The Nigeria Deposit Insurance Corporation (NDIC) has officially assumed responsibility for the liquidation of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN).
The development follows the CBN’s decision, announced on July 1, 2026, to withdraw the licences of the affected institutions for failing to comply with regulatory requirements.
In a statement issued on Wednesday, the NDIC said it had been appointed as the official liquidator under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
The corporation stated that the affected banks have ceased to be authorised to carry out banking operations in Nigeria and warned members of the public against conducting any transactions with them.
It also cautioned individuals against tampering with or attempting to remove, conceal or interfere with the banks’ assets, records or properties, noting that such actions could amount to violations of the law and attract sanctions.
According to the NDIC, it has commenced the orderly closure of the failed banks, including taking possession of their operations, verifying depositors and paying insured deposits to eligible customers.
The corporation assured depositors that further updates on the liquidation process and payment arrangements would be communicated as the exercise progresses.
The 46 affected institutions include Minji-Se Churchill Microfinance Bank, Merchant Microfinance Bank, Janmaa Microfinance Bank, Gold Microfinance Bank, Bompai Microfinance Bank, Safegate Microfinance Bank, Creditville Microfinance Bank, Entrepreneur Microfinance Bank, Avantus Microfinance Bank and several others operating across Lagos, Kano, Abuja, Rivers, Abia, Ogun, Kebbi, Plateau, Benue, Ondo, Delta, Cross River, Bayelsa, Kaduna, Osun, Oyo, Niger and Anambra states.
The latest update comes shortly after the CBN announced the revocation of the banks’ licences, saying the action was taken in line with the provisions of BOFIA after the institutions failed to meet regulatory obligations.
