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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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ISWAP attacks military base in Borno, kill five soldiers

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Five Nigerian soldiers were reportedly killed on Friday, April 17, 2026, when suspected fighters of the Islamic State West Africa Province (ISWAP) attacked a military base in Mussa village, Borno State.

According to militia sources who spoke to AFP, the insurgents stormed the base before being repelled by troops. Following the attack, clashes were also reported in nearby Leho village.

However, the Armed Forces of Nigeria (AFN) have recorded significant operational successes across multiple theatres of operation between April 10 and 16, 2026, as troops sustained coordinated offensives against Boko Haram, ISWAP, JAS, violent extremist groups, kidnappers, and secessionist armed elements nationwide.

According to a statement issued by the Directorate of Defence Media Operations, the operations led to the arrest of several suspects, rescue of kidnapped victims, interception of terrorist logistics supplies, and neutralisation of armed criminals in ongoing efforts to create a safer and more secure environment across the country.

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Troops of Operation HADIN KAI in the North East also maintained sustained pressure on insurgent networks across Borno, Yobe, and Adamawa States, recording multiple arrests and seizures.

In Gubio Local Government Area of Borno State, a suspect who confessed to supplying Premium Motor Spirit (PMS) to terrorists for about 10 years was arrested, with 60 litres of fuel, a mobile phone, and cash recovered.

In Adamawa State, 20 suspects were apprehended during raids on criminal hideouts in Mubi North, with items including electronics, cash totaling over ₦2.1 million, and other materials recovered.

In Yobe State, troops arrested three suspected informants linked to monitoring troop movements.

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However, the Nigerian military had also in recent times suffered set backs in the fight against insurgency in the North East. Nigeria Tourism Guide

Suspected fighters of Islamic State West Africa Province (ISWAP) had last week attacked a military formation, killing a colonel, I.A. Mohammed, and other soldiers.

Also Brigadier General Oseni Omoh Braimah and 6 soldiers paid the supreme price early in a coordinated attacks by suspected members of the Islamic State of West Africa Province (ISWAP) on military formations in Benisheikh, Kaga Local Government Area, as well as Ngamdu and Pulka town in the Gwoza LGA of Borno state.

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Nigerian oil governance, Contracts: ‘I was a rubber stamp, Diezani tells UK Court

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Former Nigerian Petroleum Minister Diezani Alison-Madueke told a UK court that her role in approving oil contracts was largely routine, stating that major decisions were already taken before documents reached her desk.

Speaking at Southwark Crown Court in London, she explained that the structure of Nigeria’s oil sector meant she had limited direct control, as key operations were handled by the leadership of the Nigerian National Petroleum Corporation (NNPC).

“The system was already in motion before files came to me,” she said, adding that the size and complexity of the industry made it difficult for a minister to oversee everything directly.

She said she rarely declined contract approvals because they had already passed through detailed technical and regulatory checks.
“I was, in many instances, a rubber stamp in the process,” she said.

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Diezani also recounted a 2014 incident in which she discovered a questionable crude oil deal allegedly linked to businessman Igho Sanomi. She said the matter came to light following a whistleblower report, prompting her to cancel the arrangement.

However, she told the court that powerful individuals opposed her decision and escalated complaints to then President Goodluck Jonathan.

On allegations that $20 billion in oil revenue went missing, she disagreed with former Central Bank Governor Lamido Sanusi, insisting the reports were inaccurate.

“There were no missing funds as widely reported,” she said, explaining that audits and legislative reviews later showed the money was tied to subsidy payments and operational costs.

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She acknowledged serious challenges in the fuel subsidy system, including multiple claims by some marketers, but said reforms were introduced to reduce fraud.

According to her, these efforts came with risks. She said she faced security threats, including the kidnapping of family members, which she linked to her attempts to challenge powerful interests in the sector.

She also said politicians and business figures frequently pressured her office for preferential treatment in oil allocations.
“I declined requests that did not follow due process,” she said.

Addressing questions about her personal finances, Diezani said she used Nigerian bank cards even during foreign trips, in line with rules preventing public officials from holding foreign accounts.

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She added that the cards sometimes failed abroad, forcing others to temporarily cover expenses.

The court also examined records of her official trips between 2011 and 2015.
She said she usually travelled with about 30 officials, including aides, security personnel, and protocol staff.
“All movements were documented and archived in ministry records,” she said, noting that both commercial and chartered flights were used depending on official requirements.

Despite the allegations against her, Diezani insisted her time in office focused on increasing local participation in the oil sector and improving transparency, saying she has been unfairly portrayed.

She is currently on trial alongside Olatimbo Ayinde and Doye Agama on five counts related to bribery.

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All the defendants have pleaded not guilty, and the case is ongoing in London.

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Army raises alarm over low South-East recruitment

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Brig.-Gen. Uche Nnabuihe has raised concern over low enlistment from the South-East, revealing Anambra recorded only 117 applications out of 38,000 nationwide.

Nnabuihe led an Army delegation to sensitise youths in Awka, noting the figure was recorded on April 7, before a nationwide awareness campaign began.

He said the exercise aimed to encourage more youths from Anambra and the South-East to join the 91 Regular Recruits Intake before the May 27 deadline.

“We observed with concern that out of 38,000 applications received nationwide, only 117 came from Anambra as of April 7.

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“This sensitisation is to correct that imbalance and encourage our youths to take advantage of opportunities in the Nigerian Army,” he said.

Nnabuihe urged eligible youths to apply, noting the Army offers a structured career path and opportunities for national service.

Lt.-Col. Ogbemudia Osawe, member of the sensitisation delegation, said training infrastructure had expanded, with new institutions in Abakaliki and Osogbo to accommodate incoming recruits.

Osawe listed benefits, including career progression, regular pay, continuous military education, specialised training, and exposure to diverse cultures.

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He added personnel enjoy welfare packages, free medical care for families, pensions, gratuities, and opportunities for international assignments.

The Permanent Secretary, Anambra Ministry of Youths, Ifeatu Emodi, commended the initiative, describing military enlistment as crucial for South-East youths.

Emodi said declining interest among youths stemmed from misconceptions and misinformation about the Army.

Traditional ruler, Igwe Michael Okeke-Uche of Enugwu-Agidi, praised the Army’s welfare structure and urged youths to enlist for better regional representation.

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The sensitisation held at the Ministry of Youths in Awka, attracting a cross-section of young people.

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