Nigeria, April 16 -- The Nigeria Deposit Insurance Corporation (NDIC) has released the list of 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) as it moves to conclude their liquidation process.

The NDIC said on Wednesday that it is concluding the liquidation activities of 89 closed MFBs and PMBs following their successful acquisition by new owners.

According to the NDIC, the successful acquisition was carried out under the Purchase and Assumption (P&A) resolution model executed by the corporation.

The NDIC clarified that the 89 closed banks were part of the 179 MFBs and 4 PMBs whose banking licenses were revoked by the Central Bank of Nigeria (CBN) on 22-23 May 2023.

It added that the CBN issued licenses to 89 ne...