NDIC Goes After Directors of Failed Microfinance Banks, Others. Full List Emerge

Aug 19, 2023 | Uncategorized


  • The Nigeria Deposit Insurance Corporation of Nigeria (NDIC) has stated that it will investigate failed bank directors
  • The managing director of the corporation, Bello Hassan, stated that law enforcement officers will soon commence an investigation
  • He said some cases were already ongoing while other directors were under the radar of security agencies

The Nigeria Deposit Insurance Corporation (NDIC), on Thursday, August 17, 2023, revealed that directors of failed 183 microfinance banks and Primary Mortgage Banks will soon face investigation over their roles in the collapse of the institutions.

The managing director/chief executive officer of NDIC, Bello Hassan, disclosed this during a workshop organised by the corporation for security and law enforcement agencies in Lagos.

NDIC, Microfinance Banks, PMBs
Managing Director/CEO of NDIC, Bello Hassan
Credit: NDIC
Source: UGC

NDIC liaising with security agencies for investigation

Vanguard reports that Hassan said the corporation would soon approach security agencies to investigate some of the failed banks’ directors and bosses to bring them to justice and hold them accountable for their collapse.

He added that the corporation would partner with security and law enforcement agencies to prosecute insider abuses in banks, stating that the move has yielded results in the past.

The NDIC boss further said the workshop is designed to complement the Inter-Agency Task Force’s efforts to implement the Failed Banks Act.

NDIC to begin payment of depositors of failed banks

In Early August, Hassan made it known that the Corporation has started paying all depositors of banks affected by the license revocation of the Central Bank of Nigeria (CBN)

The affected banks include 178 Microfinance Banks and four Primary Mortgage Banks, 62 of which had already stopped operations, and 74 were declared insolvent. At the same time, 12 were temporarily distressed, and the remaining six were voluntarily liquidated.

Hassan assured that the Corporation would maintain standards and ensure that the public understands the safety of their bank deposits.

Punch reports that the NDIC MD revealed that the Corporation would continue strengthening the financial system to support Nigeria’s economic advancement and contribute meaningfully to its financial system and stability.

According to the NDIC boss, the role of the Corporation is to continue to play a critical part in the financial safety net arrangement of Nigeria’s banking system as a deposit insurer.

List of failed microfinance banks

  • EVANGEL MICROFINANCE BANK
  • DOMINION MICROFINANCE BANK
  • ANYA MICROFINANCE BANK
  • AKWENGWU MICROFINANCE BANK
  • FADAMA FARMERS MICROFINANCE BANK
  • SAL-FOL MICROFINANCE BANK
  • MAUTECH MICROFINANCE BANK
  • WASE MICROFINANCE BANK
  • SMARTMICRO MICROFINANCE BANK
  • AMBA MICROFINANCE BANK
  • BRIDGE HOUSE MICROFINANCE BANK
  • MONEY WELL MICROFINANCE BANK
  • OTUKPO MICROFINANCE BANK
  • OLOGBON MICROFINANCE BANK
  • BESTWAY MICROFINANCE BANK
  • BIYAMA MICROFINANCE BANK
  • GREENLAND MICROFINANCE BANK
  • FASILDAPO MICROFINANCE BANK
  • SUNRISE MICROFINANCE BANK
  • JOINT FARMERS MICROFINANCE BANK
  • PROLIFIC MICROFINANCE BANK
  • HALMOND MICROFINANCE BANK
  • AJIKOBI MICROFINANCE BANK
  • KOGI MICROFINANCE BANK
  • EYOWO MICROFINANCE BANK
  • ARISE MICROFINANCE BANK
  • ISI-AKU MICROFINANCE BANK
  • BMAZAZHIN MICROFINANCE BANK
  • INI MICROFINANCE BANK
  • NARICT MICROFINANCE BANK
  • INTERLAND MICROFINANCE BANK
  • EHOR MICROFINANCE BANK
  • BIBAJINRE MICROFINANCE BANK
  • GOLDEN FUNDS MICROFINANCE BANK
  • GWADABAWA MICROFINANCE BANK
  • IBA MICROFINANCE BANK
  • EDUMANA MICROFINANCE BANK
  • WEST-END MICROFINANCE BANK
  • UMEJEI MICROFINANCE BANK
  • MOUAU VASMUCS MICROFINANCE BANK
  • JAMIS MICROFINANCE BANK
  • NEW WORLD MICROFINANCE BANK
  • ABESTONE MICROFINANCE BANK
  • NSEHE MICROFINANCE BANK
  • OSOGBO MICROFINANCE BANK
  • CROSSOVER MICROFINANCE BANK
  • DANGIZHI MICROFINANCE BANK

