Supervision

Banking supervision seeks to reduce the potential risk of failure and ensures that unsafe and unsound banking practices do not go unchecked. Bank supervision is a supervisory function charged with the responsibility of ensuring the safety and soundness of the banking system as a whole.
Books and affairs of every licensed insured institution are examined as a means of meeting its supervisory mandate. This function is performed through the off-site surveillance and on-site examination of the books and affairs of the banks, which exceptions are reported and recommendations made on how the observed lapses can be corrected, and the implementation of such recommendations is monitored through scheduled post examination visits to the affected banks.
While on the other hand Regulation involves providing input into developing and interpreting legislation and regulations, issuing guidelines, and approving requests from regulated financial institutions. The three main types of supervision are Transaction Based, Consolidated and Risk Based Supervision.
Types of Bank Supervision
Bank supervision is a supervisory function charged with the responsibility of ensuring the safety and soundness of the banking system as a whole. Books and affairs of every licensed insured institution are examined as a means of meeting its supervisory mandate.
This function is performed through the off-site surveillance and on-site examination of the books and affairs of the banks, which exceptions are reported and recommendations made on how the observed lapses can be corrected, and the implementation of such recommendations is monitored through scheduled post examination visits to the affected banks.
While on the other hand Regulation involves providing input into developing and interpreting legislation and regulations, issuing guidelines, and approving requests from regulated financial institutions.
The three main types of supervision are Transaction Based, Consolidated and Risk Based Supervision.
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This supervisory approach focuses on individual group entities. Individual entities are supervised on a solo basis according to the capital requirements of their respective regulators. The Transaction’s Based Type of Supervision of individual entities is complemented by a general qualitative assessment of the group as a whole and, usually, by a quantitative group-wide assessment of the adequacy of capital.
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Consolidated supervision is a group-wide approach to supervision whereby all the risks undertaken by a group of companies are taken into account in the supervisory process. This will entail the identification of the risks to which the components of the group are exposed to and the impact of such risks on the group operational activities. Consolidated supervision entails the process whereby the supervisor can satisfy himself about the health of the entire group’s activities which may include bank and non bank companies, financial affiliates as well as branches and subsidiary companies.
Consolidated supervision has the following objectives:
a. To support the principle that no banking activity, and the associated risk no matter where located, escapes supervision.
b. To prevent over-leveraging of capital- double counting
c. To evaluate the strength of a group to which a licensed bank belongs, in order to assess the potential impact of other members of the group on the licensed bank.
d. To consolidate the financial returns i.e. consolidation of accounts of the licensed entity using quantitative approach, while ensuring that the qualitative approach evaluates the material risks on the financial position of the licensed bank.Consolidated supervision will entail the following:
– adequate knowledge of the structure of a group and the risks there in;
– adequacy or otherwise of capital measured on a group basis;
– measurement of larger exposures on a group basis.Consolidated supervision should not be seen as a substitute for the supervision of individual bank, but rather be regarded as being complementary. There is the need for the various supervisory agencies to cooperate to ensure that the group financial activities are comprehensively supervised taking into consideration various risks that could affect the health of the individual entities and the group.
In “Consolidated Supervision; Managing the Risks in a Diversified Financial Services Industry” (June, 2001) by the International Monetary Fund (IMF) the following practices were recommended:a) Consolidated Supervision must be a complement to, not a substitute for solo supervision.
b) Consolidated Supervision could be quantitative or qualitative depending on the nature of particular assets and activities conducted in other parts of a group.
