The Central Bank of Nigeria (CBN) has revoked the licenses of 132 Nigerian microfinance banks, four primary mortgage banks, and three financing firms.
According to reports, the revocation exercise was announced in the Federal Government’s official gazette, which was published on the CBN’s website on Tuesday.
The financial institutions, according to the apex bank, “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 the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”
Resort Savings & Loans, Safetrust Mortgage Bank, and Adamawa Savings are the four principal mortgage banks whose licenses were canceled.
& Loans, as well as Kogi Savings & Loans. HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited have had their licenses revoked.
Bluewhales Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Everest Microfinance Bank, Merit Microfinance Bank, Musharaka Microfinance Bank, and Nopov Microfinance Bank are among the microfinance banks listed.
CBN Governor Godwin Emefiele stated that the licenses were terminated in the exercise of the top bank’s authority under Section 12 of BOFIA 2020, Act No. 5.
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
TARABA MICROFINANCE BANK LIMITED
BRASS MICROFINANCE BANK LIMITED
MICHIKA MICROFINANCE BANK LIMITED
NDIAGU MICROFINANCE BANK LIMITED
NORTHBRIDGE MICROFINANCE BANK LIMITED
FCT MICROFINANCE BANK LIMITED
OMU-ARAN MICROFINANCE BANK LIMITED
CHERISH MICROFINANCE BANK LIMITED
BIPC MICROFINANCE BANK LIMITED
DANELS GLOBAL MICROFINANCE BANK LIMITED
BANCORP MICROFINANCE BANK LIMITED
MANNA MICROFINANCE BANK LIMITED
MONEYWISE MICROFINANCE BANK LIMITED
MERCURY MICROFINANCE BANK LIMITED
NEW AGE MICROFINANCE BANK LIMITED
PEARL MICROFINANCE BANK LIMITED
ZAWADI MICROFINANCE BANK LIMITED
SEED CAPITAL MICROFINANCE BANK LIMITED
EDUEK MICROFINANCE BANK LIMITED
EKSU MICROFINANCE BANK LIMITED
DAKINGARI MICROFINANCE BANK LIMITED
OGOJA MICROFINANCE BANK LIMITED
NWABOSI MICROFINANCE BANK LIMITED
NUTURE MICROFINANCE BANK LIMITED
ACTIVE POINT MICROFINANCE BANK LIMITED
AMOYE MICROFINANCE BANK LIMITED
BOLUWADURO MICROFINANCE BANK LIMITED
IYEDE MICROFINANCE BANK LIMITED
MAYFAIR MICROFINANCE BANK LIMITED
CALABAR MICROFINANCE BANK LIMITED
IGHOMO MICROFINANCE BANK LIMTED
HACKMAN MICROFINANCE BANK LIMITED
IDESE MICROFINANCE BANK LIMITED
BRIDGEWAY MICROFINANCE BANK LIMITED
GRASSROOT MICROFINANCE BANK LIMITED
SURELIFE MICROFINANCE BANK LIMITED
TIJARAH MICROFINANCE BANK LIMITED
IC-GLOBAL MICROFINANCE BANK LIMITED
EJIAMATU MICROFINANCE BANK LIMITED
BRIYTH COVENANT 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
LIST OF FINANCE COMPANIES LICENCES REVOKED
Name Of Institution
HHL Invest & Trust Limited
TFS Finance Limited
Treasures & Trust Limited
SCHEDULE III
LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED
Name Of Institution
RESORT SAVINGS & LOANS
SAFETRUST MORTGAGE BANK
ADAMAWA SAVINGS & LOANS
KOGI SAVINGS & LOANS
