30 results
- 22 Apr 2019
CBN Bans Mortgage Banks from Granting Dollar Loans
Central Bank of Nigeria (CBN) has barred Primary Mortgage Banks from granting foreign currency denominated mortgage loans to customers, according to a draft guideline for the licensing and regulation…
- 7 Mar 2024
CBN Issues Warning to Mortgage Banks Over Regulatory Returns
Central Bank of Nigeria (CBN) has sent a stern warning to all primary mortgage banks (PMBs) across the country regarding the importance of submitting regulatory returns in a timely manner. In a press…
- 31 Jul 2023
CBN Exempts MfBs, PMBs from Cash Limit Policy
Central Bank of Nigeria (CBN) has exempted Microfinance Banks (MfBs) and Primary Mortgage Banks (PMBs) from the cash withdrawal limit policy compliance. In a circular to banks and other financial…
- 19 May 2024
NDIC Gets Court Order, to Wind Down 96 Microfinance, Mortgage Banks
Nigeria Deposit Insurance Corporation (NDIC) has said that it has obtained Winding up Orders for 96 out of 183 microfinance and primary mortgage banks whose licenses were revoked by the Central Bank…
- 5 Apr 2019
NDIC Recovers N29Bn from Debtors of Failed Banks
Nigeria Deposit Insurance Corporation (NDIC) said it has so far recovered N29bn from debtors of liquidated deposit money banks, microfinance banks and primary mortgage banks in the country. …
- 18 Sept 2019
Federal Mortgage Bank Seeks N500Bn Recapitalisation Fund
Mr. Umar Dankane, executive director, Business Development and Portfolio Management of the Federal Mortgage Bank of Nigeria has said that the bank needs a N500 billion recapitalisation fund for…
- 29 Sept 2014
NDIC to Increase Deposit Cover for Mortgage Banks
The Nigeria Deposit Insurance Corporation (NDIC) has unveiled plans to increase the deposit insurance coverage for customers of Primary Mortgage Banks operating in the country. Alh. Umaru Ibrahim,…
- 29 Jun 2026
NDIC Says 281m Depositors Protected against Bank Failure
Nigeria Deposit Insurance Corporation (NDIC) has said more than 281 million depositors across the country’s banking system are protected against bank failure, following reforms that significantly…
- 23 May 2023
CBN Revokes Licences of 132 Microfinance Banks, Others
Central Bank of Nigeria (CBN) has revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country. The revocation exercise was…
- 2 Feb 2020
NDIC Begins Verification for Depositors of Failed Micro Finance Banks, PMBs
Nigeria Deposit Insurance Corporation (NDIC) said it will today (February 3) commence claims verification for depositors of the three Micro Finance Banks and Primary Mortgage Banks recently closed by…
- 23 May 2023
Closed Banks: NDIC Assures Depositors of Prompt Payment
Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) whose licenses were revoked by the Central Bank of Nigeria (CBN)…
- 29 Nov 2021
NDIC Pays N113Bn to Depositors of Failed Banks
Nigeria Deposit Insurance Corporation (NDIC) said it had paid over N113 billion to depositors of money in commercial banks, microfinance institutions as well as primary mortgage banks currently in…
- 13 Apr 2021
CBN Asks Banks to Get on Its Central Credit Management Platform
Central Bank of Nigeria (CBN) has mandated all development finance institutions (DFIs), microfinance banks (MFBs), primary mortgage banks (PMBs) and finance companies (FCs) operating in the country…
- 25 Oct 2019
CBN Revokes Banking Licenses of 153 MFBs
Central Bank of Nigeria (CBN) has revoked the operating licences of no fewer than 153 Micro-Finance Banks (MFBs) and six Primary Mortgage Banks (PMBs), This was stated by the Nigeria Deposit…
- 14 Nov 2018
Depositors of Failed MFBs, PMBs to Get 100% of their Funds- NDIC
Nigeria Deposit Insurance Corporation (NDIC) has said it will soon commence paying off of depositors of the 154 Microfinance Banks (MFBs) and six Primary Mortgage Banks (PMBs) whose licenses were…
- 15 Apr 2026
NDIC Seeks Court Nods to Liquidate 89 Failed Banks
