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NDIC has officially begun the liquidation of 46 microfinance banks whose licences were revoked by the CBN.Eligible depositors will undergo claim verification before payment of insured deposits begins.The NDIC warned the public against transacting with the failed banks or interfering with their assets, citing possible legal consequences
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The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN), marking the next phase in the resolution of the failed financial institutions.
In a statement issued on Wednesday, the NDIC said it had been appointed the official liquidator of the affected banks in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1) and (2) of the NDIC
