In a significant development for the Nigerian financial sector, the Central Bank of Nigeria (CBN) has announced the revocation of operating licences for 132 microfinance banks, four primary mortgage banks, and three finance companies. The revocation exercise, aimed at ensuring compliance with regulatory requirements, was disclosed in the official gazette of the Federal Government, published on the CBN’s website on Tuesday.
According to the apex bank, these financial institutions have failed to fulfill the conditions or comply with the obligations imposed by the CBN in accordance with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5. The move is part of the CBN’s ongoing efforts to maintain stability and integrity in the country’s financial system.
Among the microfinance banks affected by the revocation are well-known institutions such as Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, and Virtue Microfinance Bank, to name just a few. The list also includes primary mortgage banks like Resort Savings & Loans and Safetrust Mortgage Bank. Additionally, licences were revoked for finance companies, including HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited.
The revocation of licences serves as a stern reminder to financial institutions that compliance with regulatory guidelines and meeting the conditions of their licences are essential for sustained operations within the Nigerian banking sector. The CBN has repeatedly emphasized the importance of adherence to these requirements to maintain stability, protect depositors’ funds, and safeguard the overall health of the financial system.
While the affected institutions grapple with the consequences of the licence revocation, the CBN continues to closely monitor the sector and take necessary actions to maintain the integrity and stability of the Nigerian financial system. The apex bank remains committed to enforcing regulatory standards and ensuring that financial institutions operate within the established framework.
It is worth noting that the CBN’s decision to revoke licences underscores the importance of prudent financial management, transparency, and accountability in the banking industry. The move is expected to send a strong signal to other financial institutions, encouraging them to uphold high standards and comply with regulatory requirements.
The Central Bank of Nigeria has assured the public that it will continue to prioritize the soundness and stability of the banking sector, creating an enabling environment for sustainable economic growth and development.
Below is the full list of the affected microfinance banks, primary mortgage banks, and finance companies:
MICROFINANCE BANKS:
- 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
- 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
- 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
PRIMARY MORTGAGE BANKS:
- RESORT SAVINGS & LOANS
- SAFETRUST MORTGAGE BANK
- ADAMAWA SAVINGS & LOANS
- KOGI SAVINGS & LOANS
FINANCE COMPANIES:
- HHL Invest & Trust Limited
- TFS Finance Limited
- Treasures & Trust Limited
The revocation of these licences serves as a reminder that regulatory compliance is of utmost importance for financial institutions operating in Nigeria. The CBN’s actions aim to ensure a robust and secure banking system that can effectively support the country’s economic growth and development.
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