By: Adeosun opeyemi
The Nigerian Deposit Insurance CorpoCorpon
(NDIC) has announced its intention to petition the Federal High Court to dissolve 87 microfinance banks and primary mortgage banks after a 30-day notice period expires.
In a statement published on its website on August 23, 2024, the NDIC notified the public of its plans to seek court orders to formally wind up the operations of these financial institutions and release itself as their liquidator.
This move is in accordance with the NDIC's legal mandate and relevant laws governing the closure of failed banks.
The court application will be made after the 30-day notice period, paving the way for the final dissolution of these banks.
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