Liquidation: NDIC begins verification of Microfinance Bank depositors

*The Nigeria Deposit Insurance Corporation announces the exercise commences from January 30 to February 10, 2023, at the branches of liquidated banks in Kogi State, or any NDIC office in the country

Alexander Davis | ConsumerConnect

The Nigeria Deposit Insurance Corporation (NDIC) has invited depositors of Unyogba Microfinance Bank (MFB) in-liquidation to come forward for their verification and payment of their insured deposits.

The regulatory agency stated this in a post via its Twitter handle  Wednesday, January 25, 2023, said the bank was located in Kogi State.

The NDIC said the exercise would commence between January 30 and February 10 this year, at the branches of the closed banks in the state, or any NDIC office in the country, agency report said.

The Corporation has listed the bank’s branches where the exercise would take place to include Ejule, Anyigba, Ugwolawo, Federal Polytechnic, Idah and Okpo.

The Corporation urged the affected depositors to present their passbooks, cheque books, other proofs of account ownership together with any valid means of identification during the exercise.

The regulator also noted that eligible depositors could also visit the Corporation’s Website at to download and fill out the claims form.

It is recalled the NDIC, December 21, 2020, commenced the liquidation of 42 Microfinance Banks in Nigeria.

The liquidation exercise followed the revocation of the affected banks’ licences by the Central Bank of Nigeria (CBN).

Earlier in 2018, the CBN had revoked the operating licences of about 153 MFBs and six Primary Mortgage Banks (PMBs) in the country.

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