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 under the Purchase and Assumption (P&A) resolution model executed by the Corporation.

According to a statement by Hawwau Gambo, the Head, Communication & Public Affairs at NDIC, 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 May 22nd and 23rd, 2023.

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 statement said 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.

Furthermore, the statement list the defunct banks and assuming new banks are as follows:

S/N OLD NAME NEW NAME LOCATION

1 MOUAU VASMUCS MICROFINANCE BANK LIMITED MOVASCO-OP MICROFINANCE BANK LIMITED ABIA

2 EDUEK MICROFINANCE BANK LIMITED MINT MICROFINANCE BANK LIMITED AKWA IBOM

3 INI MICROFINANCE BANK LIMITED UFORO MICROFINANCE BANK LIMITED AKWA IBOM

4 NSEHE MICROFINANCE BANK LIMITED VISTA MICROFINANCE BANK LIMITED AKWA IBOM

5 ZAWADI MICROFINANCE BANK LIMITED ZITRA MICROFINANCE BANK LIMITED AKWA IBOM

6 AKPO MICROFINANCE BANK LIMITED OGANIRU MICROFINANCE BANK LIMITED ANAMBRA

7 ANYA MICROFINANCE BANK LIMITED PIONNER (DIOHAUNOEGO) MICROFINANCE BANK LIMITED ANAMBRA

8 AWKA MICROFINANCE BANK LIMITED PLANTINUM MICROFINANCE BANK LIMITED ANAMBRA

9 ENUGWU-UKWU MICROFINANCE BANK LIMITED UMUNRI MICROFINANCE BANK LIMITED ANAMBRA

10 ISI-AKU MICROFINANCE BANK LIMITED ISIEGO MICROFINANCE BANK LIMITED ANAMBRA

11 OBOSI MICROFINANCE BANK LIMITED ADIKE MICROFINANCE BANK LIMITE ANAMBRA

12 CUB MICROFINANCE BANK LIMITED UNICOOP MICROFINANCE BANK LIMITED DELTA

13 UMEJEI MICROFINANCE BANK LIMITED KOLISA MICROFINANCE BANK LIMITED DELTA

14 ABC MICROFINANCE BANK LIMITED OKADA MICROFINANCE BANK LIMITED EDO

15 EHOR MICROFINANCE BANK LIMITED EHINOMA MICROFINANCE BANK LIMITED EDO

16 ESAN MICROFINANCE BANK LIMITED UBJ MICROFINANCE BANK LIMITED EDO

17 AMOYE MICROFINANCE BANK LIMITED IKERE MICROFINANCE BANK LIMITED EKITI

18 GOLDENFUNDS MICROFINANCE BANK LIMITED ROYAL EXCELLENT MICROFINANCE BANK LIMITED ENUGU

19 EVANGEL MICROFINANCE BANK LIMITED VANGEL MICROFINANCE BANK LIMITED IMO

20 GREENLAND MICROFINANCE BANK LIMITED 5TT MICROFINANCE BANK LIMITED IMO

21 ARISE MICROFINANCE BANK LIMITED SHINE MICROFINANCE BANK LIMITED LAGOS

22 BANCCORP MICROFINANCE BANK LIMITED BLOC MICROFINANCE BANK LIMITED LAGOS

23 BISHOPGATE MICROFINANCE BANK LIMITED ADVANCLY MICROFINANCE BANK LIMITED LAGOS

24 BRIDGEWAY MICROFINANCE BANK LIMITED BWAY MICROFINANCE BANK LIMITED LAGOS

25 BRIYTH COVENANT MICROFINANCE BANK LIMITED WESTON–CHARIS MICROFINANCE BANK LIMITED LAGOS

