The Nigeria Deposit Insurance Corporation (NDIC) announced on Wednesday, April 15, 2026, that it has entered the final phase of liquidating 89 defunct Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs).
The institutions were among those whose licences were revoked by the Central Bank of Nigeria (CBN) in May 2023.
Under a “Purchase and Assumption” (P&A) model, the NDIC has successfully transferred the assets and liabilities of these 89 banks to new, healthy institutions.
According to Hawwau Gambo, the NDIC’s Head of Communication and Public Affairs, “The 89 closed banks were part of the 179 MFBs and four PMBs whose banking licences were revoked by the Central Bank of Nigeria on May 22 and 23, 2023. Through the Purchase and Assumption agreements, 89 new eligible institutions were issued licences by the CBN to acquire the assets and liabilities of the defunct banks and have since commenced operations under new names.”
The NDIC is now approaching the Federal High Court to obtain formal dissolution orders to legally wind down these entities. Depositors who previously used these banks can now access their funds through the new successor institutions.
Full List of Successor Banks by Location
Abia: MOUAU Vasmucs MFB is now Movasco-op MFB
Adamawa: Adamawa Homes & Savings is now Adamawa Mortgage Bank Ltd; Mautech MFB is Modibbo Adama University MFB; Michika MFB is Premier MFB; Biyama MFB is Dabtikir MFB
Akwa Ibom: Eduek MFB is now Mint MFB; Ini MFB is Uforo MFB; Nsehe MFB is Vista MFB; Zawadi MFB is Zitra MFB
Anambra: Akpo MFB is now Oganiru MFB; Anya MFB is Pioneer (Diohaunoego) MFB; Awka MFB is Platinum MFB; Enugwu-Ukwu MFB is Umunri MFB; Isi-Aku MFB is Isiego MFB; Obosi MFB is Adike MFB
Benue: BIPC MFB is now Novus MFB; Jamis MFB is Strait Sahara MFB
Delta: CUB MFB is now Unicoop MFB; Umejei MFB is Kolisa MFB
Edo: ABC MFB is now Okada MFB; Ehor MFB is Ehinoma MFB; Esan MFB is UBJ MFB
Ekiti: Amoye MFB is now Ikere MFB
Enugu: Goldenfunds MFB is now Royal Excellent MFB
FCT (Abuja): Mainsail MFB is now Duxbank MFB; Ally MFB is Ultraviolet MFB; Business Support MFB is Transpay MFB; The Daniels Global MFB is Swifttrust MFB; First Multiple MFB is Koboweb MFB
Imo: Evangel MFB is now Vangel MFB; Greenland MFB is 5TT MFB
Jigawa: New World MFB is now BKD New MFB
Kaduna: Narict MFB is now Basawa MFB; Fahimta MFB is Cedrus MFB; Mabinas MFB is Al’hikma MFB
Kano: Grassroots MFB is now Mia MFB; Northbridge MFB is Esteem MFB
Katsina: Cherish MFB is now Cool MFB
Kwara: Omu-Aran MFB is now Olomu Aperan MFB
Lagos: Arise MFB is now Shine MFB; Eyowo MFB is Entrepreneur MFB; Purple Money MFB is Willows MFB; Stallion MFB is Springfield MFB; Sunrise MFB is Stable MFB; Onyx MFB is Digitvant MFB; Oros Capital MFB i
