By Adedapo Adesanya

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the final phase of liquidating 89 defunct Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) nationwide after their takeover by new operators under its resolution framework.

The corporation said the action follows the revocation of licences by the Central Bank of Nigeria (CBN) in May 2023, which affected 179 microfinance banks and four primary mortgage banks.

In a statement by its Head of Communication and Public Affairs, Mrs Hawwua Gambo, the NDIC explained that under the Purchase and Assumption (P&A) model, 89 new institutions were licensed to assume the assets and liabilities of the failed banks, adding that the acquiring institutions have since commenced operations under new identities.

The agency said the transition enabled the new institutions to assume control of the assets and liabilities of the defunct banks, with operations already ongoing under new identities.

With the operational handover completed, the NDIC said it was now proceeding to formally wind up the old entities. As part of this process, the corporation, acting as liquidator, will approach various divisions of the Federal High Court to secure orders for their dissolution and to be discharged from its responsibilities.

It disclosed that the exercise is designed to conclude the resolution process, noting that “the exercise aims to bring closure to the resolution process while ensuring depositors’ interests remain protected, and the financial system remains stable.”

According to the NDIC, the P&A arrangement has ensured uninterrupted access to banking services in the affected communities, as acquiring institutions have fully taken over the operations of the defunct banks.

The Affected Lenders

A state-by-state breakdown indicates that Lagos recorded the highest number of affected institutions, with 27 banks undergoing the winding-down process. Osun followed with seven, while Anambra had six. The Federal Capital Territory accounted for five, and Akwa Ibom, Ogun, and Adamawa recorded four each.

Oyo, Kaduna, Edo, and Niger had three institutions each, while Benue, Delta, Imo, and Ondo recorded two apiece. Other states, including Abia, Ekiti, Enugu, Rivers, Plateau, Nasarawa, Kano, Kwara, Jigawa, and Katsina, had one institution each affected.

Among them are Mouau Vasmucs Microfinance Bank, Eduek Microfinance Bank, Ini Microfinance Bank, and Nsehe Microfinance Bank. Others include Zawadi Microfinance Bank, Akpo Microfinance Bank, Anya Microfinance Bank, Awka Microfinance Bank, and Enugwu-Ukwu Microfinance Bank.

The list also features Isi-Aku Microfinance Bank, Obosi Microfinance Bank, Cub Microfinance Bank, Umejei Microfinance Bank, ABC Microfinance Bank, Ehor Microfinance Bank, and Esan Microfinance Bank. Amoye Microfinance Bank, Goldenfunds Microfinance Bank, Evangel Microfinance Bank, Greenland Microfinance Bank, and Arise Microfinance Bank are also affected.

Banccorp Microfinance Bank, Bishopgate Microfinance Bank, Bridgeway Microfinance Bank, and Briyth Covenant Microfinance Bank are on the list. Credit Afrique Microfinance Bank, Echo Microfinance Bank, Eyowo Microfinance Bank, and Fiyinfolu Microfinance Bank are also included.

Other affected lenders are Hackman Microfinance Bank, Halmond Microfinance Bank, Manna Microfinance Bank, Manny Microfinance Bank, and Mayfair Microfinance Bank. Mercury Microfinance Bank, Moneywise Microfinance Bank, Network Microfinance Bank, Nuture Microfinance Bank, Onyx Microfinance Bank, and Oros Capital Microfinance Bank are also listed.

The list further includes Peniel Microfinance Bank, Primera Microfinance Bank, Purple Money Microfinance Bank, Stallion Microfinance Bank, Sunrise Microfinance Bank, Surbpolitan Microfinance Bank, Verdant-Capital Microfinance Bank, and Zikado Microfinance Bank.

Also affected are Aiyepe Microfinance Bank, Interland Microfinance Bank, Star Microfinance Bank, Zigate Microfinance Bank, Fasilidapo Microfinance Bank, and Newage Microfinance Bank. Boluwaduro Microfinance Bank, Iba Microfinance Bank, Idese Microfinance Bank, Ola Microfinance Bank, Olofin Microfinance Bank, and Olofin-Owena Microfinance Bank are included.

Osogbo Microfinance Bank, Firstindex Microfinance Bank, Joint Farmers Microfinance Bank, Ologbon Microfinance Bank, and Iwoama Microfinance Bank also made the list. Adamawa Homes & Savings, Mautech Microfinance Bank, Michika Microfinance Bank, Biyama Microfinance Bank, and Musharaka Microfinance Bank are affected as well.

The remaining institutions include Dangizhi Microfinance Bank, Edumana Microfinance Bank, Mainsail Microfinance Bank, Ally Microfinance Bank, and Business Support Microfinance Bank. Daniels Global Microfinance Bank, First Multiple Microfinance Bank, Grassroots Microfinance Bank, Bluewhales Microfinance Bank, and Josad Microfinance Bank are also listed.

