The Nigeria Deposit Insurance Corporation (NDIC) has secured a court order to complete the shutdown of 96 out of 183 microfinance and primary mortgage banks.
The affected banks licenses were revoked by the Central Bank of Nigeria in May 2023.
Bello Hassan, the Managing Director of NDIC revealed this at a sensitisation seminar for Judges of the Federal High Court in Lagos.
Speaking at the occasion he said: “As at date, the Corporation had obtained Winding up Orders for 96 out of 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023, in less than one Year of revocation.”
He added that the NDIC was committed to fulfilling its mandate of protecting depositors through bank supervision, failure resolution and liquidation so as to boost confidence in the financial system, Punch reports.