List of 132 microfinance banks’ licences revoked, others – Second gazette

  • ATLAS MICROFINANCE BANK
  • BLUEWHALES MICROFINANCE BANK
  • EVEREST MICROFINANCE BANK
  • IGANGAN MICROFINANCE BANK
  • MAINSAIL MICROFINANCE BANK
  • MERIT MICROFINANCE BANK
  • MINNA MICROFINANCE BANK
  • MUSHARAKA MICROFINANCE BANK
  • NOPOV MICROFINANCE BANK
  • OHON MICROFINANCE BANK
  • PREMIUM MICROFINANCE BANK
  • ROYAL MICROFINANCE BANK
  • STATESMAN MICROFINANCE BANK
  • SUISSE MICROFINANCE BANK
  • VIBRANT MICROFINANCE BANK
  • VIRTUE MICROFINANCE BANK
  • ZAMARE MICROFINANCE BANK
  • NORTH CAPITAL MICROFINANCE BANK
  • CHIDERA MICROFINANCE BANK
  • EXCELLENT MICROFINANCE BANK
  • NI’IMA MICROFINANCE BANK
  • COSMOPOLITAN MICROFINANCE BANK
  • PROGRESSIVE LINK MICROFINANCE BANK
  • TRUST ONE (FORMERLY DESMONARCHY)
  • EKUOMBE MICROFINANCE BANK
  • FIRST INDEX MICROFINANCE BANK
  • OLA MICROFINANCE BANK
  • ULI MICROFINANCE BANK
  • VERDANT MICROFINANCE BANK
  • AGULERI MICROFINANCE BANK LIMITED
  • APEKS MICROFINANCE BANK LIMITED
  • FAHIMTA MICROFINANCE BANK LIMITED
  • MANNY MICROFINANCE BANK LIMITED
  • REALITY MICROFINANCE BANK LIMITED
  • SURBPOLITAN MICROFINANCE BANK LIMITED
  • ONYX MICROFINANCE BANK LIMITED
  • OSINA MICROFINANCE BANK LIMITED
  • OLOFIN-OWENA MICROFINANCE BANK LIMITED
  • ZIKADO MICROFINANCE BANK LIMITED
  • PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED
  • PENIEL MICROFINANCE BANK LIMITED
  • TARABA MICROFINANCE BANK LIMITED
  • BRASS MICROFINANCE BANK LIMITED
  • MICHIKA MICROFINANCE BANK LIMITED
  • NDIAGU MICROFINANCE BANK LIMITED
  • NORTHBRIDGE MICROFINANCE BANK LIMITED
  • FCT MICROFINANCE BANK LIMITED
  • OMU-ARAN MICROFINANCE BANK LIMITED
  • CHERISH MICROFINANCE BANK LIMITED
  • BIPC MICROFINANCE BANK LIMITED
  • DANIELS GLOBAL MICROFINANCE BANK LIMITED
  • BANCORP MICROFINANCE BANK LIMITED
  • MANNA MICROFINANCE BANK LIMITED
  • MONEYWISE MICROFINANCE BANK LIMITED
  • MERCURY MICROFINANCE BANK LIMITED
  • NEW AGE MICROFINANCE BANK LIMITED
  • PEARL MICROFINANCE BANK LIMITED
  • ZAWADI MICROFINANCE BANK LIMITED
  • SEED CAPITAL MICROFINANCE BANK LIMITED
  • EDUEK MICROFINANCE BANK LIMITED
  • EKSU MICROFINANCE BANK LIMITED
  • DAKINGARI MICROFINANCE BANK LIMITED
  • OGOJA MICROFINANCE BANK LIMITED
  • NWABOSI MICROFINANCE BANK LIMITED
  • NUTURE MICROFINANCE BANK LIMITED
  • ACTIVE POINT MICROFINANCE BANK LIMITED
  • AMOYE MICROFINANCE BANK LIMITED
  • BOLUWADURO MICROFINANCE BANK LIMITED
  • IYEDE MICROFINANCE BANK LIMITED
  • MAYFAIR MICROFINANCE BANK LIMITED
  • CALABAR MICROFINANCE BANK LIMITED
  • IGHOMO MICROFINANCE BANK LIMTED
  • HACKMAN MICROFINANCE BANK LIMITED
  • IDESE MICROFINANCE BANK LIMITED
  • BRIDGEWAY MICROFINANCE BANK LIMITED
  • GRASSROOT MICROFINANCE BANK LIMITED
  • SURELIFE MICROFINANCE BANK LIMITED
  • TIJARAH MICROFINANCE BANK LIMITED
  • IC-GLOBAL MICROFINANCE BANK LIMITED
  • EJIAMATU MICROFINANCE BANK LIMITED
  • BRIYTH COVENANT MICROFINANCE BANK LIMITED
