The Nigeria Deposit Insurance Corporation (NDIC) says it has commenced the liquidation of the 46 microfinance banks (MFBs) whose operating licences were revoked by the Central Bank of Nigeria (CBN).
NDIC, in a statement on Wednesday, said it had been appointed the official liquidator of the affected institutions pursuant to Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1) and (2) of the NDIC Act 2023.
Under Section 12(2) of the BOFIA 2020, the corporation automatically becomes the liquidator of a bank whose licence has been revoked by the CBN.
In addition, the referenced Section of the NDIC Act 2023 empowers the organisation to take over the failed institution, verify depositors’ claims, pay insured deposits, recover assets, and oversee the liquidation process
In the statement on Wednesday, the NDIC said the 46 affected banks are no longer authorised to
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