Central Bank of Nigeria revokes licences of 132 microfinance banks, others

The Central Bank of Nigeria (CBN) has announced revocation of the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country for derailing from their expected roles

Penpushing reports that the revocation of the licenses was made known in the official gazette of the Nigerian Government published on the website of the Central Bank of Nigeria (CBN) on Tuesday.

The gazette, explained that the licences of the financial institutions were revoked because they ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months.

Penpushing further reports that the said financial institutions were also alleged to 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 (CBNB) in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.

The document showed that the four primary mortgage banks whose licences were revoked are Resort Savings and Loans, Safetrust Mortgage Bank, Adamawa Savings and Loans and Kogi Savings and Loans, while the finance companies whose licences were revoked include HHL Invest and Trust Limited, TFS Finance Limited and Treasures and Trust Limited.

Penpushing also reports that some of the microfinance banks listed include Bluewhales Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Everest Microfinance Bank, Merit Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, among others.

Meanwhile, the gazette showed that the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, revoked the licences in the exercise of the powers conferred on the Central Bank of Nigeria (CBN) under Section 12 of BOFIA 2020, Act No. 5.

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