  • NANKA MICROFINANCE BANK LIMITED
  • CUB MICROFINANCE BANK LIMITED
  • BFL MICROFINANCE BANK LIMITED
  • UMUNNE MICROFINANCE BANK LIMITED
  • OROKE MICROFINANCE BANK
  • ALKALERI MICROFINANCE BANK LIMITED
  • CROWNED EAGLE MICROFINANCE BANK LIMITED
  • UNIFA MICROFINANCE BANK LIMITED
  • DADINKOWA MICROFINANCE BANK LIMITED
  • IFESOWAPO MICROFINANCE BANK LIMITED
  • OAF MICROFINANCE BANK LIMITED
  • BAMA MICROFINANCE BANK LIMITED
  • NGALA MICROFINANCE BANK LIMITED
  • IWOAMA MICROFINANCE BANK LIMITED
  • KADA MICROFINANCE BANK LIMITED
  • KEFFI MICROFINANCE BANK LIMITED
  • NUT-ENDWELL MICROFINANCE BANK LIMITED
  • FIRST MULTIPLE MICROFINANCE BANK LIMITED
  • SBDC MICROFINANCE BANK LIMITED
  • OROS CAPITAL MICROFINANCE BANK LIMITED
  • OZIZZA MICROFINANCE BANK LIMITED
  • PRIMERA CREDIT MICROFINANCE BANK LIMITED
  • IFEANYICHUKWU MICROFINANCE BANK LIMITED
  • IHIOMA MICROFINANCE BANK LIMITED
  • JOSAD MICROFINANCE BANK LIMITED
  • AKPO MICROFINANCE BANK LIMITED
  • AIYEPE MICROFINANCE BANK LIMITED
  • ABC MICROFINANCE BANK LIMITED
  • STAR MICROFINANCE BANK LIMITED
  • PURPLE MONEY MICROFINANCE BANK LIMITED
  • UTUH MICROFINANCE BANK LIMITED
  • STALLION MICROFINANCE BANK LIMITED
  • KJL MICROFINANCE BANK LIMITED
  • CREDIT AFRIQUE MICROFINANCE BANK LIMITED
  • COWRIES MICROFINANCE BANK LIMITED
  • LAWEBOD MICROFINANCE BANK LIMITED
  • MABINAS MICROFINANCE BANK LIMITED
  • BUSINESS SUPPORT MICROFINANCE BANK LIMITED
  • OGBE-AHIARA MICROFINANCE BANK LIMITED
  • OLOFIN MICROFINANCE BANK LIMITED
  • OBOSI MICROFINANCE BANK LIMITED
  • FIYINFOLU MICROFINANCE BANK LIMITED
  • BISHOPSGATE MICROFINANCE BANK LIMITED
  • AWKA MICROFINANCE BANK LIMITED
  • ZIGATE MICROFINANCE BANK LIMITED
  • ESAN MICROFINANCE BANK LIMITED
  • ENUGU-UKWU MICROFINANCE BANK LIMITED
  • ECHO MICROFINANCE BANK LIMITED
  • ALLY MICROFINANCE BANK LIMITED
  • NETWORK MICROFINANCE BANK LIMITED
  • AWGBU MICROFINANCE BANK LIMITED

List of finance companies’ licences revoked

  • HHL Invest & Trust Limited
  • TFS Finance Limited
  • Treasures & Trust Limited

List of primary mortgage banks’ licences revoked

  • RESORT SAVINGS & LOANS
  • SAFETRUST MORTGAGE BANK
  • ADAMAWA SAVINGS & LOANS
  • KOGI SAVINGS & LOANS

“Don’t write-off”: CBN sets sanctions for top directors taking loans as 4 banks approve over N112bn

Legit.ng reported that the Central Bank of Nigeria (CBN) took a stern stance against potential conflicts of interest within the banking sector, introducing stringent sanctions targeting directors of financial institutions who secure loans from their affiliated banks.

This move comes as four commercial banks granted N122.7 billion in loans and advances to entities controlled by key management personnel and related parties in 2022.

The figures were contained in the banks’ financial accounts for the year ending December 31, 2022.

Source: Legit.ng



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