Regulatory Action Taken

i) The operating licences of the 224 MFBs that were found to be ‘Terminally
Distressed’ and ‘Technically Insolvent’ have been revoked pursuant to
S.12 of BOFIA 1991 (as amended). The list of the affected MFBs is
attached.

ii) As insured institutions, NDIC in line with its statutory responsibility shall
pay up to the maximum insurance coverage of N100,000 per depositor.

iii) The bank directors and management of the closed banks that have
abused their positions would be handed over to the Law Enforcement
Agencies for investigation and prosecution, and those found culpable
would be blacklisted accordingly.


4. Concluding Remarks
Ladies and Gentlemen, the Regulatory Authorities hereby assure the public that
they would not allow the activities of few individuals that ran their institutions
aground to derail the noble objectives of the microfinance policy. All necessary
steps have been taken to protect depositors of the affected banks.
Thank you for your attention.


http://www.cenbank.org/Out/2010/pressrelease/gov/GOV%20PRESS%20CONFERENEC%20TARGET%20EXAMS.pdf

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Hide it in the book, they will not see it