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

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.”
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.”
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)
News
“How we imortalised Olunloyo before his death-Makinde

By Kayode Sanni-Arewa
Governor of Oyo State, Seyi Makinde has said he is happy that former governor of the State, Omololu Olunloyo was imortalised before his demise.
Makinde, in a condolence message by his media aide Sulaimon Olanrewaju on Sunday, said the country had lost a patriotic leader, an icon and one of its most cerebral former administrators with the politician’s demise.
The governor said it is sad that the late mathematical guru and administrator passed away before his 90th birthday.
“This death hits differently because I was looking forward to Baba’s 90th birthday, which would have come up on April 14. However, we have to submit to the will of God, who gives and takes lives as He wills.
“My joy is that our government immortalised and honoured Pa Olunloyo in his lifetime and he was present to witness it as we named the Ibadan Airport Road and the Leisure Park on the axis after him in recognition of his service to the state.
“May the Lord grant repose to his soul and give his family the fortitude to bear his demise,” Mr Makinde said.
The death of Mr Olunloyo was confirmed on Sunday morning through a statement by his family.
The deceased died just a few days before his 90th birthday, according to the statement.
News
Iran turns down Trump’s call for direct nuclear talks

Iran’s top diplomat has rejected direct negotiations with the United States as pointless, his office said Sunday, after US President Donald Trump said he preferred face-to-face talks over its nuclear programme.
Trump sent a letter to Iran’s supreme leader Ayatollah Ali Khamenei last month calling for negotiations but warning of military action if diplomacy failed.
On Thursday, the US president said he favoured “direct talks”, arguing they were “faster” and offered a better understanding than going through intermediaries.
But Iranian Foreign Minister Abbas Araghchi said direct talks made no sense with a country “that constantly threatens to resort to force in violation of the UN Charter and that expresses contradictory positions from its various officials”.
“We remain committed to diplomacy and are ready to try the path of indirect negotiations,” he was quoted as saying in a statement issued by his ministry.
Iran keeps itself prepared for all possible or probable events, and just as it is serious in diplomacy and negotiations, it will also be decisive and serious in defending its national interests and sovereignty.”
On Saturday, Iranian President Masoud Pezeshkian said his country was willing to engage in dialogue with the United States on an “equal footing”.
He also questioned Washington’s sincerity in calling for negotiations, saying “if you want negotiations, then what is the point of threatening?”
Iran and the United States have had no diplomatic relations since shortly after the 1979 Islamic Revolution with some regional countries like Oman playing a mediating role between the two sides.
Letter diplomacy
Trump’s letter was delivered to Iran via the United Arab Emirates, and Tehran responded at the end of March via the Sultanate of Oman.
On Sunday, the chief of staff of the Iranian armed forces, General Mohammad Bagheri, said Iran’s response stressed that “we seek peace in the region”.
“We are not the ones who start wars, but we will respond to any threat with all our might,” he said of the content of Iran’s response.
Western countries, led by the United States, have for decades accused Tehran of seeking to acquire nuclear weapons.
Iran rejects the allegation and maintains that its nuclear activities exist solely for civilian purposes.
In 2015, Iran reached a landmark deal with the permanent members of the UN Security Council, namely the United States, France, China, Russia, and the United Kingdom, as well as Germany, to limit its nuclear activities.
The 2015 agreement — known as the Joint Comprehensive Plan of Action — gave Iran sanctions relief in exchange for curbs on its nuclear programme to guarantee that Tehran could not develop a nuclear weapon.
In 2018, during Trump’s first term in office, the United States withdrew from the agreement and reinstated biting sanctions on Iran.
A year later, Iran began rolling back on its commitments under the agreement and accelerated its nuclear programme.
On Monday, Ali Larijani, a close adviser to Khamenei, warned that while Iran was not seeking nuclear weapons, it would “have no choice but to do so” in the event of an attack against it.
News
Nigerian Army ‘Destr0ys Over 70 Bandits Dens In Taraba, Wastes Three Terrorists’

During the operation, three terrorists were reportedly eliminated, and security forces recovered firearms and logistical supplies.
The Nigerian Army says it has destroyed over 70 camps used by bandits in Taraba State, as part of a continued effort to combat terrorism in the region.
During the operation, three terrorists were reportedly eliminated, and security forces recovered firearms and logistical supplies.
SaharaReporters learnt that the military engaged the terrorists at a hideout in Achelle, situated within the Karim Lamido Local Government Area, as part of their ongoing efforts to dismantle the remaining elements of terrorist groups in the state.
Captain Oni Olubodunde, spokesperson for the 6 Brigade of the Nigerian Army in Jalingo, confirmed the operation, stating that its primary objective was to identify and neutralise dangerous criminals active in the area.
Olubodunde further reported that, in addition to eliminating the three terrorists, security personnel seized an AK-47 rifle, ammunition, and two motorcycles during the operation, which took place on April 5, 2025.
“In continuation of Operation Lafiya Jama’a, a military offensive to remove criminal elements from Taraba State, the brave troops of the 6 Brigade Nigerian Army and Sector 3 Operation Whirl Stroke (OPWS) successfully neutralised three bandits, destroyed several camps, and seized weapons and ammunition during a daring clearance operation conducted in the Karim Lamido Local Government Area on April 5, 2025,” said Olubodunde.
The operation targeted suspected bandit hideouts, beginning in Achelle, where troops carried out a thorough sweep before advancing to Chibi.
As forces reportedly approached Chibi, the bandits attempted to escape but were intercepted. In the ensuing clash, three bandits were eliminated, and multiple makeshift camps were destroyed. Security personnel also seized two motorcycles, an AK-47 magazine, and 13 rounds of 7.62mm special ammunition.
Furthermore, troops conducted extensive searches in the Dutsen Zaki and Achalle areas, where over 70 criminal camps have been dismantled in recent weeks.
According to Olubodunde, no signs of human activity were detected during this latest operation, underscoring the effectiveness of previous security efforts.
Brigadier General Kingsley Chidiebere Uwa, Commander of the 6 Brigade Nigerian Army, praised the troops for their dedication and strategic execution. He reassured the people of Taraba State that terrorists and criminals would find no refuge in the region.
General Uwa also urged residents to remain vigilant while going about their daily activities without fear. He emphasised the importance of maintaining law and order.
He encouraged the public to provide timely and credible information to security agencies, stressing that such cooperation is essential for ensuring the safety of local communities.
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