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CBN Shutdown 42 Microfinance Banks In Nigeria

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Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has revoked the operating licences of 42 microfinance banks.

This was disclosed by the Nigeria Deposit Insurance Corporation (NDIC) on Friday.

The disclosure was made in an announcement on its website titled ‘Notice of closure of 42 microfinance banks’.

It stated, “This is to inform the depositors, creditors, shareholders, and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November 2020.

“The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and pay their insured depositors.

“We, therefore, request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December 2020 till Thursday, 24th December 2020.”

The NDIC listed the names and addresses of the affected MfBs.

 

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