Business
NDIC to liquidate 87 microfinance banks revoked by CBN
The Nigerian Deposit Insurance Corporation (NDIC) will, at the expiration of its notice released on August 23, 2024, approach a Federal High Court to grant the order to dissolve 87 microfinance banks and primary mortgage banks in the country.
The Corporation disclosed this in a statement titled “Notice of intention to terminate liquidation activities” published on its website.
The statement reads, “NOTICE is hereby given to the General Public that the Nigeria Deposit Insurance Corporation (NDIC), in its capacity as the Liquidator of the under-listed closed Microfinance Banks and Primary Mortgage Institutions, in accordance with the provisions of its enabling law and other relevant laws, will at the expiration of thirty (30) days from the date of this publication present an application to the Federal High Court to obtain dissolution orders of the closed banks and to release/discharge Corporation as Liquidator of the banks.”
NDIC stated reasons for its actions to include the fact that the affected banks were either not located or embarked on self-liquidation.
See Affected Banks and their dates of licence revocation
1. Galilee MFB, Abuja – 26 September 2018
2. Pinnacle MFB, Abuja – 4 February 2014
3. Royal Children Heritage MFB, Abuja – 26 September 2018
4. Savings Corp MFB, Abuja – 26 September 2018
5. Spec MFB, Abuja – 26 September 2018
6. Imad MFB, Abuja – 26 September 2018
7. Ihima MFB, Kogi – 4 February 2014
8. Liberty MFB, Kogi – 26 September 2018
9. Ovidi MFB, Kogi – 24 November 2020
10. New Mercantile MFB, Abuja – 4 February 2014
11. Altitude MFB, Lagos – 26 September 2018
12. Bonded MFB, Lagos – 26 September 2018
13. Hybrid MFB, Lagos – 26 September 2018
14. Mar-Bonch MFB, Lagos – 26 September 2018
15. Coral MFB, Lagos – 26 September 2018
16. Lasu MFB, Lagos – 26 September 2018
17. Shoreline MFB, Lagos – 26 September 2018
18. Sovereign MFB, Lagos – 26 September 2018
19. Wealthbasket MFB, Lagos – 26 September 2018
20. EDS MFB, Lagos – 4 February 2014
21. Compass MFB, Lagos – 4 February 2014
22. Enterprise MFB, Lagos – 4 February 2014
23. Freegate MFB, Lagos – 4 February 2014
24. Funds Matrix MFB, Lagos – 4 February 2014
25. Green Field MFB, Lagos – 4 February 2014
26. Interglobal MFB, Lagos – 4 February 2014
27. Kings MFB, Lagos – 4 February 2014
28. Keystone MFB, Lagos – 4 February 2014
29. Vinning MFB, Lagos – 4 February 2014
30. Marvelous MFB, Lagos – 26 September 2018
31. Santrust MFB, Lagos – 26 September 2018
32. TSM MFB, Lagos – 26 September 2018
33. Biztrust MFB, Lagos – 26 September 2018
34. Gideon Trust MFB, Lagos – 26 September 2018
35. Ethics MFB, Lagos – 26 September 2018
36. First Credit MFB, Lagos – 26 September 2018
37. Gapbridge MFB, Lagos – 26 September 2018
38. New Gate MFB, Lagos – 24 September 2010
39. Primate MFB, Lagos – 24 September 2010
40. Mustason MFB, Lagos – 24 September 2010
41. Mustard MFB, Lagos – 26 September 2018
42. Southwest MFB, Lagos – 24 September 2010
43. Trust One MFB, Lagos – 23 May 2023
44. Traders MFB, Lagos – 4 February 2014
45. Citiserve MFB, Lagos – 4 February 2014
46. SVP MFB, Rivers – 4 February 2014
47. CKC MFB, Rivers – 4 February 2014
48. Acorn MFB, Rivers – 4 February 2014
49. Aracom MFB, Ondo – 4 February 2014
50. Homeland MFB, Bayelsa – 24 September 2010
51. First Golden Mercury MFB, Osun – 4 February 2014
52. Cubic MFB, Edo – 24 September 2010
53. Solace MFB, Delta – 4 February 2010
54. Top Mega Trust MFB, Delta – 4 February 2014
55. Advance MFB, Akwa Ibom – 26 September 2018
56. Umu-Uma MFB, Anambra – 4 February 2014
57. First Amalgamated B/S, Kwara – 5 January 2015
58. Horizon Building Society, Abuja – 6 August 2012
59. Imani Savings & Loans, Abuja – 6 August 2012
60. New Capital Savings & Loans, Abuja – 6 August 2012
61. Owners Home S & L, Abuja – 6 August 2012
62. Perennial Building Society, Abuja – 6 August 2012
63. Primrose Savings & Loans, Abuja – 6 August 2012
64. Global Building Society (Confluence S&L), Abuja – 5 January 2015
65. Melrose Savings & Loans, Abuja – 6 August 2012
66. Acclaim Homes and Loans, Lagos – 6 August 2012
67. CB Homes Savings and Loans, Lagos – 6 August 2012
68. Coastal Homes Savings and Loans, Lagos – 6 August 2012
69. Crest Mortgage Savings and Loans, Lagos – 6 August 2012
70. Estaport Building Society, Lagos – 6 August 2012
71. Guardian Trust S & L, Lagos – 6 August 2012
72. Home Trust Savings and Loans, Lagos – 6 August 2012
