The directors of failed Fortis Microfinance Bank plc are likely to face prosecution over about N7.9 billion deposits of customers.
This follows an official announcement of liquidation of the bank by the Nigeria Deposit Insurance Corporation (NDIC).
The directors include, Tiko Okoy, managing director/Chief Executive Officer of Bank since February 1, 2016 and Adewale Aderounmu, executive director, development finance.
The 2017 nine month’s interim financial results of the bank revealed that with a customer deposit of about N7.9 billion, the bank only had less than 10 per cent of its total deposit which amounted to N440 million in its bank accounts.
A statement posted on the website of the NDIC reads, ““The Nigeria Deposit Insurance Corporation (NDIC), the official Liquidator of Fortis Microfinance Bank whose license was recently revoked, has concluded arrangement to close the bank and its branches and pay the insured Depositors.
“We are therefore calling all depositors of the bank to visit the bank’s branches and meet NDIC officials for the verification of their claims, commencing from Monday, 4th February, 2019 till Friday, 8th February, 2019.”
The Central Bank of Nigeria (CBN) had in March 2018, appointed a three member committee led by Bunmi Lawson, former managing director of Accion Microfinance Bank limited to pilot the affairs of the bank.
Lawson told BusinessDay that she resigned her appointment after months following resistance by the bank’s customers to strategies put in place to salvage the bank.
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