The Nigeria Deposit Insurance Corporation (NDIC) has revealed that it has obtained Winding up Orders for 96 out of 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023.
The Managing Director, NDIC, Bello Hassan revealed this on Thursday at a sensitisation seminar for Judges of the Federal High Court in Lagos organised by the NDIC, to enlighten the judiciary on the intricacies of the banking industry.
According to Hassan, “As at date, the Corporation had obtained Winding up Orders for 96 out of 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023, in less than one Year of revocation.”
He added that the NDIC was leaving no stone unturned in ensuring that it fulfils its mandate of protecting the interests of depositors through bank supervision, failure resolution and liquidation so as to enhance confidence and stability in the financial system. He added that in fulfilling such mandate, it was imperative to sensitising the judiciary for better understanding of the practice of the Commission given its role.
“We recognise the Judiciary as one of our critical stakeholders. With this, when cases are brought before them, they can receive accelerated hearing and proclamation of Justice,” he explained.
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