c) Methods of consolidation could be:
– full line-by line
– equity method
– proportional consolidation using relevant I.A.S. (27, 28, 31, 25 and 39)
d) Consolidated Supervision program should be designed
e) Creation of Consolidated Supervision minimum standards
f) Establishing Consolidated Supervision co-operation between home and host supervisors.Consolidated Supervision can take the following forms:
a) Quantitative Consolidated Supervision (QCS)
This is based on consolidated returns, reflecting an accounting consolidation of the parent bank with parts or the whole group to which it belongs. When conducting QCS, specific capital ratios at both the sole and consolidated levels are set, against which the parent bank and the group are monitored. Large exposures and connected lending are also monitored and controlled on both solo and consolidated basis.b) Qualitative Consolidated Supervision
Where accounting consolidation is not meaningful, because of the nature of particular assets and activities conducted in other parts of the group (e.g. where an industrial or insurance company is involved), a qualitative consolidated supervision should be undertaken. The supervisor will focus on the group’s general business and the environment, in which it operates, as well as its controls, organization and management in order to evaluate material risks to the reputation or financial soundness of the parent bank.c) Accounting Consolidation
The relationship of authority will require prudential returns reflecting consolidated financial statements for the parent bank together with all relevant financial companies within the group. The supervisor should adopt the full line by line consolidation technique. This involves the consolidation of all entities within the group, covering all the assets and liabilities, according to conventional accounting standards including the netting off of balances between companies. The relevant international Accounting Standards (IAS), such as IAS 27 on subsidiaries, IAS28 on associates, IAS31 and 25 on joint ventures and investments respectively, should be considered in carrying out this process. -
The dynamism of the global economic environment requires more robust tools and skills to mitigate risks arising from the rapid development of the financial sector. In response to the changing financial landscape, advancement in, and widespread use of information/communications technology, a more effective approach is required. Although effective risk management has always been central to safe and sound banking activities, it has assumed added importance for two main reasons. Firstly, new technologies, product innovation, size and speed of financial transactions have changed the nature of banking. Secondly, there is need to comply fully with the Basel Core Principles on Supervision and to prepare an enabling environment for the implementation of the New Capital Accord.
The foregoing, amongst others, premised the imperative of the adoption of RBS Framework.
RBS is a robust, proactive and sophisticated supervisory process, essentially based on risk profiling of a bank. It enables the supervisor to prioritize efforts and focus on significant risks by channeling available resources to banks that have high-risk profiles.
RBS assesses the efficacy of a bank’s ability to identify, measure, monitor and control risks. It designs a customized supervisory programme for each bank and focuses more attention on banks that are considered to have potentially high systemic impact.
By the very nature of banking business, banks are inextricably involved in risk-taking. The major risks banks face in the course of business include, but not limited to, credit, market, liquidity, operational, legal and reputational risks. In practice, a bank’s business activities present various combinations of these risks, depending on the nature and scope of the particular activity. To the financial sector regulatory and supervisory authorities, what constitute risks are those factors that pose threat or portend danger to the achievement of statutory objectives.
In Nigeria, these objectives include the promotion of a stable, safe and sound financial system, ensuring an efficient payment system, necessary for the achievement of the wider economic objective of welfare improvement, ensuring effective consumer protection and the reduction of financial crimes, among others.
RBS presents a framework with which banks are assessed regarding the probability and impact of risks as opposed to the intuitive assessment by the traditional approach. In contrast to the traditional form of supervision which is biased in favour of risk-avoidance and hence against innovative products and services, risk-based supervision treats risks mitigating and offsetting as valid approaches to risk management.
A risk-focused supervisory process provides flexible and responsive supervision to foster consistency, coordination as well as communication among supervisors, relies on the understanding of the institution, the performance of the risk assessment as well as the development of a supervisory plan and procedures tailored to the risk profile of individual institutions. In that regard, risk-based supervision identifies, measures and controls risks; and monitors the risk management process put in place by a financial institution during a supervisory period.
The main objective of risk-based supervision is to sharpen supervisory focus on:
i) the activity(ies) or institution(s) that pose the greatest risk to banks and financial institutions and/or financial system; and
ii) the assessment of management process to identify, measure, monitor and control risks.
The main benefits of this approach to supervision include, amongst others:
i) The allocation of supervisory resources according to perceived risk, i.e. focusing resources on the bank’s highest risk or devoting more supervisory efforts to those banks that have a high-risk profile. It will, therefore, enable the regulator to target and prioritise the use of available resources.
ii) The supervisor will be better placed to decide on the intensity of future supervision and the amount and focus of supervisory action in accordance with the perceived risk profile of the bank.
iii) The supervisor may also focus more attention on banks whose failure could precipitate systemic crisis.
