Ologbon Microfinance Bank Ogbomoso and 177 other failed MFBs: NDIC unveils next step
Yinka ADETUNJI
The Nigeria Deposit Insurance Corporation of Nigeria (NDIC) has stated that it will investigate failed bank directors.
The managing director of the corporation, Bello Hassan, stated that law enforcement officers will soon commence an investigation.
He said some cases were already ongoing while other directors were under the radar of security agencies.
The Nigeria Deposit Insurance Corporation (NDIC), on Thursday, August 17, 2023, revealed that directors of failed 183 microfinance banks and Primary Mortgage Banks will soon face investigation over their roles in the collapse of the institutions.
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The managing director/chief executive officer of NDIC, Bello Hassan, disclosed this during a workshop organised by the corporation for security and law enforcement agencies in Lagos.
Vanguard reports that Hassan said the corporation would soon approach security agencies to investigate some of the failed banks’ directors and bosses to bring them to justice and hold them accountable for their collapse.
He added that the corporation would partner with security and law enforcement agencies to prosecute insider abuses in banks, stating that the move has yielded results in the past.
The NDIC boss further said the workshop is designed to complement the Inter-Agency Task Force’s efforts to implement the Failed Banks Act.
Hassan made it known that the Corporation has started paying all depositors of banks affected by the license revocation of the Central Bank of Nigeria (CBN)
The affected banks include 178 Microfinance Banks and four Primary Mortgage Banks, 62 of which had already stopped operations, and 74 were declared insolvent. At the same time, 12 were temporarily distressed, and the remaining six were voluntarily liquidated.
Hassan assured that the Corporation would maintain standards and ensure that the public understands the safety of their bank deposits.
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Punch reports that the NDIC MD revealed that the Corporation would continue strengthening the financial system to support Nigeria’s economic advancement and contribute meaningfully to its financial system and stability.
According to the NDIC boss, the role of the Corporation is to continue to play a critical part in the financial safety net arrangement of Nigeria’s banking system as a deposit insurer.
List of the failed microfinance banks
Evangel Microfinance Bank
Dominion Microfinance Bank
Anya Microfinance Bank
Akwengwu Microfinance Bank
Fadama Farmers Microfinance Bank
Sal-Fol Microfinance Bank
Mautech Microfinance Bank
Wase Microfinance Bank
Smartmicro Microfinance Bank
Amba Microfinance Bank
Bridge House Microfinance Bank
Money Well Microfinance Bank
Otukpo Microfinance Bank
Ologbon Microfinance Bank
Bestway Microfinance Bank
Biyama Microfinance Bank
Greenland Microfinance Bank
Fasildapo Microfinance Bank
Sunrise Microfinance Bank
Joint Farmers Microfinance Bank
Prolific Microfinance Bank
Halmond Microfinance Bank
Ajikobi Microfinance Bank
Kogi Microfinance Bank Eyowo Microfinance Bank
Arise Microfinance Bank
Isi-Aku Microfinance Bank
Bmazazhin Microfinance Bank
Ini Microfinance Bank Narict Microfinance Bank
Interland Microfinance Bank
Ehor Microfinance Bank
Bibajinre Microfinance Bank
Golden Funds Microfinance Bank
Gwadabawa Microfinance Bank
Iba Microfinance Bank
Edumana Microfinance Bank
West-End Microfinance Bank
Umejei Microfinance Bank
Mouau Vasmucs Microfinance Bank
Jamis Microfinance Bank
New World Microfinance Bank
Abestone Microfinance Bank
Nsehe Microfinance Bank
Osogbo Microfinance Bank
Crossover Microfinance Bank
Dangizhi Microfinance Bank
Atlas Microfinance Bank
Bluewhales Microfinance Bank
Everest Microfinance Bank
Igangan Microfinance Bank
Mainsail Microfinance Bank
Merit Microfinance Bank
Minna Microfinance Bank
Musharaka Microfinance Bank
Nopov Microfinance Bank
Ohon Microfinance Bank
