The Central Bank of Nigeria (CBN) has taken action against several financial institutions in the country, revoking the licences of 139 microfinance banks, four primary mortgage banks, and three finance companies.
The decision was made due to the institutions failing to carry out the type of business for which their licences were issued for a continuous period of six months.
This contravenes the Banks and other Financial Institutions Act (BOFIA), 2020 and the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria.
The CBN Governor, Godwin Emefiele, exercised the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No.5 to revoke the licences.
The official gazette for the last batch of revoked licences stated that the banks had either remained inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six months.
Below is the list of the affected banks:
MICROFINANCE BANKS LICENCES REVOKED
- 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
- Premium Microfinance Bank
- Royal Microfinance Bank
- Statesman Microfinance Bank
- Suisse Microfinance Bank
- Vibrant Microfinance Bank
- Virtue Microfinance Bank
- Zamare Microfinance Bank
- North Capital Microfinance Bank
- Chidera Microfinance Bank
- Excellent Microfinance Bank
- Ni’ima Microfinance Bank
- Cosmopolitan Microfinance Bank
- Progressive Link Microfinance Bank
- Trust One Fomerly Desmonarchy
- Ekuombe Microfinance Bank
- First Index Microfinance Bank
- Ola Microfinance Bank
- Uli Microfinance Bank
- Verdant Microfinance Bank
- Aguleri Microfinance Bank Limited
- Apeks Microfinance Bank Limited
- Fahimta Microfinance Bank Limited
- Manny Microfinance Bank Limited
- Reality Microfinance Bank Limited
- Surbpolitan Microfinance Bank Limited
- Onyx Microfinance Bank Limited
- Osina Microfinance Bank Limited
- Olofin-Owena Microfinance Bank Limited
- Zikado Microfinance Bank Limited
- Prudential Cooperative Microfinance Bank Limited
- Peniel Microfinance Bank Limited
- Taraba Microfinance Bank Limited
- Brass Microfinance Bank Limited
- Michika Microfinance Bank Limited
- Ndiagu Microfinance Bank Limited
- Northbridge Microfinance Bank Limited
- FCT Microfinance Bank Limited
- Omu-Aran Microfinance Bank Limited
- Cherish Microfinance Bank Limited
- Bipc Microfinance Bank Limited
- Danels Global Microfinance Bank Limited
- Bancorp Microfinance Bank Limited
- Manna Microfinance Bank Limited
- Moneywise Microfinance Bank Limited
- Mercury Microfinance Bank Limited
- New Age Microfinance Bank Limited
- Pearl Microfinance Bank Limited
- Zawadi Microfinance Bank Limited
- Seed Capital Microfinance Bank Limited
- Eduek Microfinance Bank Limited
- Eksu Microfinance Bank Limited
- Dakingari Microfinance Bank Limited
- Ogoja Microfinance Bank Limited
- Nwabosi Microfinance Bank Limited
- Nuture Microfinance Bank Limited
- Active Point Microfinance Bank Limited
- Amoye Microfinance Bank Limited
- Boluwaduro Microfinance Bank Limited
- Iyede Microfinance Bank Limited
- Mayfair Microfinance Bank Limited
- Calabar Microfinance Bank Limited
- Ighomo Microfinance Bank Limited
- Hackman Microfinance Bank Limited
- Idese Microfinance Bank Limited
- Bridgeway Microfinance Bank Limited
- Grassroot Microfinance Bank Limited
- Surelife Microfinance Bank Limited
- Tijarah Microfinance Bank Limited
- Ic-Global Microfinance Bank Limited
- Ejiamatu Microfinance Bank Limited
- Briyth Covenant Microfinance Bank Limited
- Nanka Microfinance Bank Limited
- Cub Microfinance Bank Limited
- BFL Microfinance Bank Limited
- Umunne Microfinance Bank Limited
- Oroke Microfinance Bank
- Alkaleri Microfinance Bank Limited
- Crowned Eagle Microfinance Bank Limited
- Unifa Microfinance Bank Limited
- Dadinkowa Microfinance Bank Limited
- Ifesowapo Microfinance Bank Limited
- Oaf Microfinance Bank Limited
- Bama Microfinance Bank Limited
- Ngala Microfinance Bank Limited
- Iwoama Microfinance Bank Limited
- Kada Microfinance Bank Limited
- Keffi Microfinance Bank Limited
- Nut-Endwell Microfinance Bank Limited
- First Multiple Microfinance Bank Limited
- SBDC Microfinance Bank Limited
- Oros Capital Microfinance Bank Limited
- Ozizza Microfinance Bank Limited
- Primera Credit Microfinance Bank Limited
- Ifeanyichukwu Microfinance Bank Limited
- Ihioma Microfinance Bank Limited
- Josad Microfinance Bank Limited
- Akpo Microfinance Bank Limited
- Aiyepe Microfinance Bank Limited
- ABC Microfinance Bank Limited
- Star Microfinance Bank Limited
- Purple Money Microfinance Bank Limited
- Utuh Microfinance Bank Limited
- Stallion Microfinance Bank Limited
- Kjl Microfinance Bank Limited
- Credit Afrique Microfinance Bank Limited
- Cowries Microfinance Bank Limited
- Lawebod Microfinance Bank Limited
- Mabinas Microfinance Bank Limited
- Business Support Microfinance Bank Limited
- Ogbe-Ahiara Microfinance Bank Limited
- Olofin Microfinance Bank Limited
- Obosi Microfinance Bank Limited
- Fiyinfolu Microfinance Bank Limited
- Bishopgate Microfinance Bank Limited
- Awka Microfinance Bank Limited
- Zigate Microfinance Bank Limited
- Esan Microfinance Bank Limited
- Enugu-Ukwu Microfinance Bank Limited
- Echo Microfinance Bank Limited
- Ally Microfinance Bank Limited
- Network Microfinance Bank Limited
- Awgbu Microfinance Bank Limited
FINANCE COMPANIES LICENCES REVOKED
- HHL Invest and Trust Limited
- TFS Finance Limited
- Treasures and Trust Limited
PRIMARY MORTGAGE BANKS LICENCES REVOKED
- Resort Savings and Loans
- Safetrust Mortgage Bank
- Adamawa Savings and Loans
- Kogi Savings and Loans
Article updated 3 weeks ago. Content is written and modified by multiple authors.