Supervisory Guidelines & Standards
Supervisory Standards and Guidelines are set by supervisors with a view to ensuring effective supervision. Similarly, the committee of banking supervisory authorities develops supervisory standards and guidelines with the hope that member countries will adapt them with a view to encouraging convergence towards common approaches and standards
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This supervisory approach focuses on individual group entities. Individual entities are supervised on a solo basis according to the capital requirements of their respective regulators. The Transaction’s Based Type of Supervision of individual entities is complemented by a general qualitative assessment of the group as a whole and, usually, by a quantitative group-wide assessment of the adequacy of capital.
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The Basel committee on Banking Supervision, with the endorsement of the Central bank Governors of the Group of ten countries in collaboration with Supervisory authorities in fifteen emerging market countries developed a set of twenty-five basic principles for supervisory system to be effective. The principles are comprehensive and represent the basic elements of an effective supervisory system. The 25 principles are enumerated below:
Principle1- Objectives, Independence, Powers, Transparency and Cooperation
Principle2 – Permissible Activities
Principle3- Licensing Criteria
Principle4- Transfer of Significant Ownership
Principle5- Major Acquisitions
Principle6- Capital Adequacy
Principle 7- Risk Management Process
Principle8 – Credit Risk
Principle9 – Problem Assets, Provisions and Reserves
Principle10- Large Exposure Limits
Principle11- Exposures to Related Parties
Principle12- Country and Transfer Risks
Principle13- Market Risks
Principle14- Liquidity Risks
Principle15- Operational Risks
Principle16- Interest Rate Risk in the Banking Book
Principle17- Internal Control and Audit
Principle18- Abuse of Financial Services
Principle19- Supervisory Approach
Principle20- Supervisory Techniques
Principle21- Supervisory Reporting
Principle22- Accounting and Disclosure
Principle23- Corrective and Remedial Powers of Supervisors
Principle24- Consolidated Supervision
Principle25- Home-Host Relationships -
To facilitate off-site supervision, a set of prudential guidelines was introduced by the CBN for licensed banks to ensure a stable, safe and sound banking system. It was meant to serve as a guide to banks to:
(i) ensure a more prudent approach in their credit portfolio classification, provisioning for non-performing facilities, credit portfolio disclosure and interest accrual on non-performing assets;
(ii) ensure uniformity of their approach
(iii) ensure the reliability of published accounting information and operating results.The ultimate justification for prudential guidelines is the failure of the market, not only to reflect a depositor’s risk exposure but more importantly, to control such exposures. The objectives of prudential regulations are therefore to protect the interest of depositors and the financial system as a whole.
The change in Nigeria’s banking environment, occasioned by the economy’s new philosophy of deregulation and the introduction of a deposit insurance scheme makes the need for such guidelines more imperative. As deregulation makes the industry more competitive, there is therefore the likelihood for depositories to get into more risky and unfamiliar undertakings. Also, the operation of deposit insurance schemes has the potential to reduce market discipline from depositories, if experiences from other countries are anything to go by.
The issue of overstatement of unearned profits by banks which enables them to declare dividends thereby eroding their capital base of a serious concern to the supervisory and regulatory authorities. The acceptance of the recommendations of the Basel Committee on the need for common and effective accounting standard for global banking makes the prudential guidelines imperative. Click CBN released Prudential Guidelines for Deposit Money Banks in Nigeria.
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Many banks have adopted inconsistent accounting policies and reporting practices which make the assessment and comparison of their performances very difficult. Some banks have allegedly overstated reported profits, while some banks continue to accrue interest on non-performing credits, declare unearned profit and thereafter appropriate such profits as provisions for bad and doubtful debts.
It is the belief of the monetary authorities that there is need to sustain public confidence in the financial statement of banks. The new uniform accounting standards therefore seek to provide a guide for accounting policies and accounting methods that should be followed by banks in the preparation of their financial statements. -
Other regulatory directives to the banks included the following:
(i) Code of Corporate Governance for banks: to ensure ethical practices by banks post consolidation, the CBN issued code of Corporate Governance guidelines for banks. This is with a view to encouraging transparency and accountability of management of banking institutions and the curtailment of risk appetite of banks.
(ii) Circular on the Development of Risk Management Systems in Nigerian Banks.
(iii) Framework for Risk-Based Supervision of Banks in Nigeria.
(iv)Circular on Unethical and Unprofessional Practice of Demarketing Colleagues/Other Banks in the Industry by spreading Rumours among others.
