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Central Bank Closes 42 Microfinance Banks

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Global Banking - Investors King

The Central Bank of Nigeria (CBN) has closed 42 microfinance banks, according to the latest report from the Nigeria Deposit Insurance Corporation (NDIC).

In the report titled “Notice of closure of 42 microfinance banks” and published on the NDIC website on Friday, depositors, creditors, shareholders and the general public were advised to visit or contact the representatives of Director, Claims Resolution Department, NDIC at any of the locations below.

It stated, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020.

“The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and pay their insured depositors.

“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.”

Below are the names and addresses of the affected microfinance banks.

S/N BANK ADDRESS
1 HEDGEWORTH MFB GUOBA PLAZA SUITE B06, – 171, A.E. EKUKINAM STREET, BY CHISCO, UTAKO, ABUJA
2 FUTURE GROWTH MFB REAL TOWER PLAZA, PLOT 1121 OBAFEMI AWOLOWO WAY, UTAKO, ABUJA
3 BAGWAI MFB BAGWAI-SHANONO ROAD, BAGWAI LGA, KANO
4 ERE CITY MFB ERE-IJESHA/IIIAHUN ROAD, ERE-IJESHA, ORIADE LGA, OSUN
5 CAFON MFB GARKI POLICE BARRACKS, GARKII, FCT, ABUJA
6 AKCOFED MFB EKIT ITAM II (BESIDE WATER BOARD), P. O. BOX 2048, UYO, AKWA-IBOM STATE
7 GUFAX MFB N0. 3 UDOTUNG UBO STREET UYO, AKWA IBOM STATE
8 PARTNERSHIP MFB 107 UPPER IWEKA ROAD, ONITSHA, ANAMBRA STATE
9 ICB MFB IIIAH-ASABA ROAD, OSHIMILI NORTH LGA, IIIAH, DELTA STATE
10 ONIMA MFB NIPOST BUILDING, EKEOCHA ONICHA, EZINIHITTE MBAISE LGA, IMO STATE
11 HOMETRUST (NATIONS) MFB 76, ORLU ROAD, NKWERE, IMO STATE
12 RINGIM MFB OPP. RINGIM CENTRAL MARKET, RINGIM, JIGAWA STATE
13 BIGTHANA MFB 6, ALI AKILU ROAD, KADUNA
14 ROGO MFB ROGO TOWN, ROGO LGA, KANO STATE
15 MAKODA MFB NO 15, KOGUNA TOWN, MAKODA LGA, KANO
16 TAKAI MFB TAKAI TOWN, TAKAI LGA, KANO STATE
17 BEBEJI MFB NO. 10 GIDAN IYAN, BEBEJI TOWN, BEBEJI L.G.A., KANO STATE
18 AJINGI MFB NO. 10 HAKIMI STREET, AJINGI TOWN, AJINGI LGA, KANO STATE
19 GARKO MFB 3, GARKO TOWN, KANO
20 KANGIWA MFB KANGIWA TOWN, KANGIWA LGA, KEBBI STATE
21 AUGIE MFB AUGIE TOWN, AUGIE LGA, KEBBI STATE
22 MOPA MFB SILAS BAMIDELE DANIYAN HOUSE, KABBA-ILORIN ROAD, MOPA, KOGI-STATE
23 SOLID BASE MFB EKIRIN ADDE, IJUMU LGA, KOGI STATE
24 ULTIMATE BENEFIT MFB 150C, OKENE KABBA ROAD, LOKOJA, KOGI
25 OVIDI MFB NO. 1, ATTA ROAD, OKENE, KOGI STATE
26 KIRFI MFB KIRFI TOWN, KIRFI LGA, BAUCHI
27 CREDIT EXPRESS MFB 27, KAKAWA STREET, LAGOS
28 KING SOLOMON MFB GOD BLESS NIGERIA HOUSE, 117/119, WETSERN AVENUE, IPONRI, LAGOS
29 RIGGS MFB PLOT 5, IMAN ABIB ADETORO STREET, OFF AJOSE ADEOGUN STREET, V.I., LAGOS
30 BILLIONAIRE BLUE BRICKS MFB APERIN HOUSE (2ND FLOOR) BLOCK I, PLOT 27, BUDO LAYOUT AJIWE, LEKKI EPE EXPRESSWAY, AJAH, LAGOS STATE
31 SUSU MFB 34, COMMERCIAL AVENUE SABO, YABA, LAGOS
32 WEALTHSTREAM MFB AQUARIUS BLOCK, ELEGANZA PLAZA, GROUND FLOOR, LEFT WING 1 COMMERCIAL ROAD, APAPA, LAGOS
33 AGUDA TITUN MFB 21, SHONOLA STREET, AGUDA TITUN, OGBA, LAGOS
34 SAPPHIRE MFB 111, ABAK ROAD, UYO, AKWA IBOM STATE
35 METRO MFB 15, OTUNUBI STREET, OFF HARUNA, OGBA, IKEJA, LAGOS
36 MOUNTAIN TOP MFB PROGRESS BLOCK, SHOP A102, AFRICAN TYRE VILLAGE, OPP. APT TRADE FAIR COMPLEX, LAGOS/BADAGRY EXPRESS WAY, LAGOS
37 UNYOGBA MFB 1, ALOMA ROAD, OPP. MKT. SQ., EJULE, OFU LGA, KOGI STATE
38 WAPO MFB OKENE-LOKOJA ROAD, NAGAZI, ADAVI LGA, OKENE, KOGI STATE
39 IBOGUN MFB IBOGUN EGBEDA, IFO LGA, OGUN STATE
40 KOREDE MFB NO. 3, LUWOYE STREET, IGBOTAKO, ONDO STATE
41 AHETOU MFB 26, EREMA ROAD, BYEPASS, AKABUKA, OGBA/EGBEMA/NDONI LGA, RIVERS STATE
42 FUFORE MFB NO. 25 GURIN ROAD, FUFORE LGA, ADAMAWA, YOLA STATE

