The Nigeria Deposit Insurance Corporation (NDIC) has informed depositors, creditors, shareholders and the general public that the operating licenses of Forty-Two (42) Microfinance Banks (MFBs) have been revoked by the Central Bank of Nigeria (CBN) effective 12th November, 2020.
The NDIC, the official Liquidator of the banks whose licenses were recently revoked, said it was in the process of closing the listed banks and paying their insured Depositors.
“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020,” NDIC said.
The NDIC recently extended Deposit Insurance Scheme (DIS) coverage to Micro Finance Banks (MFBs) and Primary Mortgage Banks (PMBs).
In a swift response to public yearnings, and to bolster public confidence in the financial system; in 2010, the maximum Deposit Insurance coverage was increased from N200,000 and N100,000 to N500,000 and N200,000 for deposit money banks (DMBs) and Microfinance Banks (MFBs)/Primary Mortgage Banks (PMBs), respectively. The coverage level for the PMBs was later reviewed upward to N500, 000.
The list of closed Microfinance Banks operating out of Lagos include :
| 27 | CREDIT EXPRESS MFB | 27, KAKAWA STREET, LAGOS |
| 28 | KING SOLOMON MFB | GOD BLESS NIGERIA HOUSE, 117/119, WETSERN AVENUE, IPONRI, LAGOS |
| 29 | RIGGS MFB | PLOT 5, IMAN ABIB ADETORO STREET, OFF AJOSE ADEOGUN STREET, V.I., LAGOS |
| 30 | BILLIONAIRE BLUE BRICKS MFB | APERIN HOUSE (2NDÂ FLOOR) BLOCK I, PLOT 27, BUDO LAYOUT AJIWE, LEKKI EPE EXPRESSWAY, AJAH, LAGOS STATE |
| 31 | SUSU MFB | 34, COMMERCIAL AVENUE SABO, YABA, LAGOS |
| 32 | WEALTHSTREAM MFB | AQUARIUS BLOCK, ELEGANZA PLAZA, GROUND FLOOR, LEFT WING 1 COMMERCIAL ROAD, APAPA, LAGOS |
| 33 | AGUDA TITUN MFB | 21, SHONOLA STREET, AGUDA TITUN, OGBA, LAGOS |
| 34 | SAPPHIRE MFB | 111, ABAK ROAD, UYO, AKWA IBOM STATE |
| 35 | METRO MFB | 15, OTUNUBI STREET, OFF HARUNA, OGBA, IKEJA, LAGOS |
| 36 | MOUNTAIN TOP MFB | PROGRESS BLOCK, SHOP A102, AFRICAN TYRE VILLAGE, OPP. APT TRADE FAIR COMPLEX, LAGOS/BADAGRY EXPRESS WAY, LAGOS |
See the Full list of Closed Microfinance banks HERE