Supervisory Activities
Bank Supervision in the NDIC is the responsibility of three departments, namely, the Bank Examination Department (BED), the Insurance and Surveillance Department (ISD) and Special Insured Institutions Department (SIID). On-site examination is carried out by BED and SIID while the ISD is charged with the responsibility of maintaining off-site surveillance over all insured banks. These functions however overlap and are complementary. Both the on-site and off-site examinations seek to protect depositors’ fund and to prevent systemic failure.
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Bank Supervision in the NDIC is the responsibility of three departments, namely, Bank Examination Department (BED), Insurance & Surveillance Department (ISD) and Special Insured Institutions Department (SIID). As the names imply, on-site examination is carried out by BED and SIID while the ISD is charged with the responsibility of maintaining off-site surveillance over all insured banks. Both the On-site and Off-site supervision ensure that the insured institutions remain healthy at all times and/or where there are problems, they would be detected and addressed promptly. In addition, supervision protects the bank depositors, encourages competition among banks and assists in efficient and orderly payment system
Off-site Surveillance
Off-site supervision involves the receipt and analysis of returns from insured banks on a periodic basis to ascertain the banks’ compliance with prudential regulations. Returns, basically, are requirements of the regulatory/supervisory authorities from the banking institutions which are made on determined periodic basis to assist in ensuring that the banks conform to desired operating rules. Two categories of regulatory returns can be identified. These are statutory and non-statutory returns. Statutory returns are the returns that must be made by financial institutions as provided for in various acts governing the banking business. Non-statutory returns on the other hand are those returns which the regulatory/supervisory authorities can require from banks in their day to day operations. These non-statutory returns are usually called for by means of circulars or questionnaires.
Returns required to be prepared and submitted by financial institutions in the system are expected to be made in specified formats in accordance with instructions and in a consistent manner. The specified returns formats can only be changed or varied by the regulatory/supervisory authorities. All items are to be completed with no item left blank. Presently, the periodicity and types of bank returns can be categorized into the following:
– mid-month;
– monthly;
– quarterly; and
– semi-Annually/AnnuallyOthers are irregular, depending on the financial environment as well as the objective of the regulatory/supervisory authorities.
Upon the receipt of the appropriate returns by the Insurance and Surveillance Department (ISD), they are first checked for completeness, accuracy and consistency before they are analysed with the aim of identifying salient problem areas in the banks’ operations and to proposing appropriate remedies to the banks. The analysis which takes the form of spreadsheets and ratios are in turn further subjected to level, trend, peer and industry analysis. The analysis is concluded with a report on the condition and performance of individual banks and the industry. A recurrent feature of these reports is the rating/ranking of individual banks and recommendation for corrective action in areas where weaknesses are observed. Information from off-site surveillance serves as the basis for identifying potential financial distress in the individual banks. On confirmation of distress through on-site examination, supervisory measures are adopted to contain the situation and maintain stability. Those measures may include granting of loans, take-over of the management of the bank or directing the bank to make specific changes in its management. The adoption of any of the measures will depend on the severity of the problems identified. The Corporation also uses such returns to monitor its Insurance Risk Exposure. The Off-site Surveillance performs the following functions:
i) DEPOSIT INSURANCE
The Off-site Surveillance is responsible for the orderly collection and administration of Deposit Insurance Premium. It assesses premium payable by banks using External Auditor’s Certified Statement of Deposits and Call Reports. Onsite deposit verification exercise is also conducted with a view to ascertaining the actual insured deposit payable by each bank. The department developed and implemented the Differential Premium Assessment System (DPAS) where banks are charged based on their perceived level of risks. The DPAS framework incorporates both quantitative and qualitative factors. It is meant:
• To provide incentives for sound risk management in insured institutions.
