CBN Licence Revocation: NDIC Begins Liquidation of 46 Microfinance Banks
The Nigeria Deposit Insurance Corporation (NDIC) has announced its appointment as the official liquidator of the 46 Microfinance Banks whose operating licences were revoked by the Central Bank of Nigeria (CBN) on July 1, 2026.
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The Corporation said the affected banks are no longer authorised to conduct banking business and advised the public to refrain from carrying out any transactions with them. It also warned against tampering with the banks’ assets, records or properties, noting that such actions are punishable under the law.
The NDIC said it has commenced the orderly closure of the failed banks through immediate takeover, verification of depositors and payment of insured deposits to eligible customers.
It added that depositors and the general public would be kept informed of subsequent steps in the liquidation process as it works to ensure an orderly resolution of the affected financial institutions.
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