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).
These institutions were among those whose licenses 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
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Abia: MOUAU Vasmucs MFB is now Movasco-op MFB
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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
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Akwa Ibom: Eduek MFB is now Mint MFB; Ini MFB is Uforo MFB; Nsehe MFB is Vista MFB; Zawadi MFB is Zitra MFB
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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
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Benue: BIPC MFB is now Novus MFB; Jamis MFB is Strait Sahara MFB
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Delta: CUB MFB is now Unicoop MFB; Umejei MFB is Kolisa MFB
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Edo: ABC MFB is now Okada MFB; Ehor MFB is Ehinoma MFB; Esan MFB is UBJ MFB
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Ekiti: Amoye MFB is now Ikere MFB
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Enugu: Goldenfunds MFB is now Royal Excellent MFB
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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
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Imo: Evangel MFB is now Vangel MFB; Greenland MFB is 5TT MFB
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Jigawa: New World MFB is now BKD New MFB
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Kaduna: Narict MFB is now Basawa MFB; Fahimta MFB is Cedrus MFB; Mabinas MFB is Al’hikma MFB
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Kano: Grassroots MFB is now Mia MFB; Northbridge MFB is Esteem MFB
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Katsina: Cherish MFB is now Cool MFB
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Kwara: Omu-Aran MFB is now Olomu Aperan MFB
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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 is Ezpay MFB; plus 20 other institutions
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Nasarawa: Josad MFB is now Payrep MFB
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Niger: Musharaka MFB is now Muamala MFB; Dangizhi MFB is Metro Express Network MFB; Edumana MFB is Edusoko MFB
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Ogun: Aiyepe MFB is now Springville MFB; Interland MFB is Nexton MFB; Star MFB is Sosa MFB; Zigate MFB is Katsu MFB
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Ondo: Fasilidapo MFB is now Ourpass MFB; Newage MFB is Cashbrite MFB
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Osun: Boluwaduro MFB is now Afole MFB; Iba MFB is Bankeasy MFB; Idese MFB is Sofaj MFB; Ola MFB is Run MFB; Olofin MFB is DSC MFB; Olofin-Owena MFB is Avantus MFB; Osogbo MFB is Bold MFB
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Oyo: Firstindex MFB is now Ricia Capital MFB; Joint Farmers MFB is Tellerone FI MFB; Ologbon MFB is Akata MFB
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Plateau: Bluewhales MFB is now Ellington MFB
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Rivers: Iwoama MFB is now Tenn Bank Limited
