The Central Bank of Nigeria (CBN), yesterday revoked the operating licences of 132 microfinance banks (MfBs) in the country.
The CBN Governor, Godwin Emefiele, who signed the revocation, also withdrew the licences of four primary mortgage banks (PMBs), and three finance companies (FCs).
The notice was contained in an official gazette of the Federal Government published on the CBN website.
The apex bank explained that the 139 licences were cancelled because the affected institutions ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months.
The Gazette added that they also “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.”
The microfinance banks include:
A
ABC Microfinance Bank Limited; Active Point Microfinance Bank Limited; Aguleri Microfinance Bank; Aiyepe Microfinance Bank Limited; Akpo Microfinance Bank Limited; Alkaleri Microfinance Bank Limited; Ally Microfinance Bank Limited; Amoye Microfinance Bank Limited; Apeks Microfinance Bank; Atlas Microfinance Bank; Awgbu Microfinance Bank Limited; and Awka Microfinance Bank Limited.
B
Bama Microfinance Bank Limited; Bankcorp Microfinance Bank Limited; BFL Microfinance Bank Limited; BIPC Microfinance Bank Limited; Bishopgate Microfinance Bank Limited; Blue whales Microfinance Bank; Boluwaduro Microfinance Bank Limited; Brass Microfinance Bank Limited; Bridgeway Microfinance Bank Limited; Briyth Covenant Microfinance Bank Limited; and Business Support Microfinance Bank Limited.
C
Calabar Microfinance Bank Limited; Cherish Microfinance Bank Limited; Chidera Microfinance Bank; Cosmopolitan Microfinance Bank; Cowries Microfinance Bank Limited; Credit Afrique Microfinance Bank Limited; Crowned Eagle Microfinance Bank Limited; and Cub Microfinance Bank Limited.
D & E
Dadinkowa Microfinance Bank Limited; Dakingari Microfinance Bank Limited; Danels Global Microfinance Bank Limited; Echo Microfinance Bank Limited; Eduek Microfinance Bank Limited; Ejiamatu Microfinance Bank Limited; Eksu Microfinance Bank Limited; Ekuombe Microfinance Bank; Enugu-Ukwu Microfinance Bank Limited; Esan Microfinance Bank Limited; Everest Microfinance Bank; and Excellent Microfinance Bank.
They 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.
F & G
Fahimta Microfinance Bank; FCT Microfinance Bank Limited; First Index Microfinance Bank; First Multipurpose Microfinance Bank Limited; Fiyinfolu Microfinance Bank Limited; Grassroot Microfinance Bank Limited; and Hackman Microfinance Bank Limited.
I – L
IC-Global Microfinance Bank Limited; Idese Microfinance Bank Limited; Ifeanyichukwu Microfinance Bank Limited; Ifesowapo Microfinance Bank Limited; Igangan Microfinance Bank; Ighomo Microfinance Bank Limited; Ihioma Microfinance Bank Limited; Iwoama Microfinance Bank Limited; Iyede Microfinance Bank Limited; Josad Microfinance Bank Limited; Kada Microfinance Bank Limited; Keffi Microfinance Bank Limited; KJL Microfinance Bank Limited; and Lawebod Microfinance Bank Limited.
M
Mabinas Microfinance Bank Limited; Mainsail Microfinance Bank; Manna Microfinance Bank Limited; Manni Microfinance Bank Limited; Mayfair Microfinance Bank Limited; Mercury Microfinance Bank Limited; Merit Microfinance Bank; Michika Microfinance Bank Limited; Minna Microfinance Bank; Moneywise Microfinance Bank Limited; and Musharaka Microfinance Bank.
N
Nanka Microfinance Bank Limited; Ndiagu Microfinance Bank Limited; Network Microfinance Bank Limited; New age Microfinance Bank Limited; Ngala Microfinance Bank Limited; Ni’ima Microfinance Bank; Nopov Microfinance Bank; Northbridge Microfinance Bank Limited; North Capital Microfinance Bank; Nut-Endwell Microfinance Bank Limited; Nuture Microfinance Bank Limited; and Nwabosi Microfinance Bank Limited.
O
OAF Microfinance Bank Limited; Obosi Microfinance Bank Limited; Ogbe-Ahiara Microfinance Bank Limited; Ogoja Microfinance Bank Limited; Ohon Microfinance Bank; Ola Microfinance Bank; Olofin Microfinance Bank Limited; Olofin-Owena Microfinance Bank Limited; Omu-Aran Microfinance Bank Limited; Onyx Microfinance Bank Limited; Oroke Microfinance Bank Limited; Oros Capital Microfinance Bank Limited; Osina Microfinance Bank Limited; Ozizza Microfinance Bank Limited.
P – R
Pearl Microfinance Bank Limited; Peniel Microfinance Bank Limited; Premium Microfinance Bank; Primera Credit Microfinance Bank Limited; Progressive link Microfinance Bank; Prudential Co-operative; Microfinance Bank Limited; Purple Money Microfinance Bank Limited; Reality Microfinance Bank Limited; Royal Microfinance Bank.
S & T
SBDC Microfinance Bank Limited; Seed Capital Microfinance Bank Limited; Stallion Microfinance Bank Limited; Star Microfinance Bank Limited; Statesman Microfinance Bank; Suisse Microfinance Bank; Surbpolitan Microfinance Bank Limited; Sure life Microfinance Bank Limited; Taraba Microfinance Bank; Tijarah Microfinance Bank Limited; and TrustOne (Formerly Desmonarchy).
U – Z
Uli Microfinance Bank; Umunne Microfinance Bank Limited; UNIFA Microfinance Bank Limited; Utuh Microfinance Bank Limited; Verdant Microfinance Bank; Vibrant Microfinance Bank; Virtue Microfinance Bank; Zamare Microfinance Bank; Zawadi Microfinance Bank Limited; Zigate Microfinance Bank Limited; and Zikado Microfinance Bank.
The affected primary mortgage banks are Adamawa Savings & Loans; Kogi Savings & Loans; Resort Savings & Loans; and Safetrust Mortgage Bank.
The finance companies include are HHL Invest & Trust Limited; TFS Finance Limited; and Treasures & Trust Limited.
