NDIC Takes Over Liquidation of 46 Revoked Microfinance Banks, Warns Against Transactions

Oru Leonard 

Abuja, July 1, 2026 – The Nigeria Deposit Insurance Corporation (NDIC) has announced that it has assumed responsibility as the official liquidator of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN), assuring depositors that the process of reimbursing insured funds has commenced.

In a statement issued on Wednesday, the NDIC said its appointment as liquidator followed the CBN’s revocation of the banks’ licences on July 1, 2026, in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.

The Corporation declared that the affected microfinance banks are no longer authorised to carry out banking operations in Nigeria and cautioned members of the public against conducting any transactions with the defunct institutions.

It also warned that any attempt to remove, conceal, retain or tamper with the assets, records or properties of the closed banks would amount to a violation of the law and could attract legal sanctions.

According to the NDIC, it has commenced the orderly closure of the failed banks through immediate takeover, verification of depositors and payment of insured deposits to eligible customers.
“The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors,” the statement said.

The Corporation assured depositors and other stakeholders that updates on the liquidation process and further steps would be communicated regularly.
The 46 affected microfinance banks are spread across several states, including Lagos, Kano, Abuja, Rivers, Abia, Ogun, Kebbi, Plateau, Kaduna, Benue, Cross River, Delta, Anambra, Ondo, Osun, Oyo, Bayelsa, Niger, Kwara and Akwa Ibom.
The statement was signed by Hawwau Gambo, Head of Communication and Public Affairs Department, NDIC.

The list of the affected MFBs is as follows:
S/NO
MFB
CATEGORY
STATE

1
Minji-Se Churchill MFB
Tier 1
Rivers

2
Merchant MFB
Tier 2
Abia

3
Janmaa MFB
Tier 1
Kwara

4
Busu MFB
Tier 2
Niger

5
Gold MFB
Tier 1
Lagos

6
Zain MFB (foremerly Dawakin Tofa MFB)
Tier 2
Kano

7
Bompai MFB
Tier 1
Kano

8
Ajwa MFB (Formerly Gezawa)
Tier 2
Kano

9
Now Now Digital MFB
Tier 2
Kano

10
Crystabel Microfinance Bank
Tier 1
Bayelsa

11
Chanelle MFB
State
Lagos

12
Abia SME MFB
Tier 1
Abia

13
Kamba MFB
Tier 2
Kebbi

14
Iwade MFB
Tier 2
Ogun

15
Winview MFB
Tier 1
Abuja

16
Zuru MFB
Tier 2
Kebbi

17
Minjibir MFB
Tier 1
Kano

18
Shanono MFB
Tier 2
Kano

19
Sumaila MFB
Tier 2
Kano

20
Rimin Gado MFB
Tier 2
Kano

21
Mwaghavul MFB
State
Plateau

22
Sycamore MFB
Tier 2
Kano

23
TOFA MFB
Tier 2
Kano

24
Safegate MFB
Tier 1
Lagos

25
Creekline MFB
Delta
Tier 2

26
Bestar MFB
Tier 1
Oyo

27
Livingspring MFB
Tier 1
Cross River

28
Apple MFB
Tier 2
Ogun

29
Stanford MFB
State
Uyo

30
Frontline MFB
Tier 2
Anambra

31
Zafec MFB
Tier 2
Kaduna

32
Supreme MFB
Tier 1
Lagos

33
Bejin-Doko MFB
Tier 2
Niger

34
Kanopoly MFB
Tier 1
Kano

35
Bellbank MFB formerly Tsanyawa
Tier 2
Kano

36
Yeneng MFB
Tier 2
Plateau

37
Creditville MFB
Tier 1
Lagos

38
MBAG MFB
Tier 1
Lagos

39
STRAIGHT SAHARA MFB
Tier 1
Benue

40
OURPASS MFB
Tier 2
Ondo

41
VERDANT MFB
Tier 1
Lagos

42
BASAWA MFB
Tier 2
Kaduna

43
CASHA MFB
Tier 2
Abuja

44
ESTEEM MFB
Tier 2
Kano

45
ENTERPRENEUR MFB
Tier 1
Lagos

46
AVANTUS MFB
Tier 2
Osun

Signed

Hawwau Gambo
Head, Communication & Public Affairs Department
July 1, 202
www.ndic.gov.ng