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LequteMan
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The Nigeria Deposit Insurance Corporation (NDIC) has taken control of 21 Primary Mortgage Banks (PMBs) according to its Managing Director, Alhaji Umaru Ibrahim. THE NATION reports.
According to him, the PMBs fell short of the Central Bank of Nigeria (CBN) regulatory guidelines.
He said available records showed that the PMBs Portfolio At Risk averaged 45.70 per cent, which is more than the prescribed five per cent threshold.
He added that the affected PMBs’ licences have been withdrawn by the CBN and handed over to the NDIC for liquidation.
Efforts made to obtain the list of the liquidated PMBs proved abortive as calls to the corporation were not answered. But investigations showed that the PMBs failed to meet the prescribed capital requirements of N5 billion for National licences and N2.5 billion for State licences.
#Nigeria #NDIC #CBN
According to him, the PMBs fell short of the Central Bank of Nigeria (CBN) regulatory guidelines.
He said available records showed that the PMBs Portfolio At Risk averaged 45.70 per cent, which is more than the prescribed five per cent threshold.
He added that the affected PMBs’ licences have been withdrawn by the CBN and handed over to the NDIC for liquidation.
Efforts made to obtain the list of the liquidated PMBs proved abortive as calls to the corporation were not answered. But investigations showed that the PMBs failed to meet the prescribed capital requirements of N5 billion for National licences and N2.5 billion for State licences.
#Nigeria #NDIC #CBN
