The Central Bank of Nigeria (CBN) has revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country.
Channels Television reports that the revocation exercise was disclosed in the official gazette of the Federal Government published on the website of the CBN on Tuesday.
According to the apex bank, the financial institutions failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.
The four primary mortgage banks whose licences were revoked are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.
The finance companies whose licences were revoked include HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited.
Some of the microfinance banks listed include Bluewhales Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Everest Microfinance Bank, Merit Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, among others.
CBN Governor, Godwin Emefiele, said the licences were revoked in the exercise of the powers conferred on the apex bank under Section 12 of BOFIA 2020, Act No. 5.
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
SCHEDULE II
HHL Invest & Trust Limited
TFS Finance Limited
Treasures & Trust Limited
SCHEDULE III
LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED
S/N Name Of Institution
RESORT SAVINGS & LOANS
SAFETRUST MORTGAGE BANK
ADAMAWA SAVINGS & LOANS
KOGI SAVINGS & LOANS
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