The Nigeria Deposit Insurance Corporation (NDIC) has taken over the assets and operations of 46 microfinance banks following the revocation of their operating licences by the Central Bank of Nigeria (CBN). The NDIC warned Nigerians against conducting any transactions with the affected institutions, stating that they are no longer legally permitted to operate. In a…
The Nigeria Deposit Insurance Corporation (NDIC), acting as liquidator of the defunct Gulf Bank Plc, has instituted two separate suits against Wema Bank Plc at the Federal High Court in Lagos over disputed Banana Island properties valued at more than N125.3 billion and an alleged unauthorized N401 million transaction. According to court filings, the disputed…
The Nigeria Deposit Insurance Corporation (NDIC) has restated its directive to banks to resolve customer complaints within two weeks, warning that unresolved cases after the deadline may be escalated directly to the Corporation for intervention. The initiative, according to the NDIC, reflects its renewed commitment to protecting depositors and strengthening public confidence in the banking…
