The Central Bank of Nigeria has revoked the operating licenses of 132 microfinance banks in the country, alongside those of four primary mortgage banks and three finance companies.
This was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN on Tuesday.
The gazette stated that the licenses of the financial institutions were revoked because they “ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months; 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 CBN Governor, Godwin Emefiele, revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.
The microfinance banks 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, and others.
Finance companies whose licenses were revoked include – HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited while the four primary mortgage banks whose licenses were revoked are – Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans etc
Full List
S/N Name Of Institution
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
PREMIUM MICROFINANCE BANK
ROYAL MICROFINANCE BANK
STATESMAN MICROFINANCE BANK
SUISSE MICROFINANCE BANK
VIBRANT MICROFINANCE BANK
VIRTUE MICROFINANCE BANK
ZAMARE MICROFINANCE BANK
NORTH CAPITAL MICROFINANCE BANK
CHIDERA MICROFINANCE BANK
EXCELLENT MICROFINANCE BANK
NI’IMA MICROFINANCE BANK
COSMOPOLITAN MICROFINANCE BANK
PROGRESSIVE LINK MICROFINANCE BANK
TRUST ONE (FOMERLY DESMONARCHY)
EKUOMBE MICROFINANCE BANK
FIRST INDEX MICROFINANCE BANK
OLA MICROFINANCE BANK
ULI MICROFINANCE BANK
VERDANT MICROFINANCE BANK
AGULERI MICROFINANCE BANK LIMITED 31. APEKS MICROFINANCE BANK LIMITED
FAHIMTA MICROFINANCE BANK LIMITED
MANNY MICROFINANCE BANK LIMITED
REALITY MICROFINANCE BANK LIMITED
SURBPOLITAN MICROFINANCE BANK LIMITED
ONYX MICROFINANCE BANK LIMITED
OSINA MICROFINANCE BANK LIMITED
OLOFIN-OWENA MICROFINANCE BANK LIMITED
ZIKADO MICROFINANCE BANK LIMITED
PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED
PENIEL MICROFINANCE BANK LIMITED
TARABA MICROFINANCE BANK LIMITED
BRASS MICROFINANCE BANK LIMITED
MICHIKA MICROFINANCE BANK LIMITED
NDIAGU MICROFINANCE BANK LIMITED