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).
The NDIC disclosed this in a statement issued on Wednesday by its Head of Communication and Public Affairs Department, Hawwau Gambo.
According to the corporation, it was appointed the official liquidator following the CBN’s revocation of the banks’ licences on July 1, 2026, in line with the provisions of the Banks and Other Financial Institutions Act 2020 and the NDIC Act 2023.
The NDIC said the affected banks have ceased operations as licensed financial institutions and warned members of the public against conducting any transactions with them. “The affected institutions are no longer authorised to conduct banking business in Nigeria,” the statement said.
The corporation also warned against the removal, concealment or tampering with the assets, records or properties of the failed banks, stressing that such actions constitute offences and may attract legal sanctions.
It added that it has begun the orderly liquidation process through the immediate takeover of the affected institutions, verification of depositors and payment of insured deposits to eligible customers.
The NDIC assured depositors that they would be kept informed of subsequent steps in the liquidation process.
The affected institutions include Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Merchant Microfinance Bank, NowNow Digital Microfinance Bank, Entrepreneur Microfinance Bank, Safegate Microfinance Bank, and 39 others located across Lagos, Kano, Abuja, Rivers, Abia, Ogun, Kebbi, Kaduna, Benue, Osun and other states.
