NDIC Begins Final Shutdown of Multiple Banks After CBN Licence Revocations – Full List
- NDIC has begun concluding the liquidation of multiple defunct banks, whose licences were revoked by the CBN in 2023
- New institutions have taken over the assets and liabilities of these banks under the Purchase and Assumption model
- The commission said it plans to obtain Federal High Court orders to formally dissolve the banks, which are across multiple states
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of concluding the liquidation of 89 defunct Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) following their acquisition by new owners.
The corporation disclosed that the process follows the successful implementation of the Purchase and Assumption (P&A) model, under which new institutions took over the assets and liabilities of the failed banks.
Source: UGC
Background to bank closures
The affected institutions were among 179 microfinance banks and four mortgage banks whose licences were revoked by the Central Bank of Nigeria (CBN) on May 22 and 23, 2023.
According to the NDIC, 89 new institutions were subsequently licensed by the CBN to assume control of the defunct banks under the P&A arrangement, and have since begun operations under new names.
To formally conclude the liquidation process, the NDIC said it would approach various divisions of the Federal High Court for orders to dissolve the defunct entities and discharge the corporation from its role as liquidator.
The agency noted that the move is in line with the provisions of its enabling Act and other applicable laws governing bank resolution in Nigeria.
Transition to new operators
Under the arrangement, the newly licensed institutions have taken over both the assets and liabilities of the failed banks, ensuring continuity of operations and protection of depositors.
The transition covers banks across multiple states, including Lagos, Abuja, Kano, Kaduna, Rivers, and others, reflecting a nationwide restructuring of affected microfinance and mortgage institutions.
Full list of affected banks
The NDIC released a comprehensive list of the defunct banks alongside their new owners, spanning 89 institutions across the country.
The full list of the affected banks includes microfinance and mortgage banks in Abia and several others across states such as Akwa Ibom, Anambra, Lagos, Ogun, and the Federal Capital Territory. The list published on the website of the NDIC under the title: "RESOLUTION OF FAILED BANKS: NDIC COMMENCES PROCESS TO CONCLUDE THE LIQUIDATION OF 89 MFBS & PMB", can be accessed here.
Source: Getty Images
CBN orders banks to submit financial stress report
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has directed all banks that are offering credit services to submit Board-approved Risk-Based Capital (RBC) stress test reports by April 30, 2026.
The directive, issued on March 6, 2026, requires banks to evaluate how their capital positions would perform under adverse credit conditions, signalling a shift from focusing on capital size to assessing its resilience.
The new framework shifts focus from capital size to capital resilience under adverse conditions. Analysts say the stress test will assess the true strength of banks’ capital after recapitalisation.
Source: Legit.ng