26 CREDIT AFRIQUE MICROFINANCE BANK LIMITED KAIZEN MICROFINANCE BANK LIMITED LAGOS

27 ECHO MICROFINANCE BANK LIMITED PLUS ONE MICROFINANCE BANK LIMITED LAGOS

28 EYOWO MICROFINANCE BANK LIMITED ENTREPRENEUR MICROFINANCE BANK LIMITED LAGOS

29 FIYINFOLU MICROFINANCE BANK LIMITED TEERUS MICROFINANCE BANK LIMITED LAGOS

30 HACKMAN MICROFINANCE BANK LIMITED LIGHTWAY MICROFINANCE BANK LIMITED LAGOS

31 HALMOND MICROFINANCE BANK LIMITED CASA MICROFINANCE BANK LIMITED LAGOS

32 MANNA MICROFINANCE BANK LIMITED SAVESIMPLE MICROFINANCE BANK LIMITED LAGOS

33 MANNY MICROFINANCE BANK LIMITED SILVEREND MICROFINANCE BANK LIMITED LAGOS

34 MAYFAIR MICROFINANCE BANK LIMITED OPTIMUN GLOBAL MICROFINANCE BANK LIMITED LAGOS

35 MERCURY MICROFINANCE BANK LIMITED DASH MICROFINANCE BANK LIMITED LAGOS

36 MONEYWISE MICROFINANCE BANK LIMITED INDULGE MICROFINANCE BANK LIMITED LAGOS

37 NETWORK MICROFINANCE BANK LIMITED UNICORN MICROFINANCE BANK LIMITED LAGOS

38 NUTURE MICROFINANCE BANK LIMITED MBAG MICROFINANCE BANK LIMITED LAGOS

39 ONYX MICROFINANCE BANK LIMITED DIGITVANT MICROFINANCE BANK LIMITED LAGOS

40 OROS CAPITAL MICROFINANCE BANK LIMITED EZPAY MICROFINANCE BANK LIMITED LAGOS

41 PENIEL MICROFINANCE BANK LIMITED ZIRCON MICROFINANCE BANK LIMITED LAGOS

42 PRIMERA MICROFINANCE BANK LIMITED KOINS MICROFINANCE BANK LIMITED LAGOS

43 PURPLE MONEY MICROFINANCE BANK LIMITED WILLOWS MICROFINANCE BANK LIMITED LAGOS

44 STALLION MICROFINANCE BANK LIMITED SPRINGFIELD MICROFINANCE BANK LIMITED LAGOS

45 SUNRISE MICROFINANCE BANK LIMITED STABLE MICROFINANCE BANK LIMITED LAGOS

46 SURBPOLITAN MICROFINANCE BANK LIMITED CHARIS MICROFINANCE BANK LIMITED LAGOS

47 VERDANT-CAPITAL MICROFINANCE BANK LIMITED VERDANT MICROFINANCE BANK LIMITED LAGOS

48 ZIKADO MICROFINANCE BANK LIMITED AVEST MICROFINANCE BANK LIMITED LAGOS

49 AIYEPE MICROFINANCE BANK LIMITED SPRINGVILLE MICROFINANCE BANK LIMITED OGUN

50 INTERLAND MICROFINANCE BANK LIMITED NEXTON MICROFINANCE BANK LIMITED OGUN

51 STAR MICROFINANCE BANK LIMITED SOSA MICROFINANCE BANK LIMITED OGUN

52 ZIGATE MICROFINANCE BANK LIMITED KATSU MICROFINANCE BANK LIMITED OGUN

53 FASILIDAPO MICROFINANCE BANK LIMITED OURPASS MICROFINANCE BANK LIMITED ONDO

54 NEWAGE MICROFINANCE BANK LIMITED CASHBRITE MICROFINANCE BANK LIMITED ONDO

55 BOLUWADURO MICROFINANCE BANK LIMITED AFOLE MICROFINANCE BANK LIMITED OSUN

56 IBA MICROFINANCE BANK LIMITED BANKEASY MICROFINANCE BANK LIMITED OSUN

57 IDESE MICROFINANCE BANK LIMITED SOFAJ MICROFINANCE BANK LIMITED OSUN

