Depositors, Others Panic as CBN Revokes Licence of 42 Microfinance Banks

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By Modupe Gbadeyanka

The financial system in Nigeria has again been thrown into disarray with the shutting down of 42 microfinance banks across the country.

The operating licence of the affected small lenders was revoked by the Central Bank of Nigeria (CBN), the main regulator of the banking sector in the country.

Already, depositors, shareholders and the creditors of the financial institutions closed by the CBN are in a panic mode because of the experiences of victims of other banks shut by the regulator.

But the Nigeria Deposit Insurance Corporation (NDIC), which acts as the official liquidator of the banks whose licenses were recently cancelled, has assured depositors of the part payment of the money if it is within the limit it can pay.

The agency, in a statement, disclosed that it was already “in the process of closing the listed banks and pay their insured depositors.”

In view of this, it has asked “all depositors of these banks [to] visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, December 21, 2020, till Thursday, December 24, 2020.

The affected banks are:

S/N BANK ADDRESS
1 HEDGEWORTH MFB GUOBA PLAZA SUITE B06, – 171, A.E. EKUKINAM STREET, BY CHISCO, UTAKO, ABUJA
2 FUTURE GROWTH MFB REAL TOWER PLAZA, PLOT 1121 OBAFEMI AWOLOWO WAY, UTAKO, ABUJA
3 BAGWAI MFB BAGWAI-SHANONO ROAD, BAGWAI LGA, KANO
4 ERE CITY MFB ERE-IJESHA/IIIAHUN ROAD, ERE-IJESHA, ORIADE LGA, OSUN
5 CAFON MFB GARKI POLICE BARRACKS, GARKII, FCT, ABUJA
6 AKCOFED MFB EKIT ITAM II (BESIDE WATER BOARD), P. O. BOX 2048, UYO, AKWA-IBOM STATE
7 GUFAX MFB N0. 3 UDOTUNG UBO STREET UYO, AKWA IBOM STATE
8 PARTNERSHIP MFB 107 UPPER IWEKA ROAD, ONITSHA, ANAMBRA STATE
9 ICB MFB IIIAH-ASABA ROAD, OSHIMILI NORTH LGA, IIIAH, DELTA STATE
10 ONIMA MFB NIPOST BUILDING, EKEOCHA ONICHA, EZINIHITTE MBAISE LGA, IMO STATE
11 HOMETRUST (NATIONS) MFB 76, ORLU ROAD, NKWERE, IMO STATE
12 RINGIM MFB OPP. RINGIM CENTRAL MARKET, RINGIM, JIGAWA STATE
13 BIGTHANA MFB 6, ALI AKILU ROAD, KADUNA
14 ROGO MFB ROGO TOWN, ROGO LGA, KANO STATE
15 MAKODA MFB NO 15, KOGUNA TOWN, MAKODA LGA, KANO
16 TAKAI MFB TAKAI TOWN, TAKAI LGA, KANO STATE
17 BEBEJI MFB NO. 10 GIDAN IYAN, BEBEJI TOWN, BEBEJI L.G.A., KANO STATE
18 AJINGI MFB NO. 10 HAKIMI STREET, AJINGI TOWN, AJINGI LGA, KANO STATE
19 GARKO MFB 3, GARKO TOWN, KANO
20 KANGIWA MFB KANGIWA TOWN, KANGIWA LGA, KEBBI STATE
21 AUGIE MFB AUGIE TOWN, AUGIE LGA, KEBBI STATE
22 MOPA MFB SILAS BAMIDELE DANIYAN HOUSE, KABBA-ILORIN ROAD, MOPA, KOGI-STATE
23 SOLID BASE MFB EKIRIN ADDE, IJUMU LGA, KOGI STATE
24 ULTIMATE BENEFIT MFB 150C, OKENE KABBA ROAD, LOKOJA, KOGI
25 OVIDI MFB NO. 1, ATTA ROAD, OKENE, KOGI STATE
26 KIRFI MFB KIRFI TOWN, KIRFI LGA, BAUCHI
27 CREDIT EXPRESS MFB 27, KAKAWA STREET, LAGOS
28 KING SOLOMON MFB GOD BLESS NIGERIA HOUSE, 117/119, WETSERN AVENUE, IPONRI, LAGOS
29 RIGGS MFB PLOT 5, IMAN ABIB ADETORO STREET, OFF AJOSE ADEOGUN STREET, V.I., LAGOS
30 BILLIONAIRE BLUE BRICKS MFB APERIN HOUSE (2ND FLOOR) BLOCK I, PLOT 27, BUDO LAYOUT AJIWE, LEKKI EPE EXPRESSWAY, AJAH, LAGOS STATE
31 SUSU MFB 34, COMMERCIAL AVENUE SABO, YABA, LAGOS
32 WEALTHSTREAM MFB AQUARIUS BLOCK, ELEGANZA PLAZA, GROUND FLOOR, LEFT WING 1 COMMERCIAL ROAD, APAPA, LAGOS
33 AGUDA TITUN MFB 21, SHONOLA STREET, AGUDA TITUN, OGBA, LAGOS
34 SAPPHIRE MFB 111, ABAK ROAD, UYO, AKWA IBOM STATE
35 METRO MFB 15, OTUNUBI STREET, OFF HARUNA, OGBA, IKEJA, LAGOS
36 MOUNTAIN TOP MFB PROGRESS BLOCK, SHOP A102, AFRICAN TYRE VILLAGE, OPP. APT TRADE FAIR COMPLEX, LAGOS/BADAGRY EXPRESS WAY, LAGOS
37 UNYOGBA MFB 1, ALOMA ROAD, OPP. MKT. SQ., EJULE, OFU LGA, KOGI STATE
38 WAPO MFB OKENE-LOKOJA ROAD, NAGAZI, ADAVI LGA, OKENE, KOGI STATE
39 IBOGUN MFB IBOGUN EGBEDA, IFO LGA, OGUN STATE
40 KOREDE MFB NO. 3, LUWOYE STREET, IGBOTAKO, ONDO STATE
41 AHETOU MFB 26, EREMA ROAD, BYEPASS, AKABUKA, OGBA/EGBEMA/NDONI LGA, RIVERS STATE
42 FUFORE MFB NO. 25 GURIN ROAD, FUFORE LGA, ADAMAWA, YOLA STATE
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