CBN revokes licences of 132 microfinance banks, others

News Agency Of Nigeria

May 24, 2023 11:23 AM

The institutions failed to comply with the conditions subject to which their licences were granted.

CBN governor, Godwin Emefiele [Reuters]

The Central Bank of Nigeria (CBN) has announced the revocation of the licences of 132 microfinance banks, three finance companies and four primary mortgage banks across the country.

The revocation is contained in a gazetted circular signed by the CBN governor, Godwin Emefiele, in Abuja.

According to Emefiele, the affected institutions "ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months.".

He said that they also failed to fulfil or comply with the conditions subject to which their licences were granted.

"(They) failed to comply with the obligations imposed upon them by the CBN in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.

"In exercise of the powers conferred on the CBN under Section 12 of BOFIA 2020, Act No.5, I hereby revoke the licences of the Microfinance Banks, Finance Companies and Primary Mortgage Banks stated," Emefiele said.

The News Agency of Nigeria (NAN) reports that the finance companies affected are HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited.

The primary mortgage banks affected are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.

Some of the 132 MfBs include Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank and Mainsail Microfinance Bank.

Others are Merit Microfinance Bank, Minna Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, and Ohon Microfinance Bank.

News Agency Of Nigeria