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  • Lagos, Nigeria
  • Info@bhluemountain.com
  • Office Hours: 8:00 AM – 5:00 PM Mon - Fri
  • August 18 2023

NDIC may probe the directors at Eyowo and 182 banks whose licences were revoked

The Nigeria Deposit Insurance Corporation (NDIC), a statutory body that protects depositors’ funds, might investigate the directors of 183 banks whose licenses were revoked to determine if financial malpractice contributed to the revocation.  The Nigeria Deposit Insurance Corporation (NDIC) has said that the Inter-Agency Task Force may soon be called to investigate the conduct of the directors of the 183 microfinance banks (MfBs) and Primary Mortgage Banks (PMBs) that have had their licences revoked. Notable institutions within this group are Eyowo and Purple. According to the NDIC, the Inter-Agency Task Force is mandated by the Failed Banks Act to determine if financial malpractice contributed to the shortcomings and eventual shutdown of some of those banks. In May, the central bank (CBN) revoked the licences of these institutions because they had either been inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six (6) months.  Bello Hassan, the managing director and chief executive of the NDIC, hinted at this investigation in Lagos during a workshop arranged by the corporation.  He also noted that the agency is already taking legal action against suspected defaulters. “I am aware that 12 prosecution cases are ongoing at various courts, 25 ongoing investigations with the Financial Management Information Unit (FMIU), 11 with the Economic and Financial Crimes Commission (EFCC), and five concluded investigations with the Financial Management Information Unit (FMIU) for advice and prosecution. This is an indication that we are on the right course,” he concluded.

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