NDIC begins verification of depositors of 42 failed Microfinance Banks

*NDIC has requested all depositors of the liquidated Microfinance Banks (MFBs) to visit their banks’ addresses from Monday 21st─Thursday, 24th December, 2020, to verify their claims

Alexander Davis | ConsumerConnect

Sequel to the Central Bank of Nigeria’s (CBN) recent revocation of licences of 42 Microfinance Banks (MFBs) in the country, the Nigeria Deposit Insurance Corporation (NDIC) has commenced the closure of the banks with the verification of their depositors’s claims.

Mrs. Nurat Ajigbewu, Director of Claims Resolution Department of CBN, in a statement disclosed this Monday, in Abuja, FCT,

The NDIC noted the CBN revoked the operating licences of the failed MFBs with effect from Thursday, 12th November, 2020.

Accordingly, the Corporation as the official liquidator of the banks commenced the process of closure and payment of insured sums to verified depositors of the banks.

The NDIC has requested all depositors of the closed banks to visit the respective banks’ addresses from Monday 21st – Thursday, 24th December, 2020, where NDIC officials would be on the ground to verify their claims.

The release listed the affected MFBs as Hedgeworth MFB, Future Growth MFB, Bagwai MFB, Ere City MFB, Cafon MFB, Akcofed MFB and Gufax MFB.

Others are Partnership MFB, ICB MFB, Onima MFB, Hometrust (Nations) MFB, Ringim MFB, Bigthana MFB, Rogo MFB, Makoda MFB, Takai MFB, Bebeji MFB, Ajingi MFB, Garko MFB, Kangiwa MFB, Augie MFB and Mopa MFB.

Also on the list are Solid Base MFB, Ultimate Benefit MFB, Ovidi MFB, Kirfi MFB, Credit Express MFB, King Solomon MFB, Riggs MFB, Billionaire Blue Bricks MFB, Susu MFB, Wealthstream MFB, Aguda Titun MFB, Sapphire MFB, Metro MFB, Mountain Top MFB, Unyogba MFB, Wapo MFB, Ibogun MFB, Korede MFB, Ahetou MFB and Fufore MFB.

The Corporation equally requested eligible depositors to visit the banks’ locations with proof of account ownership, such as passbook and cheque book as well as valid means of identification to enhance their verification.

The Central Bank of Nigeria has revoked the operating licences of the 42 MFBs in the country.

The NDIC Friday in an announcement via its Web site titled ‘Notice of Closure of 42 Microfinance Banks’.

The notice stated: “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020.

“The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and pay their insured depositors.