Gbenga Ilemobayo
The Nigeria Deposit Insurance Corporation has commenced the process of concluding the liquidation of 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) following their successful acquisition by new owners under the Purchase and Assumption (P&A) resolution model executed by the corporation.
The 89 closed banks were part of the 179 MFBs and four PMBs whose banking licences were revoked by the Central Bank of Nigeria on May 22 and 23, 2023. Through the purchase and assumption agreements, 89 new eligible institutions were issued licences by the CBN to acquire the assets and liabilities of the defunct banks and have since commenced operations under new names.
In order to legally conclude the liquidation process in accordance with the provisions of its enabling Act and other relevant laws, the NDIC in its capacity as the liquidator of the defunct banks, will be presenting applications to various Judicial divisions of the Federal High Court to obtain orders of dissolution for the closed banks and to release the corporation as liquidator.
The defunct banks and assuming new banks include former Mouau Vasmucs Microfinance Bank Limited now operating as Movasco-OP Microfinance Bank Limited, Abia; Eduek Microfinance Bank Limited, now Mint Microfinance Bank Limited, Akwa Ibom; Ini Microfinance Bank Limited, now Uforo Microfinance Bank Limited, Akwa Ibom; Nsehe Microfinance Bank Limited, now Vista Microfinance Bank Limited, Akwa Ibom; Zawadi Microfinance Bank Limited, now Zitra Microfinance Bank Limited, Akwa Ibom; Akpo Microfinance Bank Limited, now Oganiru Microfinance Bank Limited, Anambra; Anya Microfinance Bank Limited, now Pionner (Diohaunoego) Microfinance Bank Limited, Anambra; Awka Microfinance Bank Limited, now Plantinum Microfinance Bank Limited, Anambra; Enugwu-Ukwu Microfinance Bank Limited, now Umunri Microfinance Bank Limited, Anambra; Isi-Aku Microfinance Bank Limited, now Isiego Microfinance Bank Limited, Anambra; and Obosi Microfinance Bank Limited, now Adike Microfinance Bank Limited, Anambra.
The list also include former Cub Microfinance Bank Limited, now Unicoop Microfinance Bank Limited, Delta; Umejei Microfinance Bank Limited, now Kolisa Microfinance Bank Limited, Delta; ABC Microfinance Bank Limited, now Okada Microfinance Bank Limited, Edo; Ehor Microfinance Bank Limited, now Ehinoma Microfinance Bank Limited, Edo; Esan Microfinance Bank Limited, now UBJ Microfinance Bank Limited, Edo; Amoye Microfinance Bank Limited, now Ikere Microfinance Bank Limited, Ekiti; Goldenfunds Microfinance Bank Limited, now Royal Excellent Microfinance Bank Limited, Enugu; Evangel Microfinance Bank Limited, now Vangel Microfinance Bank Limited, Imo; Greenland Microfinance Bank Limited, now 5TT Microfinance Bank Limited, Imo; Arise Microfinance Bank Limited, Shine Microfinance Bank Limited, Lagos; Banccorp Microfinance Bank Limited, now Bloc Microfinance Bank Limited, Lagos; Bishopgate Microfinance Bank Limited, now Advancly Microfinance Bank Limited,Lagos; Bridgeway Microfinance Bank Limited, now Bway Microfinance Bank Limited, Lagos; Briyth Covenant Microfinance Bank Limited, now Weston–Charis Microfinance Bank Limited, Lagos; Credit Afrique Microfinance Bank Limited, Kaizen Microfinance Bank Limited, Lagos; Echo Microfinance Bank Limited, now Plus One Microfinance Bank Limited, Lagos; and Eyowo Microfinance Bank Limited, now Entrepreneur Microfinance Bank Limited, Lagos.
Others are: former Fiyinfolu Microfinance Bank Limited , now Teerus Microfinance Bank Limited, Lagos; Hackman Microfinance Bank Limited, now Lightway Microfinance Bank Limited, Lagos; Halmond Microfinance Bank Limited, now Casa Microfinance Bank Limited, Lagos; Manna Microfinance Bank Limited, now Savesimple Microfinance Bank Limited, Lagos; Manny Microfinance Bank Limited, now Silverend Microfinance Bank Limited, Lagos; Mayfair Microfinance Bank Limited, now Optimun Global Microfinance Bank Limited, Lagos; Mercury Microfinance Bank Limited, now Dash Microfinance Bank Limited, Lagos; Moneywise Microfinance Bank Limited, now Indulge Microfinance Bank Limited, Lagos; Network Microfinance Bank Limited, now Unicorn Microfinance Bank Limited, Lagos; Nuture Microfinance Bank Limited, now Mbag Microfinance Bank Limited, Lagos; Onyx Microfinance Bank Limited, now Digitvant Microfinance Bank Limited, Lagos; Oros Capital Microfinance Bank Limited, now Ezpay Microfinance Bank Limited, Lagos; Peniel Microfinance Bank Limited, now Zircon Microfinance Bank Limited, Lagos; Primera Microfinance Bank Limited, now Koins Microfinance Bank Limited, Lagos; Purple Money Microfinance Bank Limited, now Willows Microfinance Bank Limited, Lagos; Stallion Microfinance Bank Limited, now Springfield Microfinance Bank Limited, Lagos; Sunrise Microfinance Bank Limited, now Stable Microfinance Bank Limited, Lagos; Surbpolitan Microfinance Bank Limited, now Charis Microfinance Bank Limited, Lagos; Verdant-Capital Microfinance Bank Limited, now Verdant Microfinance Bank Limited, Lagos; and Zikado Microfinance Bank Limited, now Avest Microfinance Bank Limited, Lagos.
