PRESS RELEASE

Following the revocation of the operating licences of 224 microfinance banks (MFBs) on the grounds of insolvency by the Central Bank of Nigeria (CBN) and the taking over of the banks by Nigeria Deposit Insurance Corporation (NDIC) as provisional Liquidator, staff of the Corporation have been deployed to various branches of the 224 microfinance banks nationwide.

The staff are expected to verify deposit liabilities of each bank with a view to expediting payment of insured deposits.

Meanwhile, the Ag. Managing Director/Chief Executive of the Corporation, Alhaji Umaru Ibrahim visited the Inspector-General of Police, who assured him that Police would be deployed to all branches of the affected banks to ensure safety of the banks’ assets.

SIGNED
MANAGEMENT