NDIC Receives Winding Up Orders for 96 Banks
By Patience Ikpeme
The Nigeria Deposit Insurance Corporation (NDIC) has says it has received winding up Orders for 96 out of the 183 microfinance and primary mortgage banks that had their licenses revoked by the Central Bank of Nigeria in May 2023.
During a sensitisation seminar for Judges of the Federal High Court in Lagos, NDIC Managing Director Bello Hassan made this disclosure as part of efforts to educate the judiciary on the complexities of the banking industry.
Hassan stated that, “to date, the Corporation has acquired winding up Orders for 96 out of the 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023, within less than a year of revocation.”
He emphasized that the NDIC is dedicated to upholding its mission of safeguarding depositors through bank supervision, failure resolution, and liquidation in order to enhance confidence in the financial system.
Addressing the judiciary’s role in fulfilling this mandate, Hassan noted that the NDIC, “views the judiciary as a crucial partner. This ensures that when cases come before them, they are dealt with swiftly and justice is served.”
Highlighting the impact of previous seminar editions, Hassan noted that delays in liquidation-related litigations have been significantly reduced.
