NDIC To Liquidate 132 Banks Whose Licences Were Revoked By CBN

The Nigeria Deposit Insurance Corporation (NDIC), will soon liquidate the 132 banks whose licences were revoked by the Central Bank of Nigeria, CBN.

The Corporation also assured that it has the responsibility to ensure the protection and guarantee of the financial disposition of Nigerians.

Speaking at the NDIC 2023 Financial Literacy Day, held at Kano Rumfa College, the Zonal Controller of the Corporation, Alhaji Shehu Usman, said the CBN had since forwarded the identities of the banks to them for final liquidation.

The CBN had early this week revoked the operating licences of 132 microfinance banks alongside those of four primary mortgage banks and three finance companies.

The CBN stated that the licences of the financial institutions were revoked because they “ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months; failed to fulfil or comply with the conditions subject to which their licenses were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”

In Kano, the Zonal Controller of the NDIC noted that their responsibility was to ensure the protection and guarantee of the financial disposition of Nigerians, the reasons they are cooperating with the CBN to achieve such a mission.

Speaking on the Financial Literacy Day for the students, the NDIC controller hinted that it had become imperative for the students to be aware of financial transactions and how to go about it.

Shehu explained that through the literacy day, they teach students how to operate accounts including business transaction accounts for them to know how to invest their money or save it appropriately.

Speaking on the development, the Principal of Rumfa College, Alhaji Safiyanu NaAbba, expressed happiness that out of over 1000 colleges, his school was selected, adding that this had given them the strength to teach the students perfectly. He said Rumfa College was established in 1927 and had produced many leaders including the late Heads of State, Murtala Muhammed and General Sani Abacha.