The Nigeria Deposit Insurance Corporation has begun paying all depositors of banks affected by the recent license revocation by the Central Bank of Nigeria (CBN).

The affected banks include 178 Microfinance Banks and four Primary Mortgage Banks, 62 of which had already stopped operations, and 74 were declared insolvent. At the same time, 12 were temporarily distressed, and the remaining six were voluntarily liquidated.

NDIC begins process of paying closed bank customers, assures of stability of financial system in Nigeria

The Managing Director of NDIC, Bello Hassan, gave the assurance recently while speaking at a two-day capacity-building workshop organized in partnership with the Bureau of Public Procurement held at Four Points By Sheraton in Ikot Ekpene.

The NDIC boss was represented by the Executive Director of Operations, Mustapha Ibrahim. He said that the Corporation would not compromise on standards and would ensure that the public would not panic over the safety of bank deposits.

Punch reports that the NDIC MD revealed that the Corporation would continue to strengthen the financial system to support Nigeria's economic advancement and contribute meaningfully to the financial system and its stability.

According to the NDIC boss, the role of the Corporation is to continue to play a critical part in the financial safety net arrangement of Nigeria's banking system as a deposit insurer.

He said: ""Following the recent revocation of the licenses of 178 Microfinance Banks and four Primary Mortgage Banks by the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation has since commenced the liquidation exercise with the primary purpose of paying the guaranteed sum, recovery of debts owed the banks, sale of physical assets and payment of liquidation dividend on the uninsured sum.

"The NDIC is hereby assuring depositors of the closed banks of speedy payment of their insured sums."

LIST OF 47 MICROFINANCE BANKS LICENCES REVOKED – first gazette

EVANGEL MICROFINANCE BANK

DOMINION MICROFINANCE BANK

ANYA MICROFINANCE BANK

AKWENGWU MICROFINANCE BANK

FADAMA FARMERS MICROFINANCE BANK

SAL-FOL MICROFINANCE BANK

MAUTECH MICROFINANCE BANK

WASE MICROFINANCE BANK

SMARTMICRO MICROFINANCE BANK

AMBA MICROFINANCE BANK

BRIDGE HOUSE MICROFINANCE BANK

MONEY WELL MICROFINANCE BANK

OTUKPO MICROFINANCE BANK

OLOGBON MICROFINANCE BANK

BESTWAY MICROFINANCE BANK

BIYAMA MICROFINANCE BANK

GREENLAND MICROFINANCE BANK

FASILDAPO MICROFINANCE BANK

SUNRISE MICROFINANCE BANK

JOINT FARMERS MICROFINANCE BANK

PROLIFIC MICROFINANCE BANK

HALMOND MICROFINANCE BANK

AJIKOBI MICROFINANCE BANK

KOGI MICROFINANCE BANK

EYOWO MICROFINANCE BANK

ARISE MICROFINANCE BANK

ISI-AKU MICROFINANCE BANK

BMAZAZHIN MICROFINANCE BANK

INI MICROFINANCE BANK

NARICT MICROFINANCE BANK

INTERLAND MICROFINANCE BANK

EHOR MICROFINANCE BANK

BIBAJINRE MICROFINANCE BANK

GOLDEN FUNDS MICROFINANCE BANK

GWADABAWA MICROFINANCE BANK

IBA MICROFINANCE BANK

EDUMANA MICROFINANCE BANK

WEST-END MICROFINANCE BANK

UMEJEI MICROFINANCE BANK

MOUAU VASMUCS MICROFINANCE BANK

JAMIS MICROFINANCE BANK

NEW WORLD MICROFINANCE BANK

ABESTONE MICROFINANCE BANK

NSEHE MICROFINANCE BANK

OSOGBO MICROFINANCE BANK

CROSSOVER MICROFINANCE BANK

DANGIZHI MICROFINANCE BANK

ATLAS MICROFINANCE BANK

BLUEWHALES MICROFINANCE BANK

EVEREST MICROFINANCE BANK

IGANGAN MICROFINANCE BANK

MAINSAIL MICROFINANCE BANK

MERIT MICROFINANCE BANK

MINNA MICROFINANCE BANK

MUSHARAKA MICROFINANCE BANK

NOPOV MICROFINANCE BANK

OHON MICROFINANCE BANK

PREMIUM MICROFINANCE BANK

ROYAL MICROFINANCE BANK

STATESMAN MICROFINANCE BANK

SUISSE MICROFINANCE BANK

VIBRANT MICROFINANCE BANK

VIRTUE MICROFINANCE BANK

ZAMARE MICROFINANCE BANK

NORTH CAPITAL MICROFINANCE BANK

CHIDERA MICROFINANCE BANK

EXCELLENT MICROFINANCE BANK

NI’IMA MICROFINANCE BANK

COSMOPOLITAN MICROFINANCE BANK

PROGRESSIVE LINK MICROFINANCE BANK

TRUST ONE (FORMERLY DESMONARCHY)

