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Just in: 87 Nigerian banks revoked by CBN to go under NDIC hammer

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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.”

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SEE LIST: NDIC to liquidate 87 Nigerian 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.”

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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)

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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)

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86. Express MFB, Abia – 4 February 2014 (Self-liquidation)

87. Multi-Banc Savings and Loans, Lagos – 5 January 2015 (Self-liquidation)

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National tv signal fails in Niger after heavy gunfire

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Niger’s national television was off air on Saturday after a night of heavy gunfire in parts of the capital, including around a military base near the city’s airport which has been attacked twice this year by jihadists.

Niger has been ruled for three years by a military junta that has struggled to contain jihadist violence, which has blighted the West African country for around a decade.

The origins of Saturday’s shooting were not immediately clear but the military said: “In light of current events, let us remain calm and avoid sharing unverified information.

“Our defence and security forces have been mobilised for the defence of the homeland,” it wrote on its official social media pages.

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One local resident told AFP that there was “heavy gunfire and explosions” at Base 101 in Niamey, a report confirmed by several other witnesses.

At 9:00 am (0800 GMT), a black screen had replaced Tele Sahel’s programming both via satellite and online. Soldiers blocked access to the presidential palace and national television, residents added.

The first shots were heard at about 1:00 am local time (0000 GMT) and continued until daybreak, according to a video published by a local journalist filming the area around the airport.

Another local resident said he heard “bursts of gunfire” at about 7:00 am local time.

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“I went to get credit for my phone. I saw a military vehicle heading towards the base that had to turn back,” he added.

“The weapons we’re hearing are not the kind that terrorists on motorbikes can carry. The fighting has been non-stop since last night.”

Another resident in the west of Niamey said he heard sporadic small arms fire at about 5:00 am.

Several social media posts also reported shooting and explosions in the city, particularly in the administrative area where the presidential palace and national television station are located.

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Videos online showed armoured vehicles deployed to reinforce the neighbourhood near the airport.

– Rival jihadist groups –
Niamey airport has been targeted twice this year by jihadists, first by the Islamic State in the Sahel (EIS) in January, then in late June by their rivals the Group for the Support of Islam and Muslims (JNIM), the Sahel branch of Al-Qaeda.

The jihadist groups not only target civilians and the military but are also struggling for dominance over each other in the Sahel, and especially in Niger.

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Obasanjo jokes at Olota’s 60th birthday, says I’ll attend your 70th, may miss 80th

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Ex-President Olusegun Obasanjo brought humour to the 60th birthday celebration of the Olota of Ota, Oba Professor Abdulkabir Obalanlege, as he jokingly promised to attend the monarch’s 70th birthday while asking to be excused from the 80th.

Obasanjo, who is 89, made the remark while speaking in Yoruba at the anniversary celebration held in honour of the traditional ruler.

The former president recalled calling Obalanlege earlier in the morning to pray for him before turning his attention to the monarch’s future milestone birthdays.

“Kabiyesi, I called you this morning and prayed for you,” Obasanjo said.

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He then calculated his own age in relation to the monarch’s next major birthday celebrations, telling the gathering that he would be 99 when Obalanlege clocks 70 in 10 years.

“I’m here celebrating your 60th birthday. I’ll join you for your 70th birthday in 10 years,” he said.

However, Obasanjo joked that attending the monarch’s 80th birthday celebration 20 years from now might be beyond his reach.

“But for your 80th birthday, which is 20 years from now, ẹ yonda mi (you’ll excuse me); you’ll celebrate that one the way it pleases you,” he added.

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The comment drew laughter from dignitaries, traditional rulers and other guests who gathered to celebrate the Olota’s diamond jubilee.

The celebration also featured a notable display of Yoruba cultural respect when Fuji musician, King Wasiu Ayinde, popularly known as K1 De Ultimate, prostrated fully before Obasanjo after coming on stage.

The gesture further added to the cultural significance of the event held to mark Oba Obalanlege’s 60th birthday.

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SAD! Former Supreme Court Judge, Kalgo is dead

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The judiciary has been thrown into mourning following the death of Hon. Justice Umaru Atu Kalgo, JSC (Rtd.), CON, a former Justice of the Supreme Court of Nigeria and distinguished jurist whose judicial career spanned several decades.

Justice Kalgo reportedly died at about 3:00 a.m. on Tuesday after a prolonged illness.

A resident of Kalgo community, who requested anonymity, said the retired Supreme Court Justice was buried at about 2:30 p.m. in Sokoto in accordance with Islamic rites.

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His death marks the end of a distinguished legal career spanning nearly five decades, during which he contributed to legal practice, judicial service, law reform and the development of Nigerian jurisprudence.

Born on May 12, 1937, in Kalgo, present-day Kebbi State, then part of the old North-Western State, Justice Kalgo began his education at Elementary School, Kalgo. He later attended Middle School Sokoto, Middle School Birnin-Kebbi and Government College, Zaria, between 1953 and 1958.

He subsequently pursued legal studies at the Institute of Administration, Ahmadu Bello University, Zaria; the Council of Legal Education, London; the College of Law, Holborn, London; and the Nigerian Law School, Lagos. He was called to the Nigerian Bar in 1965.

Justice Kalgo began his public service career as an Administrative Officer in Northern Nigeria before moving into legal practice in government service. Between 1965 and 1972, he served as State Counsel and later rose to become Deputy Solicitor-General of the North-Western State.

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His judicial career began in 1974 when he was appointed a Judge of the High Court of Kano and North-Western State. He subsequently served on the Sokoto State High Court Bench.

On January 1, 1981, Justice Kalgo was elevated to the position of Chief Judge of Sokoto State, a position he held until 1988.

In February 1988, he was appointed a Justice of the Court of Appeal, where he continued to contribute to the development of Nigeria’s appellate jurisprudence.

A decade later, on November 25, 1998, Justice Kalgo reached the pinnacle of his judicial career when he was elevated to the Supreme Court of Nigeria.

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He served on the apex court until his statutory retirement at the age of 70 in May 2007.

During his years on the Court of Appeal and Supreme Court benches, Justice Kalgo delivered and participated in numerous judgments covering constitutional, civil and criminal law. His contributions formed part of the body of judicial precedents that continue to influence Nigerian jurisprudence.

Beyond the courtroom, the late jurist played significant roles in national law reform and constitutional development. He served on the Constitution Review Committee between 1987 and 1988, participated in the Constituent Assembly between 1988 and 1989, and was a member of the Law Revision Committee for the Laws of the Federation in 1990.

His public service therefore extended beyond adjudication to the broader development of Nigeria’s constitutional and legal framework.

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Justice Kalgo was also recognised for his contributions to national service and was conferred with the national honour of Commander of the Order of the Niger, CON.

His passing brings to a close the life and career of a jurist whose professional journey took him from public administration and government legal service through the High Court and Court of Appeal to Nigeria’s highest court, leaving behind a significant legacy in the country’s legal and judicial history.

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