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.