73. Mars Home Investment Savings and Loans, Lagos – 6 August 2012
74. Omono Building Society, Lagos – 6 August 2012
75. Secure Savings and Loans, Lagos – 6 August 2012
76. Urban Shelter Savings and Loans, Lagos – 6 August 2012
77. Consolidated Estate Building Society, Lagos – 5 January 2015
78. Home Foundation Savings and Loans, Lagos – 5 January 2015
79. Password Savings and Loans, Lagos – 5 January 2015
80. Supreme Savings and Loans, Lagos – 1 October 2018
81. Midland Mortgages, Rivers – 5 January 2015 (Self-liquidation)
82. Garden City MFB, Rivers – 26 September 2018 (Self-liquidation)
83. Combined Benefit MFB, Bayelsa – 4 February 2014 (Self-liquidation)
84. Corporate MFB, Oyo – 4 February 2014 (Self-liquidation)
85. Lofty Heights MFB, Edo – 4 February 2014 (Self-liquidation)
86. Express MFB, Abia – 4 February 2014 (Self-liquidation)
87. Multi-Banc Savings and Loans, Lagos – 5 January 2015 (Self-liquidation)
The Trade Union of Nigeria, TUC, has raised the alarm that the price of Premium Motor Spirit aka Petrol may climb to about N2,000 per litre if urgent measures are not taken to cushion the impact of rising global crude prices and the depreciating naira.
Speaking to newsmen on Thursday, April 9, the president of the TUC, Festus Osifo, called on the Federal Government to immediately deploy 60 percent of excess crude oil revenue above the 2026 budget benchmark to subsidise crude feedstock supplies to the Dangote Refinery and other modular refineries, a move it says will slash pump prices of petrol, diesel, and jet fuel within two weeks
“Today, comrades, we are seeing that the cost of petrol is edging towards N2,000 per litre depending on the part of the country that you are. Nigerian workers are already passing through excruciating pain as we speak.
The same way it is affecting transportation, it is also affecting manufacturing. The cost of diesel has also gone northward, meaning that the cost of production has increased. When production costs rise, the final price of goods on the shelves will also skyrocket.
If this continues unchecked, the inflation that we are currently celebrating as going downwards will reverse and start moving up again,” he stated.
Osifo outlined the proposal as an urgent intervention to cushion Nigerian workers from excruciating pain caused by petrol prices edging towards ₦2,000 per litre in some parts of the country
The governor of Oyo state, Seyi Makinde, has approved a N10,000 transportation allowance as a palliative for the state workforce to cushion the effects of the increase in the pump price of Premium Motor Spirit, otherwise known as petrol.
The Chairman of the Nigeria Labour Congress (NLC), Oyo State chapter, Kayode Martins, in a statement released on Monday, March 23, disclosed that the governor has granted the request of the union on the issue of transportation allowance.
The statement read
“Following the intervention and formal request made by the State Council of the Nigeria Labour Congress (NLC) earlier this morning, the state government has approved a N10,000 transportation allowance for all workers in the state.
The newly approved allowance is set to take effect from April 2026, providing much-needed relief to workers grappling with rising transportation costs amid current economic challenges.
This development comes as a direct response to sustained advocacy by the state NLC, aimed at cushioning the impact of increased living expenses on the workforce.
Further details on implementation are expected to be communicated by the relevant government authorities in due course.”
The Central Bank of Nigeria (CBN), has declared that banks and financial institutions must establish and maintain a temporary watch-list for Bank Verification Numbers (BVN) implicated in suspected fraudulent transactions.
According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.
The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.
“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.
The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.
The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
The apex bank stated that access to BVN databases will remain tightly controlled.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.
“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.
Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
The new policy, as stated by the CBN, takes effect from May 1, 2026.
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