Premium Microfinance Bank
Royal Microfinance Bank
Statesman Microfinance Bank
Suisse Microfinance Bank
Vibrant Microfinance Bank
Virtue Microfinance Bank
Zamare Microfinance Bank
North Capital Microfinance Bank
Chidera Microfinance Bank
Excellent Microfinance Bank
Ni’ima Microfinance Bank
Cosmopolitan Microfinance Bank
Progressive Link Microfinance Bank
Trust One (Formerly Desmonarchy)
Ekuombe Microfinance Bank First
Index Microfinance Bank
Ola Microfinance Bank
Uli Microfinance Bank
Verdant Microfinance Bank
Aguleri Microfinance Bank Limited
Apeks Microfinance Bank Limited
Fahimta Microfinance Bank Limited
Manny Microfinance Bank Limited
Reality Microfinance Bank Limited
Surbpolitan Microfinance Bank Limited
Onyx Microfinance Bank Limited
Osina Microfinance Bank Limited
Olofin-Owena Microfinance Bank Limited
Zikado Microfinance Bank Limited
Prudential Co-Operative Microfinance Bank Limited
Peniel Microfinance Bank Limited
Taraba Microfinance Bank Limited
Brass Microfinance Bank Limited
Michika Microfinance Bank Limited
Ndiagu Microfinance Bank Limited
Northbridge Microfinance Bank Limited
Fct Microfinance Bank Limited
Omu-Aran Microfinance Bank Limited
Cherish Microfinance Bank Limited
Bipc Microfinance Bank Limited
Daniels Global Microfinance Bank Limited
Bancorp Microfinance Bank Limited
Manna Microfinance Bank Limited
Moneywise Microfinance Bank Limited
Mercury Microfinance Bank Limited
New Age Microfinance Bank Limited
Pearl Microfinance Bank Limited
Zawadi Microfinance Bank Limited
Seed Capital Microfinance Bank Limited
Eduek Microfinance Bank Limited
Eksu Microfinance Bank Limited
Dakingari Microfinance Bank Limited
Ogoja Microfinance Bank Limited
Nwabosi Microfinance Bank Limited
Nuture Microfinance Bank Limited
Active Point Microfinance Bank Limited
Amoye Microfinance Bank Limited
Boluwaduro Microfinance Bank Limited
Iyede Microfinance Bank Limited
Mayfair Microfinance Bank Limited
Calabar Microfinance Bank Limited
Ighomo Microfinance Bank Limted
Hackman Microfinance Bank Limited
Idese Microfinance Bank Limited
Bridgeway Microfinance Bank Limited
Grassroot Microfinance Bank Limited
Surelife Microfinance Bank Limited
Tijarah Microfinance Bank Limited
Ic-Global Microfinance Bank Limited
Ejiamatu Microfinance Bank Limited
Briyth Covenant Microfinance Bank Limited
Nanka Microfinance Bank Limited
Cub Microfinance Bank Limited
Bfl Microfinance Bank Limited
Umunne Microfinance Bank Limited
Oroke Microfinance Bank
Alkaleri Microfinance Bank Limited
Crowned Eagle Microfinance Bank Limited
Unifa Microfinance Bank Limited
Dadinkowa Microfinance Bank Limited
Ifesowapo Microfinance Bank Limited
Oaf Microfinance Bank Limited
Bama Microfinance Bank Limited
Ngala Microfinance Bank Limited
Iwoama Microfinance Bank Limited
Kada Microfinance Bank Limited
Keffi Microfinance Bank Limited
Nut-Endwell Microfinance Bank Limited
First Multiple Microfinance Bank Limited
Sbdc Microfinance Bank Limited
Oros Capital Microfinance Bank Limited
Ozizza Microfinance Bank Limited
Primera Credit Microfinance Bank Limited
Ifeanyichukwu Microfinance Bank Limited
Ihioma Microfinance Bank Limited
Josad Microfinance Bank Limited
Akpo Microfinance Bank Limited
Aiyepe Microfinance Bank Limited
Abc Microfinance Bank Limited
Star Microfinance Bank Limited
Purple Money Microfinance Bank Limited
Utuh Microfinance Bank Limited
Stallion Microfinance Bank Limited
Kjl Microfinance Bank Limited
Credit Afrique Microfinance Bank Limited
Cowries Microfinance Bank Limited
Lawebod Microfinance Bank Limited
Mabinas Microfinance Bank Limited
Business Support Microfinance Bank Limited
Ogbe-Ahiara Microfinance Bank Limited
Olofin Microfinance Bank Limited
Obosi Microfinance Bank Limited
Fiyinfolu Microfinance Bank Limited
Bishopsgate Microfinance Bank Limited
Awka Microfinance Bank Limited
Zigate Microfinance Bank Limited
Esan Microfinance Bank Limited
Enugu-Ukwu Microfinance Bank Limited
Echo Microfinance Bank Limited
Ally Microfinance Bank Limited
Network Microfinance Bank Limited
Awgbu Microfinance Bank Limited