Sunday, November 17, 2024
33.8 C
Lagos

NDIC Liquidates 425 Financial Institutions

As at December 31, 2019, the Nigeria Deposit Insurance Corporation (NDIC) has liquidated a total of 425 financial institutions in Nigeria.

Mr. John Abiodun, an Assistant Director in NDIC listed the financial institutions as 51 Deposit Money Banks (DMBs), 325 Micro-Finance Banks (MFBs) and 51 Primary Mortgage Banks (PMBs).

He listed challenges facing NDIC in this regard to include legal action by owners of distressed banks, recovery of debts owed the failed banks, creditor apathy and delays in revocation of the licence of distressed banks.

spot_img
spot_img
spot_img

Hot this week

NGX Group Chairman, Umaru Kwairanga, Visits Dubai Financial Market for Industry Partnership

Dr. Umaru Kwairanga (2nd Left) with other industry players...

RMB Nigeria Concludes ₦40bn Multi-Instrument Issuance Programme with SEC

RMB Nigeria Issuance SPV Plc, a funding vehicle incorporated...

NNPC, Dangote Refinery Ink 10-Year Gas Deal to Boost Local Production, Industrial Growth

L-R: Managing Director, Nigeria Gas Marketing Limited (NGML), Barrister...

NNPC Announces 1.8mbpd Production, Eyes 2mbpd by Year End

Minister of State for Petroleum Resources (Oil), Senator Heineken...

Sterling Leads Charge in Revolutionising Africa’s Agric Value Chain

L-R: Managing Director Sterling Bank, Mr. Abubakar Suleiman; Keynote...

Topics

USSD Charge: To Be or Not To Be?

By Elvis Eromosele Nigerians, like customers everywhere in the world,...

‘OML 29 Is Not For Sale’–Aiteo

Below is an official statement from the Aiteo Group...

NIA Chairman, Efekoha, Lists Path to Insurance Sector Growth

Mr. Eddie Efekoha, Chairman, Nigerian Insurers Association says...

Why Investors Should Not Ignore Opportunities in Fragile States

Africa is experiencing fewer wars than it did two decades ago but conflict, insecurity and the fragility of states is still a major concern for business. Politically motivated instability can be seen in countries like Burundi, South Sudan, Mali, eastern DRC, Libya and Somalia, while Nigeria and Kenya are dealing with terrorist activities. But American entrepreneur Jake Cusack believes there are “genuine economic opportunities” in these fragile markets. He says companies need to be strategic about what parts of a country they invest in, and whom to partner with, as opposed to writing off an entire country.

$1tn Economy: Experts to Discuss Insurance, Pension Impact at NAIPE Confab

The Nigerian Association of Insurance and Pension Editors (NAIPE)...

Emirates Group Celebrates Outstanding Employees, Heroes

Wayne Davies, Senior Vice President Emirates HR Business and...

Olam Wins Impact Award for Digital Platform that Empowers Smallholder Farmers

Olam has been recognised for making a difference in...

What Does A Blogger Want From A Bank? The PR Perspective

Modern society has been hugely impacted by the advent of the internet. The internet has truly become an essential component of varied socio-economic activities. The use of internet has brought fundamental change to the way businesses are coordinated and managed. Public Relation as a professional discipline is one major field that has been revolutionalised by the internet.
spot_img

Related Articles

Popular Categories

spot_imgspot_img