Fortis MFB directors may face prosecution over N7.9bn depositors’ fund

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.

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“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.

HOPE MOSES-ASHIKE

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.