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NDIC begins verification of depositors in 42 failed MFBs

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Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or, or @McRamalan on Twitter.
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The Nigeria Deposit Insurance Corporation, NDIC, says it has commenced the verification of depositors of the 42 Microfinance Banks, MFB, whose operating licenses were recently revoked by the Central Bank of Nigeria, CBN.

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A statement by Bashir Nuhu, the NDIC Director of Communication and Public Affairs, in Abuja on Monday, called on the depositors to visit their banks’ address locations for verification from December 21.

Mr Nuhu said that officials of the corporation would be on ground at the various banks to verify the claims of the depositors from Dec. 21 to Dec. 24.

Mr Nuhu in the statement requested the depositors to visit their banks with the proof of account ownership including passbook, cheque booklet and valid means of identification to facilitate the verification.

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The director listed some of the failed MFBs to include Hedgeworth MFB, Future Growth MFB, Bagwai MFB, Bagwai MFB, Ere City MFB, Cafon MFB, Akcofed MFB, Gufax MFB, Partnership MFB, ICB MFB, Onima MFB and Hometrust (Nations) MFB, among others.

”The CBN revoked the operating licenses of the failed MFBs with effect from Nov. 12.

”Consequently, the corporation as the official liquidator of the banks commenced the process of closure and payment of insured sums to verified depositors of the banks,” he said.


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