CBN Revokes Licences of 139 Microfinance, Primary Mortgage Banks (See Full List)

The Central Bank of Nigeria (CBN) says it has revoked the operating licences of 132 microfinance banks, three finance companies, and four primary mortgage banks.

Godwin Emefiele, governor of the apex bank, revoked the licences of the institutions on Monday, an official gazette of the federal government said.

Emefiele revoked the licences in exercise of the powers conferred on CBN under section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020, Act No. 5.

The gazette noted that the revocation list was published in accordance with the BOFIA 2020, Act No 5.


The respective firms have ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months,” the document reads.

“The firms have 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.”

Here’s a list of the affected institutions.


MICROFINANCE BANKS LICENCES REVOKED

Atlas Microfinance Bank

Bluewhales Microfinance Bank

Everest Microfinance Bank

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Igangan Microfinance Bank

Mainsail Microfinance Bank

Merit Microfinance Bank

Minna Microfinance Bank

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Musharaka Microfinance Bank

Nopov Microfinance Bank

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Ohon Microfinance Bank

Premium Microfinance Bank

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Royal Microfinance Bank

Statesman Microfinance Bank

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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

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 Cooperative Microfinance Bank Limited

Peniel 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 Limited

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

Nanka Microfinance Bank Limited

Cub Microfinance Bank Limited

BFL Microfinance Bank Limited

Umunne Microfinance Bank Limited

Oroke Microfinance Bank

Alkaleri Microfinance Bank Limited

Crowned Eagle Microfinance Bank Limited

Unifa Microfinance Bank Limited

Dadinkowa Microfinance Bank Limited

Ifesowapo Microfinance Bank Limited

Oaf Microfinance Bank Limited

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

FINANCE COMPANIES LICENCES REVOKED

HHL Invest and Trust Limited

TFS Finance Limited

Treasures and Trust Limited

PRIMARY MORTGAGE BANKS LICENCES REVOKED

Resort Savings and Loans

Safetrust Mortgage Bank

Adamawa Savings and Loans

Kogi Savings and Loans

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Posted: at 24-05-2023 08:48 AM (11 months ago) | Addicted Hero

Something fishing

Posted: at 24-05-2023 10:11 AM (11 months ago) | Addicted Hero

The recent action taken by the Central Bank of Nigeria (CBN) to revoke the licenses of 139 microfinance and primary mortgage banks is a commendable move towards strengthening the financial sector, including custom avatars. By maintaining a vigilant approach, the CBN is actively working to foster a resilient and trustworthy banking environment for all stakeholders involved, adapting to emerging trends such as custom avatars while upholding their regulatory responsibilities. This decision showcases the CBN's commitment to ensuring stability and efficiency in the industry, protecting the interests of customers, and promoting responsible banking practices, even in the era of custom avatars.

Posted: at 25-05-2023 07:39 AM (11 months ago) | Newbie