New Telegraph

NDIC Moves To Finally Liquidates 132 CBN Licensed Revoked Banks

The Nigeria Deposit Insurance Corporation (NDIC) has said that it would soon completely Liquidates the 132 Banks whose Licenses were revoked by the Central Bank of Nigeria (CBN).

Speaking at Kano Rumfa College, during the NDIC, 2023 Financial Literacy Day on Thursday, the Zonal Controller of the Corporation, Alhaji Shehu Usman, said the Apex Bank has since forwarded the licenced withdrawn Banks to them for final Liquidations.

The CBN had early this week, revoked the operating Licenses of 132 microfinance banks in Nigeria country, alongside those of four primary mortgage banks and three finance companies

The Apex Bank stated that the licenses of the financial institutions were revoked because they “ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months; failed to fulfil or comply with the conditions subject to which their licenses were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”

However, speaking in Kano, the Zonal Controller of the NDIC, notes that their responsibility is to ensure the protection and guarantee of the financial disposition of Nigerians a reasons why they are cooperating with the CBN to achieve such missions.

Speaking about the Financial Literacy Day for the Students, the NDIC boss hints that it becomes imperative for the Students to be aware of financial transactions and how to go about it.

Shehu explained that through the literacy day, they are teaching Students how to operate accounts including Business transaction accounts for them to know how to invest their money or even appropriately save it.

The Principal of Rumfa College, Alhaji Safiyanu NaAbba, expressed happiness that out of over 1000 Colleges they are been selected, he added that has given them the strength to teach the students perfectly.

Safiyanu NaAbba said Rumfa College was established in 1927 and it has produced many Leaders including late Head of State Murtala Muhammad and General Sani Abacha.

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