Nigeria Deposit Insurance Corporation (NDIC) said that it has commenced the process of liquidating 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs). This followed their…
- 29 Nov 2023
NDIC Mulls Increase of Insurance Coverage Payment to Depositors Of DMBs, MFBs, PMIs
Depositors of liquidated Deposit Money Banks ( DMBs), Primary Mortgage Institutions ( PMIs), and Microfinance Banks ( MFBs) are to, enjoy a new threshold of maximum deposit insurance coverage…
- 28 Feb 2013
NDIC Pays N90Bn to Depositors of Failed Banks
Nigeria Deposit Insurance Corporation (NDIC) claim it has paid depositors of 48 failed banks in the country N90.13 billion as at December 2012. According to Alhaji Umar Ibrahim, managing director of…
- 17 Mar 2013
CBN, DMBs Move to Fund Mortgage Industry
Central Bank of Nigeria (CBN) has sent a draft of the regulatory and supervisory framework for the operations of a Mortgage Refinance Company (MRC) to all banks that will guide the provision of funds…
- 3 Oct 2025
NDIC Covers 99 Percent of Commercial Banks’ Deposits – MD
Nigeria Deposit Insurance Corporation (NDIC) currently provides full insurance cover for 98.98 percent of Deposit Money Banks’ total deposits, according to Mr. Thompson Sunday, managing director of…
- 8 Oct 2023
NDIC Pays 29,573 Depositors of Closed MFBs, PMBs
Mr Bello Hassan, managing director, Nigeria Deposit Insurance Corporation (NDIC), has said it has paid about N1.084 billion to 29,573 depositors of recently-closed microfinance banks and Primary…
- 20 Oct 2023
NDIC Refunds N1.2Bn to MFBs, PMIs, Victims of CBN Liquidation
Nigeria Deposit Insurance Corporation (NDIC) has said it has so far made refunds of N1.2 billion deposits to some of the 189 Microfinance Banks (MFBs) and the four Primary Mortgage Institutions…
- 27 Aug 2024
NDIC Plans to Liquidate 87 Microfinance Banks, Others
Nigerian Deposit Insurance Corporation (NDIC) will at the expiration of its notice released on August 23, 2024, approach a federal high court to grant the order to dissolve 87 microfinance banks and…
- 7 Apr 2019
NDIC Saves 6,000 Jobs in Defunct Skye Bank
The Nigeria Deposit Insurance Corporation (NDIC) has said the corporation was able to save 6,000 workers from being dismissed from defunct Skye bank (now Polaris) as a result of poor handling of the…
- 7 Dec 2023
NDIC to Pay N16.18Bn Liquidation Dividends to Depositors of 20 Failed Banks
Nigeria Deposit Insurance Corporation (NIDC), has asked depositors of 20 failed banks to come forward and claim their liquidation dividends amounting to N16.8 billion. Bello Hassan, managing director…
- 8 Mar 2012
CBN Grants PMIs, MFBs Waivers on Cash Withdrawal Limit
The Central Bank of Nigeria (CBN) has waived the daily cash withdrawal limit of N1 million for some customer of Primary Mortgage Institutions (PMIs) and Microfinance Banks (MFBs). A circular by Mr…
- 2 Oct 2018
NDIC Paid N11.5bn to Depositors of Financial Institutions in 2017
Umaru Ibrahim, Managing Director and Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), has revealed that about N11.50 billion has been paid to financial institutions. The payment, he…
- 24 Apr 2026
Bank Customers to Pay N1,500 for ATM Card Issuance, Replacement - CBN
Central Bank of Nigeria (CBN) has said that the cost of issuing or replacing a standard debit or credit card will rise by 50 percent to about N1,500, up from about N1,000. The new charge is contained…
- 31 Dec 2019
Mobile Money Subscribers Hit 9.25m in 6 Months
The number of subscribers to the 23 Mobile Money Operators (MMOs) in the country stood at 9.25million as at the first half of this year, Alhaji Umaru Ibrahim, managing director and chief executive of…
- 5 Sept 2016
CPC Probes Resort Savings & Loans over Alleged Diversion of Deposits
Consumer Protection Council (CPC) has began probe operations of Resort Savings and Loans Limited (RSL) over allegations of diversion of depositors’ monies and mortgage loans, following inundated…