• To ensure fairness in deposit insurance pricing
• To reduce the overall premium burden on insured institutions.ii) REPORTING ON FINANCIAL CONDITION OF BANKS
This is usually carried out through the analysis of periodic call reports. Also through the analysis of the call reports, rating and categorization of banks into various risk buckets is done for regulatory purposes. The bank rating had assisted the Corporation and the CBN in designing regulatory interventions for different categories of banks as appropriate.
iii) PROVISION OF EARLY WARNING SIGNALS
Through the Off-site surveillance, signals of problems in banks are detected early and addressed. Where the problems persist, On-site Examinations are conducted to assess potential problem areas earlier identified by Off-site Surveillance, with a view to resolving such problems.
iv) MONITORING OF BANKS COMPLIANCE WITH PRUDENTIAL STANDARDS
The Corporation through its Off-site Surveillance monitors banks to ensure their compliance with the Prudential Standards as well as necessary guidelines such as codes of Corporate Governance and risk management framework in order to ensure their safety and soundness.
v) DEVELOPMENT AND DEPLOYMENT OF TOOL FOR OFF-SITE SURVEILLANCE
The Bank Analysis System (BAS) jointly developed by NDIC and CBN to ensure credible results of bank analysis, had been enhanced to electronic-Financial Analysis and Surveillance System (e-FASS) that had ensured availability of required information from supervised banks on an on-line real time basis. That development had assisted in reducing the problems associated with off-site supervision such as late and inaccurate rendition of returns
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To complement the off-site surveillance, on-site examinations are usually undertaken to determine the reliability of the banks’ returns sent to the regulators, determine banks’ adherence to laws and regulations as well as verify the quality of their assets. The type of examination to undertake usually depends on the initial objectives of the exercise. Accordingly, a maiden examination is carried out six months after a bank commences operation to ascertain compliance with the conditions under which it was granted licence. At least once a year, a routine examination is supposed to be carried out on a bank to determine its financial condition. Special target examinations are conducted when the CBN and NDIC have reasons to believe that a bank is carrying on its business in a manner detrimental to the interests of its depositors and other creditors or has insufficient assets to cover its liabilities or contravenes the provisions of the banking and NDIC Acts.
The examination of a bank generally entails an appraisal of the soundness of the institution’s assets; an evaluation of the adequacy of internal operations, policies and management; and analysis of key financial factors such as capital, earnings, liquidity, and interest rate sensitivity. Also, bank examination involves a review to ascertain the correctness or otherwise of banks’ returns on their operating books of account in order to ensure compliance with all banking laws and regulation as well as monetary policy circulars; an overall determination of the bank’s solvency; and ensuring that the banking operations, especially external transactions, are being carried out in accordance with standard accounting practices. The CAMEL (Capital, Assets Quality, Management, Earnings and Liquidity) rating is used as an internal assessment guide to determine how sound a bank is. This is done with a view to highlighting the position of a particular bank in comparison with the rest of its peer group, as well as determine the level of health of the particular bank in respect of capital-to-risk-weighted-assets ratio parameters.
After an examination a copy of the report is sent to the board of the bank which is required to send its response on the observations and recommendations within 14 days from the date of presentation. The bank’s response forms the basis of any post-examination follow-up. The bank is allowed three months from the date of presentation before monitoring visits are conducted to ascertain the degree of compliance/implementation of the directives/recommendations as contained in the examination report. The examination plans of the CBN and NDIC are harmonized to avoid duplication and to achieve optimum coverage of insured banks within the limits of the resources available to the two institutions. The CBN and NDIC sometimes carry out joint examinations if the circumstances of a particular bank to be examined demand this arrangement. -
Other financial institutions such as Micro Finance Banks and Primary Mortgage Institutions (PMIs) are supervised by Special Insured Institutions Department of the Corporation. It covers both the on and offsite aspect of their supervision.
Focus of Supervisory Activities
The CBN/NDIC during bank supervision and examination focus on the main aspects of banking operations. These include capital requirement, loan concentration, liquidity ratio, provisioning, internal control and management among others.
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Adequate capital is very important for any business, and banking is not an exception. The importance of adequate capital in banking stems from the following functions being performed by capital, viz: capital provides a cushion for absorbing operational losses; it provides a measure of shareholders’ confidence and stake in the bank; it reveals the bank’s ability to finance its capital expenditure and fixed assets; and it provides protection to depositors’ funds, among others. It is therefore necessary to have enough capital so that depositors’ risks could be minimized.
Government, on the advice of the monetary authorities, prescribes the minimum paid-up capital for banks. Recently the CBN consolidated the banks by raising the Shareholders fund to N25 billion.