For further clarification or any assistance, eligible depositors should contact the representatives of Director, Claims Resolution Department in any of the under listed centres/Zonal Offices:

S/N OFFICE ADDRESS TELEPHONE NO.
1 Lagos Office NDIC, NECOM House (10th Floor), 15 Marina, Lagos 08166569995 09072412332
2 Enugu Zonal Office No. 10, Our Lord’s Street, Independence Layout, Enugu 08033006999
3 Benin 28A/28B, Benoni Hospital Road, Off Airport Road, GRA, Benin City, Edo State 08150999577 08150999588 08150999599 08150999600 08150999535
4 Kano Plot 458, Muhammad Muhammad Street, Off Maiduguri Road, Hotoro, GRA, Kano 09092748222 08063932722
5 Ilorin No.12A, Sulu Gambari Road, Ilorin 08023123185
6 Bauchi Plot No. 3, Bank Road, P.M.B. 0207, Bauchi 094601505
7 Sokoto No. 2, Gusau Road, Opp. NNPC Mega Station, Sokoto 08033155162
8 Yola No. 6, Numan Road, P.M.B. 2227, Jimeta, Yola, Adamawa State 08067910599 08068418069 08067923383 09-4601515 09-4601516
9 Port Harcourt No. 104, Woji Road, Off Olu Obasanjo Road, GRA, Port Harcourt, Rivers State 09090726737 09029150752
10 Head Office Abuja Head, Bank Examination Unit (BEU), NDIC, Abuja, 447/448, Constitution Avenue, Central Business District, Garki, Abuja 09-4601260 09-4601261

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Finance

Oil-producing States Receive N35bn Allocation as FG, States, LGs Share N699bn in December

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U

The sum of N699.824 billion was allocated to the three tiers of government in December, 2021, the Federation Accounts Allocation Committee (FAAC) says.

It further disclosed that the oil-producing states in the country received N35.297 billion as 13 percent derivation revenue.

A communiqué issued at a virtual meeting of FAAC for January 2022 revealed the above.

In its breakdown, the federal government got the sum of N279.457 billion, the state governments received N221.190 billion, and the local government councils were given N163.879 billion which amounted to N699.824 billion.

The North-east Development Commission (NEDC) also got an allocation of N5.796 billion.

According to the communique, the total distributable revenue of N699.824 billion is made up of distributable statutory revenue of N507.267 billion, distributable value-added tax (VAT) revenue of N187.409 billion, and exchange gain of N5.148 billion.

The FAAC recorded an increase of N5.080 billion in December as its gross revenue obtained from the value-added tax was N201.255 billion compared to the N196.175 recorded in November.

“The sum of N5.796 billion allocation to the North-east Development Commission (NEDC) and N8.050 billion cost of the collection were deducted from the N201.255 billion gross VAT revenue, resulting in the distributable VAT revenue of N187.409 billion.

“From the N187.409 billion VAT revenue available for distribution, the federal government received N28.111 billion, states got N93.705 billion, while the local government councils received N65.593 billion,” it stated.

The statement further showed records of an increase in companies’ income tax (CIT) and value-added tax (VAT), while petroleum profit tax (PPT) and oil and gas royalties clearly decreased. Also, it was recorded that import and excise duties decreased marginally.

It explained that the Federal government got N2.461 billion from the total exchange gain revenue of N5.148 billion; states received N1.248 billion; local government councils received N0.962 billion while N0.477 billion was shared to oil-producing states as 13 percent derivation revenue.

