132 MfB Licenses Are Revoked By CBN, Among Others

The licenses of 132 Microfinance Banks, three Finance Companies, and four Primary Mortgage Banks nationwide have been revoked, according to the Central Bank of Nigeria (CBN).

A gazetted circular containing the revocation was signed in Abuja by Mr. Godwin Emefiele, governor of the Central Bank of Nigeria.

Emefiele claims that for a continuous period of six months, the Microfinance Banks, Finance Companies, and Primary Mortgage Banks mentioned in the gazette “ceased to carry on, in Nigeria, the type of business for which their licenses were issued.”

He said that they also didn’t fulfill or adhere to the requirements that were attached to the issuance of their licenses.

According to the terms of the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, “(They) failed to fulfill the duties imposed upon them by the CBN.

Emefiele declared, “In the exercise of the powers granted to the CBN under Section 12 of BOFIA 2020, Act No. 5, I hereby revoke the licenses of the Microfinance Banks, Finance Companies, and Primary Mortgage Banks mentioned.

The Finance Companies Affected Are HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited, according to the News Agency of Nigeria (NAN).

Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans, and Kogi Savings & Loans are the Primary Mortgage Banks impacted.

Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank, and Mainsail Microfinance Bank are just a few of the 132 MfBs.

Merit Microfinance Bank, Minna Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, and Ohon Microfinance Bank are some further institutions.