Nigeria, April 16 -- The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of concluding the liquidation activities of 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) following their successful acquisition by new owners.

The conclusion of the liquidation process was disclosed in a statement signed by the NDIC Head, Communication and Public Affairs, Hawwau Gambo, on Wednesday.

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 stated 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. ...