The Nigeria Deposit Insurance Corporation has liquidated no fewer than 425 financial institutions in the last 30 years of operations, as at December 2019.A breakdown of the liquidated 425 institutions indicates that 51 were deposit money banks , 325 microfinance banks and 51 primary mortgage banks .
The Assistant Director, Insurance and Surveillance Department of the NDIC, Mr. John Kayode Abiodun, gave the data in a presentation at the 2020 Finance Correspondents Association of Nigeria forum in Abuja. He identified the challenges facing the corporation as the “legal actions of owners of closed banks; protracted litigations; disposal of low quality physical assets of the closed banks and provision of timely liquidity support.”
The initiative, which is made possible by the biometric verification number technology, was aimed at addressing the persistent issues of non-performing loans occasioned by rising loan default as well as enable the banks to increase lending to boost the real sector. However, Abiodun said commercial banks could do so now following the introduction of the policy that empowered them.
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