-liquidation)

86. Express MFB, Abia – 4 February 2014 (Self-liquidation)

87. Multi-Banc Savings and Loans, Lagos – 5 January 2015 (Self-liquidation)