Depositors panic as CBN revokes licences of 42 microfinance banks

December 21, 2020
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Depositors whose money have been trapped in the 42 microfinance banks whose licences were recently revoked by the Central Bank of Nigeria have raised alarm over funds trapped in the affected banks.

Recall that the Nigeria Deposit Insurance Corporation, NDIC, the official liquidator of the banks had announced the development in a statement at the weekend, affirming that it was in the process of closing the listed banks and paying their insured depositors.

The affected banks include Hedgeworth MFB, Utako, Abuja; Future Growth MFB, Utako, Abuja;  Bagwai MFB, Bagwai LGA, Kano; Ere City MFB, Oriade LGA, Osun State; Cafon MFB, Garki II, Abuja; Akcofed MFB, Uyo, Akwa-Ibom State; Gufax MFB, Uyo, Akwa Ibom State, Partnership  MFB, Onitsha, Anambra State;  ICB MFB, Ilah, Delta State; Onima MFB, Ezinihite Mbaise LGA, Imo State; and Hometrust (NATIONS) MFB, Nkwere, Imo State.

Others are Ringim MFB, Ringim, Jigawa State; Bigthana MFB, Ali Akilu Road, Kaduna; Rogo MFB, Rogo LGA, Kano State; Makoda MFB, Makoda LGA, Kano; Takai MFB, Takai LGA, Kano State; Bebeji MFB, Bebeji  L.G.A., Kano State; Ajingi MFB, Ajingi LGA,Kano State; Garko MFB, Garko, Kano; Kangiwa MFB, Kangiwa LGA, Kebbi State; Augie MFB, Augie LGA, Kebbi State; Mopa MFB, Mopa, Kogi State; Solid Base MFB, Ijumu  LGA, Kogi State; Ultimate Benefit MFB, Lokoja, Kogi State; Ovidi MFB, Okene, Kogi State; Kirfi MFB, Kirfi LGA, Bauchi; Credit  Express MFB, Kakawa Street, Lagos; King Solomon MFB, Western Avenue, Iponri, Lagos; Riggs MFB, Victoria Island, Lagos; Billionaire Blue Bricks MFB, Ajah, Lagos; Susu MFB, Yaba, Lagos; Wealthstream MFB, Apapa, Lagos; Aguda Titun MFB, Ogba, Lagos and Sapphire MFB, Uyo, Akwa Ibom State.

The rest are Metro MFB, Ogba, Ikeja, Lagos, Mountain Top MFB, Trade Fair Complex, Lagos; Unyogba MFB, Ofu LGA, Kogi State; Wapo MFB, Okene, Kogi State; Ibogun MFB, Ifo LGA, Ogun State;  Korede MFB, Igbotako, Ondo State;  Ahetou  MFB, Ogba/Egbema/Ndoni LGA, Rivers State and Fufore MFB, Yola, Adamawa State.

A depositor with Metro MFB, Ogba, Lagos, Mrs. Chinyere Opara, who spoke with National Daily, explained the difficulties in accessing her funds lodged with the microfinance bank for months now.

According to her, she has been saving money in the bank to boost her business during the yuletide season, but for sometimes now, it has been difficult to access the money.

Another trader in the Ifo area of Ogun state, Kunle Ibiyomi, also complained bitterly about his money trapped in Ibogun MFB.

“I have been doing a daily contribution from my meagre sales to the bank with the intention of getting a small loan from Ibogun MFB. For more than six months, I have been putting N10,000 in a special account aside from my regular savings which is over N500,000 now.

“Now the economy is bad, Christmas is just around the corner, and nothing to show for my savings. NDIC should help us to retrieve the money fast since the affected banks were duly registered with them,” he added.

Mrs. Yemi Aborisade who banked with King Solomon MFB, Western Avenue, Iponri, Lagos, one of the affected banks, said she kept money in the bank for special purposes.

“I have close to a million in that bank. From my business, I set aside a sizable part of my profit in that bank because I don’t want to use any of the commercial banks to avoid unnecessary spending. Now ‘I’m in a dilemma.”

Meanwhile, the NDIC in a statement said it would promptly commence the verification of claims of depositors of the affected banks from Monday, December 21.

“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.”

The statement added that for further clarification or any assistance, eligible depositors should contact the representatives of the director, Claims Resolution Department of the NDIC in any of the centres/zonal offices in Abuja, Lagos, Enugu, Benin, Kano, Ilorin, Bauchi, Sokoto, Yola and Port Harcourt.

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