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NDIC Obtains Order to Wind up 96 MFBs, PMBs

NDIC, Bello Hassan

Nigeria Deposit Insurance Corporation (NDIC) has disclosed 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.

This was made known by the Managing Director, NDIC, Bello Hassan while delivering a welcome address Thursday at a sensitization seminar for Judges of the Federal High Court in Lagos.

According to him, “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 sensitizing the judiciary for better understanding of the practice of the Commission given its role.

“We recognize 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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