A bank’s capital adequacy is based on the capital ratio which involves the weighting of a bank’s capital base against the portfolio of risk assets carried. A minimum of 10 percent of the total risk-weighted assets of a bank is required to be maintained as capital funds. Similarly, it is required that not less than 50 percent of a bank’s capital must be Tier 1 or primary capital (that is, paid-up capital plus reserves). In addition, the ratio of adjusted capital to loan assets of the bank should be a maximum of 1:10. In other words, a Naira capital should support not more than N10 of loans.
Using banks’ total risk-weighted assets ratio for example, the supervisory authorities classify banks as adequately capitalized, marginally under-capitalised, significantly under-capitalised, critically under-capitalised or technically insolvent, depending on the value of their risk-weighted asset ratios. While a bank with risk-weighted asset ratio of 10 percent and above is classified as adequately capitalized, a bank with a negative risk-weighted assets ratio is classified as technically insolvent. This classification is an attempt at establishing bench-marks for prompt supervisory intervention. -
Considering the fact that it is risky for a bank to concentrate its lending operations in a single sector or borrower, the regulatory authorities usually direct banks to diversify their lending activities. Also, banks are required to report large borrowings to the CBN in the statutory returns.
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Banks are required to maintain a minimum liquidity requirement by ensuring that the level of cash flows is matched by expected receipts so that they can meet their obligations as they fall due. Liquidity is achieved through effective fund management. Given the critical role of liquidity in banks’ operations, it is essential for banks to provide for both the expected as well as the unexpected fluctuations in their businesses as reflected in their balance sheets and to provide funds for growth.
A bank suffers from illiquidity when its obligations to others mature faster than the obligations from others. This leads to assets/liabilities mismatch as well as gaps between its receipts and payments. When illiquidity occurs, it portends that the bank can no longer accommodate decreases in deposits or meet its obligations to its depositors. In such situations, the affected bank would not be able to grow and would be forced to acquire additional liabilities under adverse market conditions at excessively high rates. This would worsen the already illiquid position of the affected banks and may result in insolvency. -
There is the need for banks to make provisions for non-performing credit facilities. The provisioning should be adequate so as not to mislead the depositors and the general public on the true state of affairs of the bank. These provisions are made on the basis of perceived risk of default on specific credit facilities. The provisioning is also applicable to performing loans because these loans also carry some elements of risk loss, no matter how small.
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Good internal control is very essential in order to minimize fraud and other malpractices which can lead to loss of assets. It also helps in ensuring compliance with laid down rules and regulations on banking business by the operators. These reasons explain why bank examiners focus on the internal control systems of banks.
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The CBN is responsible for approving the board and changes on the boards of banks in the country. Parameters such as competence, experience and integrity of the person or group of persons involved are considered to ensure that only qualified and responsible people are put on the boards of banks in order to safeguard depositors’ fund and enhance public confidence in the banking system. Good management in banks is a must as the quality of management has been found to be the primary determinant of success or failure of a bank the world over.
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The CBN is responsible for approving the board and changes on the boards of banks in the country. Parameters such as competence, experience and integrity of the person or group of persons involved are considered to ensure that only qualified and responsible people are put on the boards of banks in order to safeguard depositors’ fund and enhance public confidence in the banking system. Good management in banks is a must as the quality of management has been found to be the primary determinant of success or failure of a bank the world over.
List of Insured Institutions
This is a list of Insured institutions which are all deposit-taking financial institutions licensed by the Central Bank of Nigeria (CBN) such as
- Universal Banks (deposit money banks);
- Micro-finance Banks – (MFBs); and
- Primary Mortgage Institutions (PMIs).
Membership is compulsory as provided under the NDIC Act No 16 of 2006.
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1. JAIZ BANK PLC
Head office: Kano House,
No 73 Ralph Shodeinde Street,
Central Business District,
Abuja
P.M.B 31, Garki,
Abuja.
Website: www.jaizbankplc.com
Email: info@jaizbankplc.com
Telephone: +234-9-4605294, +234-9-8709654
2. Stanbic IBTC Bank Limited
I.B.T.C Place
Walter Carrington Crescent
P.O.Box 71707,
Victoria Island,
Lagos.