Others are BIPC Microfinance Bank, Jamis Microfinance Bank, Narict Microfinance Bank, Fahimta Microfinance Bank, Mabinas Microfinance Bank, New World Microfinance Bank, Northbridge Microfinance Bank, Omu-Aran Microfinance Bank, and Cherish Microfinance Bank.

By Adedapo Adesanya

The Federal High Court sitting in Lagos has granted an interim injunction restraining the Federal Competition and Consumer Protection Commission (FCCPC) from enforcing key provisions of its Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending the determination of a substantive suit before the court.

Justice Ambrose Lewis-Allagoa granted the order following an ex-parte application filed by the Wireless Application Service Providers Association of Nigeria (WASPA Nigeria), which is challenging the legality and applicability of the regulations.

The association had approached the court on April 14, 2026, seeking urgent judicial intervention to halt the implementation of what it described as ultra vires provisions of the regulatory framework, also referred to as the “DEON Consumer Lending Regulations.”

In the ruling, the court held that the applicant had demonstrated sufficient urgency and legal grounds to warrant temporary protection pending the hearing of the motion on notice for an interlocutory injunction.

WASPA Nigeria, represented by Mrs Kemi Pinheiro, SAN, argued that several provisions of the regulations impose obligations on its members operating in the telecommunications and digital services ecosystem.

The group further contended that the FCCPC lacked statutory authority to regulate technical and operational aspects of telecommunications services, which it said fall under the mandate of the Nigerian Communications Commission (NCC).

In its motion, WASPA urged the court to restrain the FCCPC from enforcing specific provisions of the regulations, including paragraphs 3, 7, 10, 12, 13, 14, 15, 16, 24, 27, 29 and 32, as well as from imposing sanctions, penalties, or compliance directives on its members.

The court, after reviewing the supporting affidavit deposed to by Ayo Stuffman, granted interim relief preserving the status quo.

Justice Lewis-Allagoa, in his ruling, restrained the FCCPC from implementing or giving effect to the contested provisions of the regulations, taking enforcement steps against WASPA members, or issuing further directives under the disputed framework.

The judge also barred the commission from imposing sanctions or penalties on affected entities pending the determination of the substantive application.

The matter was adjourned to April 27, 2026, for the hearing of the motion on notice.

The ruling represents a temporary setback for the FCCPC, which recently introduced the regulations as part of efforts to strengthen oversight of Nigeria’s fast-growing digital lending and fintech ecosystem.

The regulations were designed to address consumer protection concerns, data privacy issues, and unregulated lending practices within the sector.

By Aduragbemi Omiyale

Ecobank Group, the parent company of Ecobank Nigeria Limited, has released its financial statements for the 2025 accounting year, growing its net revenues by 17 per cent to $2.5 billion from $2.1 billion in the preceding year.

An analysis of the earnings showed that Corporate and Investment Banking (CIB) revenues grew by 21 per cent, while Consumer and Commercial Banking (CCB) earnings rose by 14 per cent, with higher transaction volumes across channels expanding Payment revenue by 14 per cent to $305 million in the period under review.

Details of the results submitted to the Nigerian Exchange (NGX) Limited showed that pre-tax profit went up by 21 per cent to $801 million, and the net profit jumped by 22 per cent to $407 million from $333 million, with the earnings per share (EPS) up by 23 per cent.

Business Post observed that customer deposits increased to $25.3 billion, with gross loans and advances to customers up by $2.3 billion to $12.8 billion.

Commenting on the performance of the financial institution, the chief executive of Ecobank, Mr Jeremy Awori, said, “Our 2025 performance has further demonstrated that our Growth Transformation and Returns (GTR) strategy, along with our geographically diversified business model, are yielding positive results.”

He disclosed that regarding the Consumer Banking business, the company broadened access for both new and existing customers by expanding digital account openings in more markets.

“We installed 500 new ATMs, extended our Direct Sales Agents into 22 markets, and added over 1,000 new personnel. In Commercial Banking, we strengthened our relationships with small and medium-sized enterprises (SMEs), particularly in the agribusiness sector, by introducing specialised expertise and enhanced digital tools to serve our clients better and improve access to funding.

“Within CIB, we secured over 75 major mandates with multinationals, development finance institutions (DFIs), humanitarian agencies, and regional corporations, while $610 million in commodity financing supported robust performance in our Trade business,” he added.

He commended the nearly 14,000 employees of the organisation for their efforts in growing the key performance indicators, noting that “these achievements would not have been possible without” their dedication.

“As we look ahead to 2026, we remain confident in our ability to execute our GTR strategic initiatives. However, we are fully aware of the potential implications for economic and financial conditions stemming from geopolitical tensions in the Middle East, as well as macroeconomic impacts across Africa and globally. Our focus remains on executing with agility, resilience, and disciplined risk and expense management across all our markets,” Mr Awori stated.