Banking
NDIC Begins Final Liquidation of 89 Microfinance Banks, Mortgage Banks
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 Aduragbemi Omiyale
The N3.97 billion commercial paper issuance of AG Mortgage Bank Plc will close on Thursday, June 18, 2026.
The sale of the debt instrument by the real estate lender commenced on Wednesday, June 10, 2026.
It is under the N5 billion commercial paper issuance programme of the lending firm aimed to support its short-term working capital and funding requirements.
The company is selling the papers in two series, with Series 2 offered at a discounted rate of 19.2895 per cent for 270 days, and Series 3 at a discounted rate of 19.3651 per cent for 364 days.
The minimum subscription is N5 million, and subsequent additions of N1 million.
AG Mortgage Bank is a leading primary mortgage bank in Nigeria with over two decades of experience in providing affordable mortgage financing and housing finance solutions.
The bank has grown its asset base to over N33 billion and remains a key participant in major housing intervention programmes, including the National Housing Fund Scheme and other government-backed mortgage initiatives.
Supported by a diversified product offering, strong institutional credibility, and an experienced management team, AG Mortgage Bank continues to deliver solid financial performance.
For FY 2025, interest income increased by 28.1 per cent to N3.65 billion, while profit after tax rose by 130.0 per cent to N1.05 billion, reflecting strong earnings growth, operational efficiency, and prudent risk management.
By Aduragbemi Omiyale
The chairman of Access Holdings Plc, Mr Aigboje Aig-Imoukhuede, has reaffirmed the organisation’s long-term commitment to shareholders, expressing confidence in the company’s strategic positioning, which he said is underpinned by disciplined execution, a diversified business model, a strengthened capital base, and a clear focus on sustainable value creation.
Speaking at the 4th Annual General Meeting (AGM) of the firm on Wednesday, he explained that the temporary suspension of dividend distributions was a consequence of regulatory compliance requirements rather than any deterioration in the group’s financial performance.
Mr Aig-Imoukhuede reaffirmed that the financial institution’s earnings capacity remains strong and that the board’s position reflects adherence to supervisory expectations and prudent capital management principles.
He assured shareholders of the board’s commitment to resuming dividend payments as soon as the relevant regulatory conditions are satisfied, noting that, “Our approach is clear: capital retained today must translate into greater value tomorrow and sustainable returns for our shareholders.”
The Chairman reiterated the strategic imperative underpinning the company’s next phase of growth, saying, “Our strategy, From Scale to Value, reflects the natural evolution of our journey. Scale created opportunity; value creation is how we fully realise it.”
He noted that while the organisation continues to generate strong returns, ensuring that earnings per share consistently exceed the cost of capital remains central to unlocking sustainable shareholder value.
The retired banker also acknowledged the significant unrealised value embedded within the firm’s international subsidiaries and reiterated management’s focus on improving market recognition of that intrinsic value over time.
Commenting on the financial performance of the group in 2025, he said Access Holdings accelerated provisions on legacy and regulatory forbearance credit exposures, resulting in elevated impairment charges.
He explained that the group consciously prioritised balance sheet strength and long-term resilience over short-term earnings optimisation.
“Periods of economic uncertainty often reveal more about an institution than periods of uninterrupted growth. Our focus remains on building a business that is not only growing, but improving in the quality, resilience, and sustainability of its earnings,” he stated.
Last year, the financial services organisation delivered pre-tax profit of N1.007 trillion, underscoring the strength of its diversified platform and expanding earnings base across key markets. Total assets increased to N51.56 trillion, while customer deposits grew strongly, reflecting sustained franchise momentum and deepening customer trust.
By Modupe Gbadeyanka
A new report highlighting the transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers has been launched by HabariPay Limited.
The report, known as the HabariPay Impact Report 2025, provides stakeholders with a comprehensive evolution, innovation journey, business performance, and impact of the fintech subsidiary of Guaranty Trust Holding Company (GTCO) Plc on the digital payments landscape.
The company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions were also captured in the piece.
The HabariPay Impact Report 2025 also highlights the organisation’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions.
The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.
It showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.
“As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators.
“The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy,” the Managing Director of HabariPay, Ms Eduofon Japhet, said.
“The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders.
“As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive,” she added.
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