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Banking Sector

Fidelity Bank Enriches Customers, Holds Second Draw of GAIM 5 Promo

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Fidelity Bank

Leading African financial institution, Fidelity Bank PLC, has announced the second set of millionaires in its Get Alert in Millions Season 5 promo (GAIM 5) which held recently in Victoria Island, Lagos.  

The event was witnessed by representatives of regulatory organisations which include: Ms Oyinkan Kusamotu, Senior Legal Officer, Lagos State Lotteries & Gaming Authority; Mr Tanko Mohammed, Head, Monitoring & Enforcement, Lagos State Lotteries and Gaming Authority; Mrs Susie Onwuka, Head, Lagos Office, Federal Competition & Consumer Protection Commission (FCCPC) and Ms Chioma Amanoh, Lagos Office, National Lottery Regulatory Commission (NLRC).

Since the commencement of the fifth season of the promo in November 2021, the bank has enriched over 460 customers with various cash prizes. So far, 10 lucky customers have been rewarded with a million naira each. This month, Fidelity Bank has continued its tradition of rewarding loyal customers which has seen Ajoma Rachel, Stanley Sunday, Musbahu Kabiru, Usman Abdulkadir, John Uchechukwu, Oluwatayo Oladipupo, Esther Eloho, Sophia Sefera, Amarachi Sarah Anyacho, and Obi Chinelo emerge as the next set of millionaires in the promo.

Commenting on the event, Dr. Ken Okpara, Executive Director overseeing the Bank’s Lagos and Southwest Directorate, stated that, “As a bank that places our customers at the centre of everything we do, we are always looking for opportunities to help our customers grow. Two months ago, we kicked off the GAIM 5 promo to reward our customers and demonstrate our commitment to improving their lives and wellbeing. Today, we are excited at how happy we have made some of our most loyal customers. We remain committed to providing rewarding experiences and best-in-class services for our clients.”

Also speaking at the event, the Divisional Head, Product Development, Osita Ede stated that: We have earmarked the sum of N125million for total cash rewards this season which we would be giving out in weekly, monthly and grand draws till the campaign ends in July 2022. We encourage our customers to save up to increase their chance of winning and those yet to open an account to do so today. At the end of the campaign season, we want to celebrate customers who make savings second nature.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with about 6million customers who are serviced across its 250 business offices and digital banking channels. The bank is known for exceptional customer service and digital innovation.

L-R: Tanko Mohammed, Head, Monitoring & Enforcement, Lagos State Lotteries and Gaming Authority; Osita Ede, Head, Product Development, Fidelity Bank Plc; Cynthia Ogbonna, Team Lead, Brand Management, Fidelity Bank Plc; Meksley Nwagboh, Divisional Head, Brand & Communications, Fidelity Bank Plc; and Susie Onwuka, Head, Lagos Office, Federal Competition & Consumer Protection Commission (FCCPC); at the second month draw of the Get Alert in Millions Season 5 (GAIM 5) Savings Promo held in Lagos on Thursday

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Loans

Loan Default: AMCON Takes Over IBEDC

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AMCON

Further to the judgment of the Federal High Court on the 8th of September 2021, the Asset Management Corporation of Nigeria (AMCON) has announced its takeover of the Ibadan Electricity Distribution Company (IBEDC).

This is following the electricity distribution company’s default in a loan servicing agree­ment executed with Polar­is Bank.

“AMCON has been ap­pointed receiver/manager over all the Assets of In­tegrated Energy Distribu­tion and Marketing Lim­ited as stipulated in the instruments executed in favour of AMCON by vir­tue of the Loan Purchase and Limited Servicing Agreement executed with Polaris Bank Limited dat­ed 30th November 2018 and a Notice of Appointment of the Receiver/Manager dated August 6th, 2021, which was duly stamped by the Commissioner for Stamp Duties”, a statement from AMCON reads.

AMCON further revealed that it has appointed Osayaba Giwa-Osagie to take over the entire undertakings on the IBEDC, including the assets, shares and interests in related companies and entities, and also monies kept in any of the 25 banks in Nigeria.

Investors King gathered that AMCON’s takeover might also not be unconnected to some crisis inside the power company, a development which has reportedly affected its ser­vice delivery to customers.

IBEDC’s Chief Operating Officer (COO), Engineer John Ayodele however allayed the fears of the IBEDC staff.

“I hereby wish to inform all staff that there is no cause for alarm. We are assured of job security which entails our position/duties in the company, being entitlements to our salaries and other benefits etc.”, he said.

Investors King recalls that the IBEDC, during a stakeholders’ meeting in May 2021 had disclosed that it secured N4.2billion from the Central Bank of Nigeria (CBN) to improve power supply to its numerous customers in Ogun State.

According to Ayodele, the facility would be channelled into building lines to improve power/electricity supply to the communities. He had also revealed that 80 percent of the money collected by IBEDC goes for other services, adding that the company has lost over N3billion in estimated billing.

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