The Central Bank of Nigeria CBN has 22nd May, 2022 revoked licenses of microfinance banks, fiancé companies and Primary mortgage banks in Nigeria.

The CBN on its website said the licenses totaling 179 Microfinance banks, three finance companies, and four Primary Mortgage banks were revoked for their failure to meet up with the type of business for which their licenses were issued for a continuous period of 6 months.

Citing the CBN’s Banks And Other Financial Institutions Act (BOFIA), 2020, ACT NO. 5 the CBN Governor Godwill Emiefele gave reasons why the apex banks decided to revoke their operational licenses.

He stated the reasons as follows:

“WHEREAS : The Microfinance Banks, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively, hereto, have:

ceased to carry on, in Nigeria, the type of business for which their licenses were issued for a continuous period of 6 months ; (b) failed to fulfil or comply with the conditions subject to which their licences were granted ; or (c) 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.

“NOW THEREFORE, I, Godwin Ifeanyi Emefiele, CON, Governor of the Central Bank of Nigeria, in exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No.5, hereby revoke the licences of the Microfinance Banks, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively attached hereto. GIVEN under my hand at Abuja this 22nd May, 2023”.

See affected banks as published below.

LIST OF MICROFINANCE BANKS LICENCES REVOKED CBN

Name Of Institution 1. Atlas microfinance bank 2. Bluewhales microfinance bank 3. Everest microfinance bank 4. Igangan microfinance bank 5. Mainsail microfinance bank 6. Merit microfinance bank 7. Minna microfinance bank 8. Musharaka microfinance bank 9. Nopov microfinance bank 10. Ohon microfinance bank 11. Premium microfinance bank 12. Royal microfinance bank 13. Statesman microfinance bank 14. Suisse microfinance bank 15. Vibrant microfinance bank 16. Virtue microfinance bank 17. Zamare microfinance bank 18. North capital microfinance bank 19. Chidera microfinance bank 20. Excellent microfinance bank 21. Ni’ima microfinance bank 22. Cosmopolitan microfinance bank 23. Progressive link microfinance bank 24. Trust one (fomerly desmonarchy) 25. Ekuombe microfinance bank 26. First index microfinance bank 27. Ola microfinance bank 28. Uli microfinance bank 29. Verdant microfinance bank 30. Aguleri microfinance bank limited 31. Apeks microfinance bank limited 32. Fahimta microfinance bank limited, 33. Manny microfinance bank limited 34. Reality microfinance bank limited 35. Surbpolitan microfinance bank limited 36. Onyx microfinance bank limited 37. Osina microfinance bank limited 38. Olofin-owena microfinance bank limited 39. Zikado microfinance bank limited 40. Prudential co-operative microfinance bank limited 41. Peniel microfinance bank limited 42. Taraba microfinance bank limited 43. Brass microfinance bank limited 44. Michika microfinance bank limited 45. Ndiagu microfinance bank limited 46. Northbridge microfinance bank limited 47. Fct microfinance bank limited 48. Omu-aran microfinance bank limited 49. Cherish microfinance bank limited 50. Bipc microfinance bank limited 51. Danels global microfinance bank limited 52. Bancorp microfinance bank limited 53. Manna microfinance bank limited 54. Moneywise microfinance bank limited 55. Mercury microfinance bank limited 56. New age microfinance bank limited 57. Pearl microfinance bank limited 58. Zawadi microfinance bank limited 59. Seed capital microfinance bank limited 60. Eduek microfinance bank limited 61. Eksu microfinance bank limited 62. Dakingari microfinance bank limited 63. Ogoja microfinance bank limited 64. Nwabosi microfinance bank limited 65. Nuture microfinance bank limited 66. Active point microfinance bank limited.

Amoye microfinance bank limited 68. Boluwaduro microfinance bank limited 69. Iyede microfinance bank limited 70. Mayfair microfinance bank limited 71. Calabar microfinance bank limited 72. Ighomo microfinance bank limted 73. Hackman microfinance bank limited 74. Idese microfinance bank limited 75. Bridgeway microfinance bank limited 76. Grassroot microfinance bank limited 77. Surelife microfinance bank limited 78. Tijarah microfinance bank limited 79. Ic-global microfinance bank limited 80. Ejiamatu microfinance bank limited 81. Briyth covenant microfinance bank limited 82. Nanka microfinance bank limited 83. Cub microfinance bank limited 84. Bfl microfinance bank limited 85. Umunne microfinance bank limited 86. Oroke microfinance bank 87. Alkaleri microfinance bank limited 88. Crowned eagle microfinance bank limited 89. Unifa microfinance bank limited 90. Dadinkowa microfinance bank limited 91. Ifesowapo microfinance bank limited 92. Oaf microfinance bank limited 93. Bama microfinance bank limited 94. Ngala microfinance bank limited 95. Iwoama microfinance bank limited 96. Kada microfinance bank limited 97. Keffi microfinance bank limited 98. Nut-endwell microfinance bank limited 99. First multiple microfinance bank limited 100. Sbdc microfinance bank limited 101. Oros capital microfinance bank limited.

Ozizza microfinance bank limited b 465 103. Primera credit microfinance bank limited 104. Ifeanyichukwu microfinance bank limited 105. Ihioma microfinance bank limited 106. Josad microfinance bank limited 107. Akpo microfinance bank limited 108. Aiyepe microfinance bank limited 109. Abc microfinance bank limited 110. Star microfinance bank limited 111. Purple money microfinance bank limited 112. Utuh microfinance bank limited 113. Stallion microfinance bank limited 114. Kjl microfinance bank limited 115. Credit afrique microfinance bank limited 116. Cowries microfinance bank limited 117. Lawebod microfinance bank limited 118. Mabinas microfinance bank limited 119. Business support microfinance bank limited 120. Ogbe-ahiara microfinance bank limited 121. Olofin microfinance bank limited 122. Obosi microfinance bank limited 123. Fiyinfolu microfinance bank limited 124. Bishopgate microfinance bank limited 125. Awka microfinance bank limited.

Others revoked are:

Zigate microfinance bank limited 127. Esan microfinance bank limited 128. Enugu-ukwu microfinance bank limited 129. Echo microfinance bank limited 130. Ally microfinance bank limited 131. Network microfinance bank limited 132. Awgbu microfinance bank limited

LIST OF FINANCE COMPANIES LICENCES REVOKED

S/N Name Of Institution
HHL Invest & Trust Limited 2. TFS Finance Limited 3. Treasures & Trust Limited

LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED BY CBN

S/N Name Of Institution
RESORT SAVINGS & LOANS 2. SAFETRUST MORTGAGE BANK 3. ADAMAWA SAVINGS & LOANS 4. KOGI SAVINGS & LOANS

https://naijatv.net/central-bank-of-nigeria-revokes-licenses-of-commercial-banks-finance-companies-and-mortgage-banks-in-nigeria/

This are Mushroom Backyard Local Banks................I don't even know anyone out of Them.

Hmm, this is serious.

But I think those affected would appeal the decision.

Banks with their issues

travsco43:
Hmm, this is serious.

But I think those affected would appeal the decision.

Apeal what when the operators had already breached the licence issuance terms and agreement?

wealthinfos:


Apeal what when the operators had already breached the licence issuance terms and agreement?

It's okay.

Well na their luck.

Acekidc4:
This are Mushroom Backyard Local Banks................I don't even know anyone out of Them.

Check well o

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