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CBN Liquidates 42 Microfinance Banks


BEVERLY HILLS, December 20, (THEWILL) – The Central Bank of Nigeria (CBN) has revoked the licenses of 42 microfinance banks in the country and has subsequently closed them.

The Nigeria Deposit Insurance Corporation (NDIC) while disclosing this in a statement yesterday said it will promptly commence the verification of claims of depositors of the affected banks from tomorrow Monday, December 21, 2020.

The NDIC said it had begun the process of paying insured depositors of the liquidated banks across the country.

This assurance followed reported apprehension among many depositors, prompting the desire for urgent panic withdrawals for fear of losing their deposits.

The affected banks and their location are: 

Bank  – Address
1 Hedgeworth MFB  – Guoba Plaza Suite B06, – 171, A.E. Ekukinam Street, By Chisco, Utako, Abuja
2 Future Growth MFB – Real Tower Plaza, Plot 1121 Obafemi Awolowo Way, Utako, Abuja
3 Bagwai MFB – Bagwai-Shanono Road, Bagwai Lga, Kano
4 Ere City MFB – Ere-Ijesha/Iiiahun Road, Ere-Ijesha, Oriade Lga, Osun
5 Cafon MFB – Garki Police Barracks, Garkii, Fct, Abuja
6 Akcofed MFB – Ekit Itam Ii (Beside Water Board), P. O. Box 2048, Uyo, Akwa-Ibom State
7 Gufax MFB – N0. 3 Udotung Ubo Street Uyo, Akwa Ibom State
8 Partnership MFB -107 Upper Iweka Road, Onitsha, Anambra State
9 ICB MFB Iiiah-Asaba Road, Oshimili North Lga, Iiiah, Delta State
10 Onima MFB  – Nipost Building, Ekeocha Onicha, Ezinihitte Mbaise Lga, Imo State
11 Hometrust (Nations) MFB  – 76, Orlu Road, Nkwere, Imo State
12 Ringim MFB  – Opp. Ringim Central Market, Ringim, Jigawa State
13 Bigthana MFB – 6, Ali Akilu Road, Kaduna
14 Rogo MFB – Rogo Town, Rogo Lga, Kano State
15 Makoda MFB – No 15, Koguna Town, Makoda Lga, Kano
16 Takai MFB – Takai Town, Takai Lga, Kano State
17 Bebeji MFB – No. 10 Gidan Iyan, Bebeji Town, Bebeji L.G.A., Kano State
18 Ajingi MFB –  No. 10 Hakimi Street, Ajingi Town, Ajingi Lga, Kano State
19 Garko MFB –  3, Garko Town, Kano
20 Kangiwa MFB Kangiwa Town, Kangiwa Lga, Kebbi State
21 Augie MFB –  Augie Town, Augie Lga, Kebbi State
22 Mopa MFB Silas Bamidele Daniyan House, Kabba-Ilorin Road, Mopa, Kogi-State
23 Solid Base MFB Ekirin Adde, Ijumu Lga, Kogi State
24 Ultimate Benefit MFB 150c, Okene Kabba Road, Lokoja, Kogi
25 Ovidi MFB No. 1, Atta Road, Okene, Kogi State
26 Kirfi MFB Kirfi Town, Kirfi Lga, Bauchi
27 Credit Express MFB –  27, Kakawa Street, Lagos
28 King Solomon MFB God Bless Nigeria House, 117/119, Wetsern Avenue, Iponri, Lagos
29 Riggs MFB Plot 5, Iman Abib Adetoro Street, Off Ajose Adeogun Street, V.I., Lagos
30 Billionaire Blue Bricks MFB Aperin House (2nd Floor) Block I, Plot 27, Budo Layout Ajiwe, Lekki Epe Expressway, Ajah, Lagos State
31 Susu MFB 34, Commercial Avenue Sabo, Yaba, Lagos
32 Wealthstream MFB Aquarius Block, Eleganza Plaza, Ground Floor, Left Wing 1 Commercial Road, Apapa, Lagos
33 Aguda Titun MFB –  21, Shonola Street, Aguda Titun, Ogba, Lagos
34 Sapphire MFB 111, Abak Road, Uyo, Akwa Ibom State
35 Metro MFB 15, Otunubi Street, Off Haruna, Ogba, Ikeja, Lagos
36 Mountain Top MFB Progress Block, Shop A102, African Tyre Village, Opp. Apt Trade Fair Complex, Lagos/Badagry Express Way, Lagos
37 Unyogba MFB 1, Aloma Road, Opp. Mkt. Sq., Ejule, Ofu Lga, Kogi State
38 Wapo MFB Okene-Lokoja Road, Nagazi, Adavi Lga, Okene, Kogi State
39 Ibogun MFB Ibogun Egbeda, Ifo Lga, Ogun State
40 Korede MFB No. 3, Luwoye Street, Igbotako, Ondo State
41 Ahetou MFB 26, Erema Road, Byepass, Akabuka, Ogba/Egbema/Ndoni Lga, Rivers State
42 Fufore MFB No. 25 Gurin Road, Fufore Lga, Adamawa, Yola State.

The NDIC statement said, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 Microfinance Banks (MFBs) have been revoked by the Central Bank of Nigeria (CBN) effective from 12th of November, 2020.

“The Nigeria Deposit Insurance Corporation (NDIC), the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and paying their insured depositors.

“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.”

The statement added that for further clarification or any assistance, eligible depositors should contact the representatives of the director, Claims Resolution Department of the NDIC in any of the centres/zonal offices in Abuja, Lagos, Enugu, Benin, Kano, Ilorin, Bauchi, Sokoto, Yola and Port Harcourt.

Earlier, the NDIC had stated that a limited understanding and widespread misconception of the Deposit Insurance System (DIS) in Nigeria was largely responsible for the pool of unclaimed deposits following bank closures.