CBN Revokes Licenses of 132 Microfinance Banks, Others

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 132 microfinance banks across the country.

The apex bank also revoked the licenses of 4 primary mortgage banks and 3 finance companies.

This was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN on Tuesday. It stated that the licenses of the financial institutions were revoked because they “ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months; failed to fulfill or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”

CBN Closes 31 Banks In Lagos, 72 Microfinance Banks Nationwide

CBN revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.

The microfinance banks are –

Atlas Microfinance Bank,

Bluewhales Microfinance Bank,

Everest Microfinance Bank,

Igangan Microfinance Bank,

Mainsail Microfinance Bank,

Merit Microfinance Bank,

Minna Microfinance Bank,

Musharaka Microfinance Bank,

Nopov Microfinance Bank,

Ohon Microfinance Bank and others.

Finance companies include –

HHL Invest & Trust Limited,

TFS Finance Limited and Treasures &

Trust Limited

The four primary mortgage banks are –

Resort Savings & Loans,

Safetrust Mortgage Bank,

Adamawa Savings & Loans and

Kogi Savings & Loans.