58 OLA MICROFINANCE BANK LIMITED RUN MICROFINANCE BANK LIMITED OSUN

59 OLOFIN MICROFINANCE BANK LIMITED DSC MICROFINANCE BANK LIMITED OSUN

60 OLOFIN-OWENA MICROFINANCE BANK LIMITED AVANTUS MICROFINANCE BANK LIMITED OSUN

61 OSOGBO MICROFINANCE BANK LIMITED BOLD MICROFINANCE BANK LIMITED OSUN

62 FIRSTINDEX MICROFINANCE BANK LIMITED RICIA CAPITAL MICROFINANCE BANK LIMITED OYO

63 JOINT FARMERS MICROFINANCE BANK LIMITED TELLERONE FI MICROFINANCE BANK LIMITED OYO

64 OLOGBON MICROFINANCE BANK LIMITED AKATA MICROFINANCE BANK LIMITED OYO

65 IWOAMA MICROFINANCE BANK LIMITED TENN BANK LIMITED RIVERS

66 ADAMAWA HOMES & SAVINGS LTD ADAMAWA MORTGAGE BANK LTD ADAMAWA

67 MAUTECH MICROFINANCE BANK LIMITED MODIBBO ADAMA UNIVERSITY MICROFINANCE BANK LIMITED ADAMAWA

68 MICHIKA MICROFINANCE BANK LIMITED PREMIER MICROFINANCE BANK LIMITED ADAMAWA

69 BIYAMA MICROFINANCE BANK LIMITED DABTIKIR MICROFINANCE BANK LIMITED ADAMAWA

70 MUSHARAKA MICROFINANCE BANK LIMITED MUAMALA MICROFINANCE BANK LIMITED NIGER

71 DANGIZHI MICROFINANCE BANK LIMITED METRO EXPRESS NETWORK MICROFINANCE BANK LIMITED NIGER

72 EDUMANA MICROFINANCE BANK LIMITED EDUSOKO MICROFINANCE BANK LIMITED NIGER

73 MAINSAIL MICROFINANCE BANK LIMITED DUXBANK MICROFINANCE BANK LIMITED FCT

74 ALLY MICROFINANCE BANK LIMITED ULTRAVIOLET MICROFINANCE BANK LIMITED FCT

75 BUSINESS SUPPORT MICROFINANCE BANK LIMITED TRANSPAY MICROFINANCE BANK LIMITED FCT

76 THE DANIELS GLOBAL MICROFINANCE BANK LIMITED SWIFTTRUST MICROFINANCE BANK LIMITED FCT

77 FIRST MULTIPLE MICROFINANCE BANK LIMITED KOBOWEB MICROFINANCE BANK LIMITED FCT

78 GRASSROOTS MICROFINANCE BANK LIMITED MIA MICROFINANCE BANK LIMITED KANO

79 BLUEWHALES MICROFINANCE BANK LIMITED ELLINGTON MICROFINANCE BANK LIMITED PLATEAU

80 JOSAD MICROFINANCE BANK LIMITED PAYREP MICROFINANCE BANK LIMITED NASARAWA

81 BIPC MICROFINANCE BANK LIMITED NOVUS MICROFINANCE BANK LIMITED BENUE

82 JAMIS MICROFINANCE BANK LIMITED STRAIT SAHARA MICROFINANCE BANK LIMITED BENUE

83 NARICT MICROFINANCE BANK LIMITED BASAWA MICROFINANCE BANK LIMITED KADUNA

84 FAHIMTA MICROFINANCE BANK LIMITED CEDRUS MICROFINANCE BANK LIMITED KADUNA

85 MABINAS MICROFINANCE BANK LIMITED AL’HIKMA MICROFINANCE BANK LIMITED KADUNA

86 NEW WORLD MICROFINANCE BANK LIMITED BKD NEW MICROFINANCE BANK LIMITED JIGAWA

87 NORTHBRIDGE MICROFINANCE BANK LIMITED ESTEEM MICROFINANCE BANK LIMITED KANO

88 OMU-ARAN MICROFINANCE BANK LIMITED OLOMU APERAN MICROFINANCE BANK LIMITED

(Nigerian Tribune)