The Central Bank of Nigeria (CBN) has rescinded the operating licenses of 132 microfinance banks, in addition to those of four primary mortgage banks and three finance companies. Continue Full Reading>>>
The revocations were announced in the Federal Government’s official gazette, published on the CBN’s website on Tuesday.
The gazette detailed that the financial institutions lost their licenses due to failure to comply with business operations and conditions stipulated in their licenses.
This included ceasing to conduct business in Nigeria for which their licenses were issued for a continuous period of six months; failing to fulfil or comply with the conditions of their licenses, or failing to comply with obligations imposed by the CBN, as per the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5. Continue Full Reading>>>
CBN Governor, Godwin Emefiele, exercised his powers under Section 12 of BOFIA 2020, Act No. 5, to revoke these licenses.
The microfinance banks affected include 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, among others.
The affected finance companies are HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited. The primary mortgage banks whose licenses were revoked are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.
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