Others on the list, according to a statement on Wednesday by the Head, Communication & Public Affairs, NDIC, Hawwau Gambo, are Aiyepe Microfinance Bank Limited, now Springville Microfinance Bank Limited, Ogun; Interland Microfinance Bank Limited, Nexton Microfinance Bank Limited, Ogun; Star Microfinance Bank Limited, Sosa Microfinance Bank Limited, Ogun; Zigate Microfinance Bank Limited, now Katsu Microfinance Bank Limited, Ogun; Fasilidapo Microfinance Bank Limited, now Ourpass Microfinance Bank Limited, Ondo; Newage Microfinance Bank Limited, now Cashbrite Microfinance Bank Limited, Ondo; Boluwaduro Microfinance Bank Limited, now Afole Microfinance Bank Limited, Osun; Iba Microfinance Bank Limited, now Bankeasy Microfinance Bank Limited, Osun; Idese Microfinance Bank Limited, now Sofaj Microfinance Bank Limited, Osun; Ola Microfinance Bank Limited, now Run Microfinance Bank Limited, Osun; Olofin Microfinance Bank Limited, now DSC Microfinance Bank Limited, Osun; Olofin-Owena Microfinance Bank Limited, now Avantus Microfinance Bank Limited, Osun; Osogbo Microfinance Bank Limited, now Bold Microfinance Bank Limited, Osun; Firstindex Microfinance Bank Limited, now Ricia Capital Microfinance Bank Limited, Oyo; Joint Farmers Microfinance Bank Limited, now Tellerone Fi Microfinance Bank Limited, Oyo; and Ologbon Microfinance Bank Limited, now Akata Microfinance Bank Limited, Oyo.
The list also include former Iwoama Microfinance Bank Limited, now transformed to Tenn Bank Limited, Rivers; Adamawa Homes & Savings Limited, now Adamawa Mortgage Bank Limited, Adamawa; Mautech Microfinance Bank Limited, now Modibbo Adama University Microfinance Bank Limited, Adamawa; Michika Microfinance Bank Limited, now Premier Microfinance Bank Limited, Adamawa; Biyama Microfinance Bank Limited, now Dabtikir Microfinance Bank Limited, Adamawa; Musharaka Microfinance Bank Limited, now Muamala Microfinance Bank Limited, Niger; Dangizhi Microfinance Bank Limited, now Metro Express Network Microfinance Bank Limited, Niger; Edumana Microfinance Bank Limited, now Edusoko Microfinance Bank Limited, Niger; Mainsail Microfinance Bank Limited, now Duxbank Microfinance Bank Limited, FCT; Ally Microfinance Bank Limited, now Ultraviolet Microfinance Bank Limited, FCT; Business Support Microfinance Bank Limited, now Transpay Microfinance Bank Limited, FCT; The Daniels Global Microfinance Bank Limited, now Swifttrust Microfinance Bank Limited, FCT; First Multiple Microfinance Bank Limited, now Koboweb Microfinance Bank Limited, FCT; Grassroots Microfinance Bank Limited, now Mia Microfinance Bank Limited, Kano; and Bluewhales Microfinance Bank Limited, now Ellington Microfinance Bank Limited, Plateau.
Others are former Josad Microfinance Bank Limited, now operating as Payrep Microfinance Bank Limited, Nasarawa; BIPC Microfinance Bank Limited, now Novus Microfinance Bank Limited, Benue; Jamis Microfinance Bank Limited, now Strait Sahara Microfinance Bank Limited, Benue; Narict Microfinance Bank Limited, now Basawa Microfinance Bank Limited, Kaduna; Fahimta Microfinance Bank Limited, now Cedrus Microfinance Bank Limited, Kaduna; Mabinas Microfinance Bank Limited, now Al’hikma Microfinance Bank Limited, Kaduna; New World Microfinance Bank Limited, now BKD New Microfinance Bank Limited, Jigawa; Northbridge Microfinance Bank Limited, now Esteem Microfinance Bank Limited, Kano; Omu-Aran Microfinance Bank Limited, now Olomu Aperan Microfinance Bank Limited, Kwara; and Cherish Microfinance Bank Limited, now Cool Microfinance Bank Limited, Katsina.