Website: www.stanbicibtcbank.com
Email: customercarenigeria@stanbicibtc.com
Telephone: + 234 1 2717739, +234 14226000
3. Sterling Bank
Sterling Towers,
20, Marina,
P.O.Box 12735,
Lagos.
Website: www.sterlingbankng.com
Email: customercare@sterlingbankng.com
Telephone: 01-2702300-8, 01-2702300-1
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1. FSDH Merchant Bank LTD
UAC House (5th – 8th Floors),
1/5 Odunlami Street,
P.M.B 12913,
Lagos.
Website: www.fsdhgroup.com
Email: fsdh@fsdhgroup.com
Telephone: 01-2702880-2, 2802111, 2802112, 2770275-92. Rand Merchant Bank
12th Floor, Churchgate Tower
Tower 2
Plot PC 31, Churchgate Street, Victoria Island,
Lagos.
Website: www.rmb.co.za
Email: info@rmb.com.ng
Telephone: +234 (0)1 463 7900 -
1. Access Bank Plc
Corporate Head Office:
Plot 999c, Danmole Street,
P.M.B 80150,
Off Adeola Odeku/Idejo Street,
Victoria Island,Lagos,
Nigeria.Website: www.accessbankplc.com
Email: info@accessbankplc.com
Telephone: 01-2712005-7, +234 (01) 461 9264-9
2. CITIBANK NIGERIA LIMITEDCharles S. Sankey House
27 Kofo Abayomi, Street,
Victoria Island,
Lagos,
Nigeria.
P.O.Box 6391
Website: www.citigroup.com
Email:
Telephone: +234 (01) 463 8400 or +234 (01) 279 8400
3. DIAMOND BANK PLCPlot 4, Block 5 BIS Way,
Off Lekki-Epe Expressway
Lekki,Lagos
Website: www.diamondbank.com
Email: enquiries@diamondbank.com
Telephone: +234-1-2701500, +234-1-2620740-8
4. ECOBANK NIGERIA PLC
21 Ahmadu Bello Way,
Victoria Island,
P.O Box 72688
Lagos.
Website: www.ecobank.com
Email: ecobank@ecobank.com
Telephone: +234 (1) 2710391-5
5. ENTERPRISE BANK LIMITED
Corporate Head Office:
143, Ahmadu Bello Way,
Victoria Island,
Lagos.
P.O.Box 53174,
Website: www.entbankng.com
Email: enquiries@entbankng.com
Telephone: +234 (0) 1 461 95703, 0126237807
6. FIDELITY BANK PLC2 Kofo Abayomi Street,
Victoria Island,
Lagos.
P.O.Box 72439 Victoria Island,
Lagos.
Website: www.fidelitybankplc.com
Email: info@fidelitybankplc.com
Telephone: +234-1-2700530-3, 2610408-9
7. FIRST BANK OF NIGERIA PLC
Samuel Asabia House,
35 Marina,
Lagos.
Website: www.firstbanknigeria.com
Email: firstcontact@firstbanknigeria.com
Telephone: 2663163, 2640596
8. First City Monument Bank PlcHead office:
Primerose Towers,
17A, Tinubu Street,
Lagos.
Website: www.fcmb.com
Email: customersolutions@firstcitygroup.com
Telephone: +234 (0) 1 279 3030, 01-2665944-53, 0700-3262-692265
9. Guaranty Trust Bank PlcPlot 635 Akin Adesola Street,
P.O.Box 75455,
Victoria Island,
Lagos.
Website: www.gtbank.com
Email: complaints@gtbank.com, corpaff@gtbank.com
Telephone: 2622650, 2622651, +234 1 2714580-9, +234 1 4480740-9
10. Heritage Banking Company LimitedPlot 292, Ajose Adeogun Street,
Victoria Island,
Lagos.
Website: www.hbng.com
Email: info@hbng.com
Telephone: 01-2369000
11. Keystone Bank
Keystone Crescent,
Off Adeyemo Alakija Street
PMB 80054,
Victoria Island,
Lagos.
Website: www.keystonebankng.com
Email: contactcentre@keystonebankng.com
Telephone: 01-4485742, 01-4487792, 01-4617341-50, 4617151-56
12. Mainstreet Bank LimitedHead office:
Mainstreet Plaza,
51/55, Broad Street,
Lagos.
