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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)
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INEC ought to have archived recall petition long ago-Senator Natasha

Senator Natasha Akpoti-Uduaghan on Thursday hailed the Independent National Electoral Commission (INEC) for rejecting a petition to recall her as the lawmaker representing Kogi Central Senatorial District.
The lawmaker, who was a guest on Channels Television’s Politics Today, said the electoral umpire should have thrown out the petition long before it did on April 3, 2025.
“I’m a lawyer. I’m a senator and I understand how Nigeria works. For me, the most important thing is this recall process has been stalled.
“I give kudos and credit to INEC even though I believe they should have thrown it away from the get-go.
“I think it was void ab initio because there is no law in the Electoral Act that says a petition should be discarded just because there is no address but again, what if the address is false?”
The Peoples Democratic Party (PDP) chieftain argued that most of the addresses provided in the petition for her recall were false because most houses in her district weren’t labelled.
Even though INEC did count 208,000 signatures, I bet you if they had gone into the verification stage, they would have struggled to even have 500 people come out to attest to signing that,” she added.
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We’re putting together new 2025 Budget for Rivers-Ibas

…hosts Delegation Of Rivers NASS Caucus
The Administrator of Rivers State, Vice Admiral (Rtd) Ibok Ete Ekwe Ibas, has said that an appropriation bill for 2025 is being articulated to provide for critical development concerns in healthcare delivery, education, agriculture and infrastructure.
Vice Admiral (Rtd) Ibas also said that the anticipated budget will cater to creating more employment opportunities for Rivers people and advance delivery of technology in critical facets of public life.
The administrator gave the hint when he hosted the delegation of Rivers State caucus at the National Assembly, led by Dr Barinada Mpigi, the Senator representing Rivers South-East District, at Government House in Port Harcourt on Thursday.
Those on the delegation included Senator Allwell Onyesoh, the minority leader of the House of Representatives, Rep. Kingsley Chinda, Hon Dumnamene Dekor, Hon Solomon Bob, Hon Cyril Godwin Hart,
Hon Blessing Amadi, Hon. Felix Nwaeke, Hon Kelechi Nwogu, and Hon Victor Obuzor
Ibas said he has been resolute, since assumption of office, to restore law and order, and with support from the security agencies, an environment has been created where Rivers residents feel valued and safer.
The Administrator stated that the commitment is to make Rivers a model of peace in the comity of States, with a stable economy and citizens courageous to pursue their livelihood without fear or molestation.
“In addition to our peace building efforts, we are also focused on the economic stability and development of Rivers State.
“Since the Supreme Court verdict on the state’s budget, we have acted swiftly and decided to put together a new budget that reflects our commitment to healthcare, education, social services, and continued infrastructural development.
“We have worked diligently to ensure that the process is transparent, inclusive, and most importantly expedited. Our goal is to ensure that we do not lose any more time in making the necessary investments that will improve the lives of citizens.”
Vice Admiral (Rtd) Ibas stated: “The budget which is been finalized focuses on creating job opportunities and investing in key sectors such as agriculture, infrastructure, and technology.
“We understand the urgency of this initiative, and we are committed to ensuring that they are implemented without delay.”
The Administrator noted that to get the task done, the support of the legislators will be required as key representatives of Rivers State in the National Assembly.
He sued for their assistance in securing the necessary resources and legislative backing that would bring the initiative of his administration to fruition.
“Your partnership is critical to success in ensuring that Rivers State remains on the path of progress and enduring peace for future generations.”
He explained that in the face of the challenges that beset Rivers, which led to the State of emergency declared by President Bola Tinubu, dialogue, community engagement and reconciliation were deplored to build trust among the citizenry.
He noted that the people of Rivers State have shown incredible resilience and patience in the efforts taken so far to restore the State back to the path of peace and respect for the law.
Vice Admiral (Rtd) Ibas assured that his administration remains committed to achieving enduring peace for the state.
He said: “Beyond security, we have prioritised community engagements as a central part of our strategy. Dialogue, reconciliation, and inclusivity have been key to building trust among our people.
“We are determined to strengthen the bond of unity in Rivers State and to foster an environment where every citizen feels valued, heard, and respected. Together, we are making strides in ensuring that peace becomes a permanent feature of our state.”
Responding, Senator Barinada Mpigi, representing Rivers South-East District, said they are dedicated representatives of Rivers people at the National Assembly and resolved to support all efforts that will bring development to the State.
While commending the administrator for the modest successes he had achieved so far, Senator Mpigi pledged the support and cooperation of the legislators to ensure the return of the state on the path of law and order.
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Just in: Shettima jets out to attend Senegal’s independence

Vice President Kashim Shettima has departed Abuja for Dakar, Senegal for official assignment.
The VP is expected to represent President Bola Ahmed Tinubu at the West African nation’s 65th Independence Anniversary celebrations.
Senegal marks its Independence Day on April 4 each year, commemorating its liberation from French colonial rule in 1960.
The annual celebration is a significant event featuring national parades, cultural displays, and ceremonies highlighting the country’s achievements and unity.
A statement issued on Thursday by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, said Shettima’s participation followed an official invitation from Senegalese President, Bassirou Diomaye Faye.
This underscored the strong diplomatic and economic ties between Nigeria and Senegal.
The two nations share longstanding relations, particularly within the Economic Community of West African States (ECOWAS), fostering cooperation on regional security, trade, and development initiatives.
The event is expected to reaffirm Senegal’s commitment to democratic governance and regional cooperation.
Vice President Shettima is scheduled to return to Nigeria immediately after the one-day celebrations, continuing his engagements in national development and diplomatic outreach.
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