NDIC takes over 46 revoked microfinance banks, warns against illegal transactions

The Nigeria Deposit Insurance Corporation, NDIC, has been appointed as the official Liquidator of the 46 Microfinance Banks, MFBs, revoked by the Central Bank of Nigeria, CBN, on July 1, 2026.

This is pursuant to Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act of 2023.

The Corporation, in a statement signed by the Head of its Communication & Public Affairs Department, Hawwau Gambo, informed the depositors of the banks that the affected institutions are no longer authorised to conduct banking business in Nigeria.

It advised members of the public against any unauthorised transaction with the closed banks, or any attempt by individuals to remove, conceal, retain, or interfere with the assets, records, or properties of the banks, warning that this may constitute a violation of the law that could attract appropriate legal consequences.

“The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors.

“Depositors and the general public would be duly informed on an ongoing basis on further steps to be taken regarding the liquidation exercise, the statement said.