NDIC to conclude liquidation of 89 microfinance banks, others
Add us on Google The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of concluding the liquidation activities of 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) following their successful acquisition by new owners. The conclusion of the liquidation process was disclosed in a statement signed by the NDIC Head, Communication and Public Affairs, Hawwau Gambo, on Wednesday. According to the NDIC, the successful acquisition was carried out under the Purchase and Assumption (P&A) resolution model executed by the corporation. The NDIC stated that the 89 closed banks were part of the 179 MFBs and 4 PMBs whose banking licenses were revoked by the Central Bank of Nigeria (CBN) on 22-23 May 2023. Stay Ahead with Premium Times Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting. Add as a preferred source on Google /* 1. 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The High-Impact Button / .gn-button { display: inline-flex; align-items: center; gap: 12px; padding: 14px 24px; border: 1px solid #dadce0; border-radius: 30px; / Modern pill shape / text-decoration: none; background: #ffffff; color: #3c4043; transition: all 0.2s ease-in-out; box-shadow: 0 1px 2px rgba(60,64,67,0.1); } .gn-button-text { font-size: 17px; / Increased font size / font-weight: 700; / Maximum boldness / letter-spacing: 0.1px; } .gn-button:hover { background: #f8f9fa; border-color: #d2d2d2; box-shadow: 0 2px 4px rgba(60,64,67,0.2); transform: translateY(-1px); } .gn-icon { width: 22px; / Matched to larger text size / height: 22px; object-fit: contain; } / 5. 📱 Mobile Optimization / @media (max-width: 480px) { .gn-card { padding: 20px; } .gn-header { flex-direction: column; align-items: flex-start; gap: 10px; } .gn-title { font-size: 20px; } .gn-description { font-size: 16px; } .gn-button { width: 100%; justify-content: center; box-sizing: border-box; padding: 14px 10px; } .gn-button-text { font-size: 15px; / Scaled slightly for small screens / } } Through the ‘Purchase and Assumption’ agreements, 89 new eligible institutions were issued licenses by the CBN to acquire the assets and liabilities of the defunct banks and have since commenced operations under new names. The NDIC, in its capacity as the liquidator of the defunct banks, said it will, henceforth, be presenting applications to various Judicial divisions of the Federal High Court. ALSO READ: NDIC backs CBN’s planned recapitalisation of banks The corporation stated that the presentation of the applications is necessary to legally conclude the liquidation process in accordance with the provisions of its enabling Act and other relevant laws. “This is to obtain orders of dissolution for the closed banks and to release the Corporation as Liquidator,” the statement read. 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