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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)
HhouseBy Gloria Ikibah
The House of Representatives Committee on Federal Polytechnics and Higher Technical Education has reiterated that performance must justify any requests for additional funding by agencies in the 2025 budget.
Chairman of the Committee, Rep. Fuad Kayode Laguda, made this clear during the budget defence session of the National Board for Technical Education (NBTE), presented by its Executive Secretary, Professor Idris Bugaje.
Laguda acknowledged the funding challenges faced by polytechnics but emphasised the importance of demonstrating effective utilization of allocated resources before seeking more.
“Performance is very key. It is a known fact that polytechnics are poorly funded, but we need to justify why more resources are needed. To be honest, not all institutions have demonstrated this. The role of this committee is to ensure accountability and drive improvements”, he said.
He highlighted the importance of the NBTE’s role in technical education and urged the agency to foster better synergies among polytechnics and stakeholders. He also charged rectors to be proactive in introducing modern and relevant courses tailored to their environments.
Professor Idris Bugaje, while presenting the NBTE’s 2024 budget performance and 2025 proposal, called for increased budgetary allocation to address manpower shortages. He noted that the agency, responsible for supervising over 700 institutions, currently operates with only 330 staff, which he described as grossly inadequate.
“For personnel, we need improvement. Similar agencies with fewer institutions and more funds have more staff. We need more hands to adequately supervise these institutions,” Bugaje stated.
On internally generated revenue (IGR), Bugaje explained that earnings primarily come from service charges during accreditation visits. He revealed that the agency’s IGR for the year amounted to just N25 million, describing it as “dismally low.”
He further noted that the agency’s capital performance for 2024 stood at 50%, with the remaining half of the budget yet to be released.
“We need to introduce more contemporary programs and improve funding mechanisms to better meet the demands of technical education,” Bugaje added.
The session underscored the lawmakers’ commitment to ensuring transparency and efficiency in funding allocations while challenging agencies to enhance their performance to secure additional resources.
The Nigerian Citizens Association in South Africa (NICASA), has condemned the alleged brutal killing of a 50-year-old Nigerian citizen, Jeremiah Okoye, by the country’s police, while in their custody.
Okoye, a native of Eziniffite Nnewi, in Anambra was said to have died while being detained in Limpopo Province, on Jan. 13.
NICASA President-General, Dr Frank Onyekwelu, in a telephone interview with the News Agency of Nigeria (NAN) on Friday, said investigations were ongoing to unravel the circumstances surrounding the deceased’s death.
“We implore the police authorities to follow the rule of law in discharging their constitutional duties,” he said.
Onyekwelu said that Okoye, who resided at No. 71, Magazyn Street, Polokwane, Limpopo Province, had lived in the country for 22 years.
He said NICASA had officially informed the Nigerian High Commission and Consulate in South Africa, as well as contacted the Okoye family and friends in Limpopo, following the sad incident.
“Nigerian citizens in South Africa say no to police brutality and killings and demand justice for the late Okoye.
“Our lives matter, nationality is not criminality.
“We implore all our citizens to be law-abiding and allow the authorities to utilise all their resources, to unravel the circumstances surrounding the death of Okoye,” he said.
Onyekwelu expressed hope that Okoye’s death would not become another statistic like others before him.
“The death of Nigerians in South Africa, particularly under police custody has become a recurring issue that needs to be stopped.
“We fear that these recurring deaths of Nigerians in police custody, if unchecked, will become a dangerous pattern. May his soul rest in perfect peace,” he added.
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