Website: www.mainstreetbanklimited.com
Email: customerservice@mainstreetbanklimited.com
Telephone: 01-2662301, 01 –2665133
13. Polaris Bank LimitedHead office:
3 Akin Adesola Street,
Victoria Island,
Lagos.
Website: www.polarisbanklimited.com
Email: info@info@polarisbanklimited.com
Telephone: 01-2627760, 2705862, +234 1 2701600
14. Stanbic IBTC Bank Limited
I.B.T.C Place
Walter Carrington Crescent
P.O.Box 71707,
Victoria Island,
Lagos.
Website: www.stanbicibtcbank.com
Email: customercarenigeria@stanbicibtc.com
Telephone: + 234 1 2717739, +234 14226000
15. Standard Chartered Nigeria
142, Ahmadu Bello Way,
Victoria Island,
Lagos.
Website: https://www.sc.com/ng/
Email: callcentre.nigeria@sc.com
Telephone: 01-2700025, 01-2704600, +234 1 270 4611 – 4
16. Sterling BankSterling Towers,
20, Marina,
P.O.Box 12735,
Lagos.
Website: www.sterlingbankng.com
Email: customercare@sterlingbankng.com
Telephone: 01-2702300-8, 01-2702300-1
17. United Bank for AfricaUBA House,
57, Marina,
Lagos
P.O.Box 2406
Website: www.ubagroup.com
Email: info@ubagroup.com, cfc@ubagroup.com
Telephone: 01-2644651-700, 01-2644651-701
18. UNION BANK OF NIGERIA PLC
Head office:
Stallion Plaza,
36 Marina,
Lagos
P.M.B 2027
Website: www.unionbankng.com
Email: customerservice@unionbankng.com, info@unionbankng.com
Telephone: 12630361, 126314430
19. Unity Bank PlcHead office:
Unity Bank Tower
Plot 785, Herbert Macaulay Way
Central Business District,
Abuja.
Website: www.unitybankng.com
Email: we_care@unitybankng.com, customercare@unitybankng.com
Telephone: 09-4616700-23
20. Wema Bank PlcWema Towers,
54 Marina,
PMB 12862,
Lagos.
Website: www.wemabank.com
Email: info@wemabank.com
Telephone: 2668105, 2668303
21. Zenith Bank PlcZenith Heights,
Plot 87 Ajose Adeogun Street,
P.O.Box 75315,
Victoria Island,
Lagos.
Website: www.zenithbank.com
Email: zenithdirect@zenithbank.com
Telephone: 01-2620727, 2703132
- NATIONAL PRIMARY MORTGAGE BANKS
Abbey Mortgage Bank PlcPlatinum Mortgage Bank
Mayfresh Mortgage Bank
Jubilee-Life Mortgage Bank
Aso Savings & Loans Plc
Trust Bond Mortgage Bank
SunTrust Mortgage Bank
Infinity Trust Mortgage Bank Plc
Haggai Mortgage Bank
Imperial Mortgage Bank
STATE PRIMARY MORTGAGE BANKS
Nigeria Police Mortgage Bank (FOKAS Savings & Loans)Centage Savings & Loans
Resort Savings & Loans
Skyfield Savings and Loans
FHA Homes Limited
FBN Mortgages Ltd
STB Building Society
Omoluabi (Living Spring) Savings & Loans
First Generation Homes
Global Trust Savings & Loans
AG Homes Savings & Loans
Kebbi State Homes S & L
Mutual Alliance Savings & Loans
Lagos Building and Invest. Co.
Refuge Home S & L
Safe Trust Savings & Loans
Delta Mortgage Finance
New Prudential Building Society
Home-Base Mortgage
Akwa Savings & Loans
Gateway Savings & Loans
United/Spring Mortgage
OTHER PRIMARY MORTGAGE BANKS
Kogi State Savings & LoansJigawa Savings & Loans
City-Code Savings & Loans
Taraba State Savings & Loans
MGSL Mortgage Bank
AHCOL Savings & Loans
Coop Savings and Loans
Accord Savings & Loans
Adamawa Savings & Loans
Trans-Atlantic Mortgages Limited