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 Modupe Gbadeyanka
Zenith Bank is championing the narrative that children are the true leaders of tomorrow by deepening its investment in carefully curated initiatives that elevate kids across education, financial literacy, health, digital inclusion, and social protection, building a generation equipped to thrive and lead.
For Zenith Bank, much more than commemorating the annual Children’s Day marked every May 27, every child matters, and the bank’s footprint reflects a deliberate, pan-African strategy to nurture potential from the earliest age.
Zenith Bank has been the financial institution partner to Kiddies Corner on Inspiration 92.3FM Lagos for over three years, anchoring the Tuesday edition and the Zenith Financial Literacy Friday show. The programme blends spelling bee contests with financial literacy questions, creating awareness and onboarding children into the Zenith Children’s Account (ZECA). This partnership came alive at the Inspiration FM Children’s Day Carnival on Saturday, May 23, 2026, where Zenith Bank hosted over 1,000 children and their parents, celebrating ZECA winners with games, skits, and Zenith Bank-branded gifts.
The company’s Zenith Financial Literacy Week, held quarterly, takes this mission into select schools across all 36 states and the FCT. Students are trained on savings, budgeting, basic investments, and their retail products, with the top performer in each school awarded N50,000. Complementing this is the Bank’s nationwide Financial Literacy Program under the CBN-mandated Global Money Week, which in 2025 alone reached 3,622 students across 22 LGAs, deploying 137 bank employee volunteers as educators.
In alignment with the United Nations’ (UN) Sustainable Development Goal (SDG) 4 on Quality Education, Zenith Bank has donated state-of-the-art ICT centres and computer systems to schools and universities nationwide, including a Computer Centre to Bamaina Academy, Dutse, Jigawa State. Its transformative interventions include fully equipped libraries, vocational facilities, and large-scale school renovations, from Ojota Secondary School and Victoria Island Secondary School in Lagos to Hugallawa Primary School in Jigawa. Targeted financial support further breaks barriers with a N1 million cash donation to Louisville Girls High School, Ijebu-Itele, supporting girl-child education; infrastructure upgrades at Maryland Comprehensive Secondary School; a N1 million scholarship endowment for St. Francis Catholic Secondary School; and support for the North-East Children’s Fund to aid education in conflict-affected communities.
Through its Primary Healthcare Centre Initiative across all 774 LGAs, Zenith Bank educates parents on early childhood savings during routine visits, linking health and financial well-being. The “PAD-A-QUEEN” Initiative commemorates the International Day of the Girl Child, reaching 5,000 girls in 10 schools with sanitary pads, hygiene kits, and menstrual health education to keep girls in school and promote SDGs 3, 4, and 5.
The lender’s compassion extends to the most vulnerable. At Bethesda Home and School for the Blind, Idi Oro, Lagos, Zenith donated braille materials, food, and toiletries. For the 2026 International Day for Street Children, it partnered with Bosco Child Protection Centre on medical check-ups, food, clothing, and counselling. Annual Christmas Charity Visits to orphanages deliver cash, toys, and essential supplies, while support for the Smile and Shine Children Foundation’s Strive Conference empowers over 2,000 adolescents with life skills and leadership training.
“At Zenith Bank, we are deliberate about initiatives that elevate children because they are not just our future, they are our present responsibility. As Whitney Houston so poignantly sang, ‘I believe the children are the future, teach them well and let them lead the way.’ That is the philosophy driving our investments in education, financial literacy, health, and digital inclusion. From Kiddies Corner to ICT centres, from PHCs to orphanages, we are teaching them well, equipping them early, and giving them the tools to lead. Zenith Bank renews its commitment to every Nigerian child, to nurture their dreams, protect their dignity, and secure their tomorrow,” the chief executive of Zenith Bank, Ms Adaora Umeoji, commented.
Championing youth expression, the Zenith Annual Youth Parade, hosted by the Bank for 19 years, stands as a flagship Corporate Social Responsibility initiative. Bringing together thousands of children and teenagers in a vibrant showcase of unity and discipline, the parade has remained dedicated since its inception to the vital mission of supporting, nurturing, and empowering the Nigerian child, reinforcing the Bank’s belief that leadership is learned early through teamwork, confidence, and celebration of young Nigerian identity.
For Zenith Bank, Children’s Day is more than a date on the calendar. It is a daily pledge to empower, protect, and prepare Nigeria’s children for leadership. From classrooms to communities, the Bank’s initiatives are teaching them well and letting them lead the way because the future belongs to children who are equipped today.
By Aduragbemi Omiyale
The board of Abbey Mortgage Bank Plc has been given the approval to raise additional capital aimed at helping the company achieve its next phase, which is centred on delivering seamless and digitally driven banking experiences that eliminate the traditional barriers to premier financial services.
At the 34th Annual General Meeting (AGM) of the lender on Monday, investors authorised the raising of up to N100 billion through an offer by way of issuance of shares (whether by rights issue and/or public offer), global depository receipts, commercial papers, loans, convertibles or non-convertibles, medium term notes, bonds, and/or any other instruments either as a stand-alone or by way of programmes, in such tranches, series or proportions, at such coupon or interest rates, within such maturity periods, and on such terms and conditions; including through book building process or such other processes all of which shall be as determined by the directors, subject to obtaining the approvals of relevant regulatory authorities.
The directors were also allowed to raise fresh equity capital of up to N65.547 billion by way of private placement of 26,562,647,265 ordinary shares of 50 Kobo each at N2.43 per share, subject to regulatory approvals.
In addition, shareholders approved the increase in the company’s issued share capital from N5,076,923,077 divided into 10,153,846,154 of 50 Kobo each to N18,358,246,709.50 by the creation of up to 26,562,647,265 ordinary shares of 50 Kobo each, such new shares to rank pari passu in all respects with the existing ordinary shares in the capital of the bank.
Addressing investors at the meeting, the chief executive of Abbey Mortgage Bank, Mr Mobolaji Adewumi, said, “Shaping the future means building a resilient institution that is as agile as it is reliable, while ensuring that every stakeholder benefits meaningfully from our growth and expansion.”
The company’s leadership also highlighted its strategic progress and strong corporate governance culture that positions the institution to deliver broader financial services and enhanced customer experiences.
The meeting also provided an opportunity to appreciate shareholders for their continued confidence, loyalty, and support, which have remained instrumental to its growth journey over the years.
By Aduragbemi Omiyale
The international spending limit on the GTBank Naira card has now been increased to $20,000 per quarter, a notice from the financial institution disclosed.
In an email message to customers sighted by Business Post on Tuesday, the lender said the Dollar limit is applicable to POS and online transactions carried out with the debit card.
The increase in the spending limit on the GTBank Naira card for offshore transactions comes as Nigeria continue to experience stability in the foreign exchange (FX) market.
A few years ago, Nigerians were unable to use their Naira cards to conduct financial transactions online for operations outside the country. This frustrated many consumers, who could not buy things online from other jurisdictions.
However, after some forex reforms by the Central Bank of Nigeria (CBN) under the leadership of Governor Yemi Cardoso, these restrictions were removed.
“The Dollar limit on your GTBank Naira Card is now $20,000 quarterly,” the notice read.
The increase in the spending limit to $20,000 per quarter will give GTBank Naira cardholders an opportunity to make more transactions online with ease, as before now, it was pegged at $15,000.
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