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NDIC To Terminate Liquidation Activities On 87 Microfinance Banks and Primary Mortgage Institutions Closed Down By CBN in 2023 - The Revealer
Banking and Finance

NDIC To Terminate Liquidation Activities On 87 Microfinance Banks and Primary Mortgage Institutions Closed Down By CBN in 2023

The Nigeria Deposit Insurance Corporation (NDIC), has announced to the general public it’s intention to terminate liquidation activities of the underlisted 87 Microfinance Banks (NFBs) and Primary Mortgage Banks (PMBs) which was closed down by Central Bank of Nigerian (CBN) in 2023.

It would be recalled that on May 22 and 23, 2023, the Central Bank of Nigeria (“CBN”), by a notice published in the official gazette of the Federal Government, revoked the licenses of one hundred and seventy-nine (179) Microfinance Banks (“MFBs”), three (3) Finance Companies and four (4) Primary Mortgage Banks (“PMBs”) and NDIC was appointed as Liquidator.

NDIC on August 23, 2024, issued a notice announcing it’s intention to terminate liquidation activities of the underlisted 87 MFBs and PMBs) at the expiration of thirty (30) days from the date of the publication of the notice.

Details of the notice read: “NOTICE is hereby given to the General Public that the Nigeria Deposit Insurance Corporation (NDIC) in its capacity as the Liquidator of the under-listed closed Microfinance Banks and Primary Mortgage Institutions, in accordance with the provisions of its enabling law and other relevant laws, will at the expiration of thirty (30) days from the date of this publication present an application to the Federal High Court to obtain dissolution orders of the closed banks and to release/discharge Corporation as Liquidator of the banks.”