EKUOMBE MICROFINANCE BANK

FIRST INDEX MICROFINANCE BANK

OLA MICROFINANCE BANK

ULI MICROFINANCE BANK

VERDANT MICROFINANCE BANK

AGULERI MICROFINANCE BANK LIMITED

APEKS MICROFINANCE BANK LIMITED

FAHIMTA MICROFINANCE BANK LIMITED

MANNY MICROFINANCE BANK LIMITED

REALITY MICROFINANCE BANK LIMITED

SURBPOLITAN MICROFINANCE BANK LIMITED

ONYX MICROFINANCE BANK LIMITED

OSINA MICROFINANCE BANK LIMITED

OLOFIN-OWENA MICROFINANCE BANK LIMITED

ZIKADO MICROFINANCE BANK LIMITED

PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED

PENIEL MICROFINANCE BANK LIMITED

TARABA MICROFINANCE BANK LIMITED

BRASS MICROFINANCE BANK LIMITED

MICHIKA MICROFINANCE BANK LIMITED

NDIAGU MICROFINANCE BANK LIMITED

NORTHBRIDGE MICROFINANCE BANK LIMITED

FCT MICROFINANCE BANK LIMITED

OMU-ARAN MICROFINANCE BANK LIMITED

CHERISH MICROFINANCE BANK LIMITED

BIPC MICROFINANCE BANK LIMITED

DANIELS GLOBAL MICROFINANCE BANK LIMITED

BANCORP MICROFINANCE BANK LIMITED

MANNA MICROFINANCE BANK LIMITED

MONEYWISE MICROFINANCE BANK LIMITED

MERCURY MICROFINANCE BANK LIMITED

NEW AGE MICROFINANCE BANK LIMITED

PEARL MICROFINANCE BANK LIMITED

ZAWADI MICROFINANCE BANK LIMITED

SEED CAPITAL MICROFINANCE BANK LIMITED

EDUEK MICROFINANCE BANK LIMITED

EKSU MICROFINANCE BANK LIMITED

DAKINGARI MICROFINANCE BANK LIMITED

OGOJA MICROFINANCE BANK LIMITED

NWABOSI MICROFINANCE BANK LIMITED

NUTURE MICROFINANCE BANK LIMITED

ACTIVE POINT MICROFINANCE BANK LIMITED

AMOYE MICROFINANCE BANK LIMITED

BOLUWADURO MICROFINANCE BANK LIMITED

IYEDE MICROFINANCE BANK LIMITED

MAYFAIR MICROFINANCE BANK LIMITED

CALABAR MICROFINANCE BANK LIMITED

IGHOMO MICROFINANCE BANK LIMTED

HACKMAN MICROFINANCE BANK LIMITED

IDESE MICROFINANCE BANK LIMITED

BRIDGEWAY MICROFINANCE BANK LIMITED

GRASSROOT MICROFINANCE BANK LIMITED

SURELIFE MICROFINANCE BANK LIMITED

TIJARAH MICROFINANCE BANK LIMITED

IC-GLOBAL MICROFINANCE BANK LIMITED

EJIAMATU MICROFINANCE BANK LIMITED

BRIYTH COVENANT MICROFINANCE BANK LIMITED

NANKA MICROFINANCE BANK LIMITED

CUB MICROFINANCE BANK LIMITED

BFL MICROFINANCE BANK LIMITED

UMUNNE MICROFINANCE BANK LIMITED

OROKE MICROFINANCE BANK

ALKALERI MICROFINANCE BANK LIMITED

CROWNED EAGLE MICROFINANCE BANK LIMITED

UNIFA MICROFINANCE BANK LIMITED

DADINKOWA MICROFINANCE BANK