Nigeria Deposit Insurance Corporation (NDIC) has warned members of the public against carrying out any transactions with the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN).
The corporation issued the warning on Thursday following the revocation of the licences by the CBN on July 1, 2026.
In a statement, the NDIC said it had been appointed the official liquidator of the failed banks pursuant to Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1) and 55(2) of the NDIC Act 2023.
It stated that the affected microfinance banks were no longer authorised to carry out banking business in Nigeria following the withdrawal of their licences.
The corporation cautioned members of the public against engaging in any unauthorised transactions with the closed banks or attempting to tamper with their assets and records.
It warned that any attempt by individuals to remove, conceal, retain or interfere with the assets, records or properties of the failed institutions would constitute a violation of the law and could attract appropriate legal sanctions.
According to the NDIC, it has commenced the process of an orderly closure of the banks through their immediate takeover, verification of depositors and payment of insured deposits to eligible customers.
The corporation assured depositors that the liquidation process would be conducted in accordance with relevant laws and regulations.
It added that depositors and the general public would be kept informed on further steps regarding the liquidation exercise, including the verification process and payment of insured sums to eligible depositors.
The NDIC urged customers of the affected banks to remain calm, assuring them of its commitment to protecting insured deposits and ensuring an orderly resolution of the failed financial institutions.