S/N

CLOSED BANKS

LOCATION

TYPE

REMARKS

DATE OF REVOCATION OF LICENCE

1

GALILEE MFB

Abuja

MFB

Not located

26 SEPTEMBER 2018

2

PINNACLE MFB

Abuja

MFB

Not located

4 FEBRUARY 2014

3

ROYAL CHILDREN HERITAGE MFB

Abuja

MFB

Not located

26 SEPTEMBER 2018

4

SAVINGS CORP MFB

Abuja

MFB

Not located

26 SEPTEMBER 2018

5

SPEC MFB

Abuja

MFB

Not located

26 SEPTEMBER 2018

6

IMAD MFB

Abuja

MFB

Not located

26 SEPTEMBER 2018

7

IHIMA MFB

Kogi

MFB

Not located

4 FEBRUARY 2014

8

LIBERTY MFB

Kogi

MFB

Not located

26 SEPTEMBER 2018

9

OVIDI MFB

Kogi

MFB

Not located

24 NOVEMBER 2020

10

NEW MERCANTILE MFB

Abuja

MFB

Not located

4 FEBRUARY 2014

11

ALTITUDE MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

12

BONDED MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

13

HYBRID MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

14

MAR-BONCH MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

15

CORAL MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

16

LASU MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

17

SHORELINE MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

18

SOVEREIGN MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

19

WEALTHBASKET MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

20

EDS MFB

Lagos

MFB

Not located

4 FEBRUARY 2014

21

COMPASS MFB

Lagos

MFB

Not located

4 FEBRUARY 2014

22

ENTERPRISE MFB

Lagos

MFB

Not located

4 FEBRUARY 2014

23

FREEGATE MFB

Lagos

MFB

Not located

4 FEBRUARY 2014

24

FUNDS MATRIX MFB

Lagos

MFB

Not located

4 FEBRUARY 2014

25

GREEN FIELD MFB

Lagos

MFB

Not located

4 FEBRUARY 2014

26

INTERGLOBAL MFB

Lagos

MFB

Not located

4 FEBRUARY 2014

27

KINGS MFB

Lagos

MFB

Not located

4 FEBRUARY 2014

28

KEYSTONE MFB

Lagos

MFB

Not located

4 FEBRUARY 2014

29

VINNING MFB

Lagos

MFB

Not located

4 FEBRUARY 2014

30

MARVELOUS MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

31

SANTRUST MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

32

TSM MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

33

BIZTRUST MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

34

GIDEON TRUST MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

35

ETHICS MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

36

FIRST CREDIT MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

37

GAPBRIDGE MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

38

NEW GATE MFB

Lagos

MFB

Not located

24 SEPTEMBER 2010

39

PRIMATE MFB

Lagos

MFB

Not located

24 SEPTEMBER 2010

40

MUSTASON MFB

Lagos

MFB

Not located

24 SEPTEMBER 2010

41

MUSTARD MFB

Lagos

MFB

Not located

26 SEPTEMBER 2018

42

SOUTHWEST MFB

Lagos

MFB

Not located

24 SEPTEMBER 2010

43

TRUST ONE MFB

Lagos

MFB

Not located

23 MAY 2023

44

TRADERS MFB

Lagos

MFB

Not located

4 FEBRUARY 2014

45

CITISERVE MFB

Lagos

MFB

Not located

4 FEBRUARY 2014

46

SVP MFB

Rivers

MFB

Not located

4 FEBRUARY 2014

47

CKC MFB

Rivers

MFB

Not located

4 FEBRUARY 2014

48

ACORN MFB

Rivers

MFB

Not located

4 FEBRUARY 2014

49

ARACOM MFB

Ondo

MFB

Not located

4 FEBRUARY 2014

50

HOMELAND MFB

Bayelsa

MFB

Not located

24 SEPTEMBER 20

51

FIRST GOLDEN MERCURY MFB

Osun

MFB

Not located

4 FEBRUARY 2014

52

CUBIC MFB

Edo

MFB

Not located

24 SEPTEMBER 2010

53

SOLACE MFB

Delta

MFB

Not located

4 FEBRUARY , 2010

54

TOP MEGA TRUST MFB

Delta

MFB

Not located

4 FEBRUARY 2014

55

ADVANCE MFB

Akwa ibom

MFB

Not located

26 SEPTEMBER 2018

56

UMU-UMA MFB

Anambra

MFB

Not located

4 FEBRUARY , 2014

57

FIRST AMALGAMATED B/S

Kwara

MFB

Not located

5 JANUARY 2015

58

HORIZON BUILDING SOCIETY

Abuja

PMB

Not located

6 AUGUST 2012

59

IMANI SAVINGS & LOANS

Abuja

PMB

Not located

6 AUGUST 2012

60

NEW CAPITAL SAVINGS & LOANS

Abuja

PMB

Not located

6 AUGUST 2012

61

OWNERS HOME S & L

Abuja

PMB

Not located

6 AUGUST 2012

62

PERENNIAL BUILDING SOCIETY

Abuja

PMB

Not located

6 AUGUST 2012

63

PRIMROSE SAVINGS & LOANS

Abuja

PMB

Not located

6 AUGUST 2012

64

GLOBAL BUILDING SOCIETY (CONFLUENCE S&L)

Abuja

PMB

Not located

5 JANUARY 2015

65

MELROSE SAVINGS & LOANS

Abuja

PMB

Not located

6 AUGUST 2012

66

ACCLAIM HOMES AND LOANS

Lagos

PMB

Not located

6 AUGUST 2012

67

CB HOMES SAVINGS AND LOANS

Lagos

PMB

Not located

6 AUGUST 2012

68

COASTAL HOMES SAVINGS AND LOANS

Lagos

PMB

Not located

6 AUGUST 2012

69

CREST MORTGAGE SAVINGS AND LOANS

Lagos

PMB

Not located

6 AUGUST 2012

70

ESTAPORT BUILDING SOCIETY

Lagos

PMB

Not located

6 AUGUST 2012

71

GUARDIAN TRUST S & L

Lagos

PMB

Not located

6 AUGUST 2012

72

HOME TRUST SAVINGS AND LOANS

Lagos

PMB

Not located

6 AUGUST 2012

73

MARS HOME INVESTMENT SAVINGS AND LOANS

Lagos

PMB

Not located

6 AUGUST 2012

74

OMONO BUILDING SOCIETY

Lagos

PMB

Not located

6 AUGUST 2012

75

SECURE SAVINGS AND LOANS

Lagos

PMB

Not located

6 AUGUST 2012

76

URBAN SHELTER SAVINGS AND LOANS

Lagos

PMB

Not located

6 AUGUST 2012

77

CONSOLIDATED ESTATE BUILDING SOCIETY

Lagos

PMB

Not located

5 JANUARY 2015

78

HOME FOUNDATION SAVINGS AND LOANS

Lagos

PMB

Not located

5 JANUARY 2015

79

PASSWORD SAVINGS AND LOANS

Lagos

PMB

Not located

5 JANUARY 2015

80

SUPREME SAVINGS AND LOANS

Lagos

PMB

Not located

1 OCTOBER 2018

81

MIDLAND MORTGAGES

Rivers

PMB

Self-liquidation

5 JANUARY 2015

82

GARDEN CITY MFB

Rivers

MFB

Self-liquidation

26 SEPTEMBER 2018

83

COMBINED BENEFIT MFB

Bayelsa

MFB

Self-liquidation

4 FEBRUARY 2014

84

CORPORATE MFB

Oyo

MFB

Self-liquidation

4 FEBRUARY 2014

85

LOFTY HEIGHTS MFB

Edo

MFB

Self-liquidation

4 FEBRUARY 2014

86

EXPRESS MFB

Abia

MFB

Self-liquidation

4 FEBRUARY 2014

87

MULTI-BANC SAVINGS AND LOANS

Lagos

PMB

Self-liquidation

5 JANUARY 2015

I

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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