The Nigeria Deposit Insurance Corporation (NDIC) has commenced the verification and payment of insured deposits to customers of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN), assuring depositors that the liquidation process would be carried out in an orderly manner.
The Corporation said it had been appointed the official liquidator of the failed institutions following the revocation of their licences by the CBN on July 1, 2026, in line with the provisions of Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55 (1) and (2) of the NDIC Act 2023.
In a statement signed by Hawwau Gambo, head, Communication and Public Affairs Department, the NDIC said it had immediately taken over the affected banks and commenced the processes required to verify depositors and pay insured sums to eligible customers.
“The NDIC has commenced the process of
This post was originally published on this site.
