NDIC Secures Order to Shut Down Operations of 96 Microfinance And Mortgage Institutions
The Nigeria Deposit Insurance Corporation (NDIC) announced that it has obtained orders to shut down operations of 96 out of 183 microfinance and primary mortgage banks whose licenses were revoked by the Central Bank of Nigeria in May 2023.
NDIC Managing Director, Bello Hassan, disclosed this at a sensitization seminar for Federal High Court judges in Lagos on Thursday. The seminar, organized by the NDIC, aimed to enlighten the judiciary on the intricacies of the banking industry.
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 is committed to protecting depositors through bank supervision, failure resolution, and liquidation, aiming to boost confidence in the financial system.
Speaking on the judiciary’s role in fulfilling this mandate, Hassan said,
“We recognize the judiciary as one of our critical stakeholders. With this understanding, when cases are brought before them, they can receive accelerated hearings and swift justice.”
