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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
Plateau 51: Mutfwang mourns, says “we failed you”, begs affected community

Governor Caleb Mutfwang of Plateau State has apologised to the people of Bassa Local Government Area (LGA) for the failure of government and security agencies to protect lives and properties.
Fifty-one persons were gunned down early Monday in the Zikke community of the LGA, with houses razed and many displaced about two weeks after a similar attack led to the killing of scores of persons in Bokkos Local Government Area.
Less than two days after the most recent assault, Governor Mutfwang apologised for the government’s inability to protect the people.
Fifty-one persons were gunned down early Monday in the Zikke community of the LGA, with houses razed and many displaced about two weeks after a similar attack led to the killing of scores of persons in Bokkos Local Government Area.
Less than two days after the most recent assault, Governor Mutfwang apologised for the government’s inability to protect the people.
The governor said this on Tuesday at the palace of the Paramount Ruler in Miango.
“I will tell you the truth: I have been crying since yesterday because I had trusted God that all the arrangements were put in place, that this will not happen again. We have made investments in security,” he said.
But like all human arrangements, sometimes they fail. I want to admit that on Sunday night into Monday morning, we failed you. Please, forgive me.”
He urged the people not to relent in their efforts to secure their communities and ensure that they complement security agencies’ efforts by providing vital information for intelligence gathering and expose the antics of the criminals.
Governor Mutfwang, in the company of security chiefs and members of the state executive council, was in Zikke community to commiserate with the people on the death of over fifty persons killed in Monday’s attacks.
The Paramount Ruler of Irigwe land, Ronku Aka, who is the Brangwe of Irigwe, urged the government to come to the aid of the communities with the provision of social amenities in the area.
The governor and the entourage also went to see some of the families who lost their loved ones in the attack. The victims have been buried just as members of the community demanded action to stem the rising wave of insecurity in the state.
Plateau State has been a hotbed of attacks, but the renewed spate of attacks adds a fresh layer of twist to the decades-long crisis rocking the North-Central state.
After the most recent assaults, President Bola Tinubu ordered security agencies to fish out the masterminds, describing the attacks as condemnable.
While experts have linked the lingering Plateau crisis to farmers-herders tussle for resources, Governor Muftwang said it was sponsored and genocidal.
According to him, over 64 communities in the state have been taken over by gunmen.
News
Court reserves verdict in Ganduje, seven others alleged financial infractions case

The Kano State High Court on Tuesday reserved ruling in the high-profile case involving the National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Umar Ganduje, and seven others, who are facing an eight-count charge bordering on bribery, misappropriation, and diversion of public funds.
The case, instituted by the Kano State Government, lists Ganduje, his wife Hafsat Umar, Abubakar Bawuro, Umar Abdullahi Umar, Jibrilla Muhammad, Lamash Properties Limited, Safari Textiles Limited, and Lasage General Enterprises Limited as defendants.
When the case came up for hearing, the legal teams for all defendants presented various preliminary objections challenging the jurisdiction of the court and filed applications for extension of time.
Leading the defence for Ganduje, his wife, and Umar, Offiong Offiong (SAN) told the court: “We filed our preliminary objection dated November 18, 2024, supported by a 28-paragraph affidavit and a written address. We also filed a reply on point of law dated April 4, 2025. We urge the court to grant our application.”
On the other hand, the prosecution led by Adeola Adedipe, SAN, maintained that the defence applications lacked merit.
“The state’s reply to the preliminary objection is dated October 22, 2024. It is backed by a seven-paragraph counter affidavit and a written address with supporting documents,” Adedipe said.
“We urge the court to dismiss the applications in their entirety.”
Counsel to the 3rd and 7th defendants, Adekunle Taiye-Falola, filed a similar preliminary objection dated October 18, 2024.
In response to the complainant’s counter affidavit, we submitted a further and better affidavit dated December 12, 2024, along with a reply on point of law. We respectfully urge the court to grant the application,” he said.
Sunusi Musa, SAN, representing the 5th defendant, filed his own objection with similar supporting documents.
“We are seeking not just a grant of our application, but also substantial costs against the complainant,” Musa added.
Ashafa Yusuf, counsel to the 6th respondent, noted: “Our notice of preliminary objection was dated September 9, 2024. We filed a further and better affidavit on February 17, 2025, and a reply on point of law. We request the court to grant our reliefs.
For the 8th defendant, counsel Faruk Asekome also filed a preliminary objection and followed up with a further affidavit and legal reply dated February 13, 2025.
“We have complied fully with the procedural requirements, and we ask the court to grant the application,” he said.
Presiding over the case, Justice Amina Adamu-Aliyu granted the applications for an extension of time. She, however, reserved ruling on the preliminary objections.
“Ruling on the notices of preliminary objection is hereby reserved. A new date will be communicated to all parties in due course,” Justice Adamu-Aliyu stated.
The court’s eventual decision on jurisdiction is expected to determine whether the trial will proceed or be dismissed at this stage.
News
Reps Minority Caucus decries incessant tanker fire explosions, call for decisive actions to avert future occurrences

Following the twin tanker fire explosions which occurred last weekend in Ibadan, Oyo state, and Akwanga, Nasarawa state, the Minority Caucus in the House of Representatives expressed shock and sadness over the unfortunate incidents.
The Reps Minority Caucus made this disclosure in a statement jointly signed by leaders of the caucus: Rep. O.K Chinda
(Minority Leader) Rt. Hon. Dr. Ali Isa J.C (Minority Whip) Rt. Hon. Aliyu Madaki (Deputy Minority Leader) Rt. Hon. George Ozodinobi
(Deputy Minority Whip) on Monday stating that:
“Thankfully, no lives were lost at the two avoidable incidents. But it is painful that an unspecified number of vehicles, shops, motorcycles, and other properties worth hundreds of million naira were lost; particularly at the Ibadan incident.
“It is more worrisome that this is coming at a time that the economic hardship is approaching it’s zenith in Nigeria.
The Caucus recalls that after the January tanker fire explosion in Niger state, where lives of Nigerians and humongous properties were lost, it called on the Federal Government for necessary actions.
“Happily, the government resolved to ban fuel tankers with capacities exceeding 60,000 litres of petroleum motor spirit (popularly called petrol) from operating on Nigerian roads with effect from March 1, 2025.
“However, it is disheartening that, from reports across the country, many fuel tankers are yet to comply with the directive. More ludicrous is that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) responsible for enforcing the regulation is yet to comply with the presidential directive; about six weeks after the kick-off date.
Apparently disturbed about the frequency of tanker explosions across the country; almost becoming permanent fixtures on challenges bedeviling Nigeria, and the damaging effects on our people, the environment, and national development, the Caucus strongly calls for deliberate and decisive actions to stem the same by the bud.
” We call on the federal government for more pro-active measures that will not only avert future occurrences but stop tanker explosions in the country.
“From reports, the Ibadan incident happened as the driver encountered difficulties navigating deteriorated portions of the Toll Gate end of the Lagos-Ibadan expressway.
“Given the deplorable state of this road, and similar others, the Caucus urges the Federal Roads Maintenance Agency (FERMA) to carry out immediate rehabilitation works on these roads.
“The Caucus shall initiate, collaborate, and pursue every legislative action that will secure the safety of our people, and properties; which is the main purpose of government.
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