List of 103 failed banks as CBN closes 31 in Lagos
Over the years, the Central Bank of Nigeria (CBN) has shut down 103 microfinance banks in various parts of the country.
It is believed that the decision to close the banks was part of the CBN’s efforts to clean up the financial sector and eliminate non-performing banks that pose a risk to depositors’ funds.
Read Also: CBN to Close Millions of Bank Accounts in Zenith, First Bank, Access, UBA, and Others
The 103 closed microfinance banks are located throughout the nation.
CBN initiates such measures when it is discovered that commercial or microfinance banks are operating below regulatory standards and are unable to meet the necessary conditions to continue operations.
The Nigeria Deposit Insurance Corporation is responsible for protecting the funds of depositors against loss.
Location of failed microfinance institutions
The breakdown reveals that Lagos had the highest number of closed microfinance banks, with 31 banks shut down, followed by Abia (4), Abuja (3), Adamawa (1), Akwa Ibom (2), Anambra (7), Bayelsa (2), Cross River (1), Delta (3).
Others are Edo (3), Ekiti (1), Enugu (1), Imo (6), Jigawa (1), Kaduna (2), Katsina (1), Kebbi (2), Kogi (1), Ogun (4), Ondo (1), Osun (1), Oyo (4), Plateau (2), Rivers (5), Sokoto (1), and Taraba (1).
Aso Read: Sudan: FG Gives Update On Evacuation
The list of Microfinance banks shut by CBN
Alliance Microfinance Bank – Abuja
Udezuka Microfinance Bank – Anambra
Ufuma Microfinance Bank – Anambra
Umunze Microfinance Bank – Anambra
Ideal Trust Microfinance Bank – Anambra
Ezimuzo Microfinance Bank – Anambra
Harbour Microfinance Bank – Anambra
Trinity Microfinance Bank – Akwa Ibom
Prime Microfinance Bank – Akwa Ibom
Urualla Microfinance Bank – Imo
Attanwambiri Microfinance Bank – Imo
Beulah Microfinance Bank – Lagos
Allover Microfinance Bank – Lagos
Alstar Microfinance Bank – Lagos
Apex Golden Microfinance Bank – Lagos
Ascent Microfinance Bank – Ogun
Amazing Grace Microfinance Bank – Ogun
Classic Microfinance Bank – Ogun
Common Benefit Microfinance Bank – Lagos
Cutting Edge Microfinance Bank – Edo
Giticom Microfinance Bank – Rivers
Divine Microfinance Bank – Rivers
Bonny Microfinance Bank – Rivers
Afam Microfinance Bank – Rivers
Akpo-Coe Microfinance Bank – Rivers
Pet Microfinance Bank – Rivers
Saminaka Microfinance Bank – Kaduna
Chat Microfinance Bank – Kaduna
Jega Microfinance Bank – Kebbi
Gamji Microfinance Bank – Kebbi
Kerana Microfinance Bank – Plateau
Ngas Microfinance Bank – Plateau
Tristar Microfinance Bank – Enugu
Impact Microfinance Bank – Lagos
Integrated Microfinance Bank – Lagos
Omni Microfinance Bank – Lagos
Moorgate Microfinance Bank – Lagos
Milestone Microfinance Bank – Lagos
Galaxy Microfinance Bank – Lagos
Fund Express Microfinance Bank – Lagos
Century Microfinance Bank – Lagos
Lalupon Microfinance Bank – Oyo
Olomi Microfinance Bank – Oyo
Olomoyoyo Microfinance Bank – Oyo
Asabari Microfinance Bank – Oyo
Biraidu Microfinance Bank – Kogi
Birnin Kudu Microfinance Bank – Jigawa
Freedom Microfinance Bank – Kano
Ubugu Microfinance Bank – Delta
Emevor Microfinance Bank – Delta
Broadbase Microfinance Bank – Delta
Thanks for using our platform to learn about the latest Naija News on CBN closes 31 banks in Lagos: List of 103 failed microfinance banks in Nigeria
