CBN revokes licenses of 132 microfinance Banks, 4 mortage Banks
132 Microfinance Banks, three finance companies, and four primary mortgage banks had their operating licences revoked by the Central Bank of Nigeria (CBN).
Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Mainsail Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, Premium Microfinance Bank, and Statesman Microfinance Bank are among the affected Microfinance banks.
Others include the Manny Microfinance Bank, the Reality Microfinance Bank, the Osina Microfinance Bank, the Zikado Microfinance Bank, the Taraba Microfinance Bank, and the Ndiagu Microfinance Bank.
The Finance Companies- HHL Invest & Trust Limited, in addition, the CBN revoked the licences of TFS Finance Limited and Treasures & Trust Limited.
In addition to losing their licences, Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans, and Kogi Savings & Loans are the affected primary mortgage banks.
The apex bank announced in the Federal Government of Nigeria Official Gazette that Microfinance Banks, Finance Companies, and Primary Mortgage Banks have ceased conducting the type of business for which they were licensed in Nigeria for a continuous period of six months.
According to the Gazette signed by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, the affected institutions also failed to meet or comply with the conditions under which their licences were granted.
They also failed to comply with the obligations imposed on them by the Central Bank of Nigeria in accordance with Act No. 5 of the Banks and Other Financial Institutions Act (BOFIA) of 2020.
Emefiele stated in the report, “Now Therefore, I, Godwin Ifeanyi Emefiele, CON, Governor of the Central Bank of Nigeria, in exercise of the powers conferred upon the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No.5, hereby revoke the licences of the Microfinance Banks, Finance Companies, and Primary Mortgage Banks listed in Schedules I, II, and III attached hereto.”