The Central Bank of Nigeria

The Central Bank of Nigeria: CBN Swiftly Revokes Licences of 132 Microfinance Banks.

The Central Bank of Nigeria (CBN) has revoked the licences of 132 microfinance banks across the country. The decision was made in response to numerous instances of non-compliance and failure to meet regulatory requirements. The move serves as a stern warning to financial institutions to uphold strict standards and adhere to the regulations set forth by the CBN.

The revocation of the licences was announced in a statement released by the CBN on Monday. The statement cited various reasons for the decision, including inadequate capital base, weak corporate governance structures, and poor risk management practices. These issues were identified during an extensive examination and assessment of the microfinance banks’ operations. The CBN emphasized the importance of safeguarding the interests of depositors and maintaining a robust financial sector.

The Central Bank of Nigeria
CBN, Abuja.

With the revocation of licences, affected microfinance banks are required to cease all banking operations immediately. The CBN has directed the Nigeria Deposit Insurance Corporation (NDIC) to commence the process of winding down the affairs of these banks. This process will involve the liquidation of assets to repay depositors to the extent of the available liquidation value. The CBN has assured depositors that their funds remain safe and will be refunded accordingly.

The CBN has urged the management of microfinance banks to respect the interests of their customers and ensure a smooth resolution process. The revocation of licences is seen as a necessary step to protect the financial system and prevent further risks. It is expected that this move will encourage microfinance banks to review their operations, improve their governance structures, and comply with regulatory requirements in order to restore depositor confidence.

LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED

S/N Name Of Institution

  1. RESORT SAVINGS & LOANS
  2. SAFETRUST MORTGAGE BANK
  3. ADAMAWA SAVINGS & LOANS
  4. KOGI SAVINGS & LOANS

LIST OF FINANCE COMPANIES LICENCES REVOKED

  1. HHL Invest & Trust Limited
  2. TFS Finance Limited
  3. Treasures & Trust Limited

List of the affected banks and financial institutions:

  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. 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
  67. 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
  99. LIMITED
  100. FIRST MULTIPLE MICROFINANCE BANK LIMITED
  101. SBDC MICROFINANCE BANK LIMITED
  102. OROS CAPITAL MICROFINANCE BANK LIMITED
  103. OZIZZA MICROFINANCE BANK LIMITED
  104. PRIMERA CREDIT MICROFINANCE BANK LIMITED
  105. IFEANYICHUKWU MICROFINANCE BANK LIMITED
  106. IHIOMA MICROFINANCE BANK LIMITED
  107. JOSAD MICROFINANCE BANK LIMITED
  108. AKPO MICROFINANCE BANK LIMITED
  109. AIYEPE MICROFINANCE BANK LIMITED
  110. ABC MICROFINANCE BANK LIMITED
  111. STAR MICROFINANCE BANK LIMITED
  112. PURPLE MONEY MICROFINANCE BANK LIMITED
  113. UTUH MICROFINANCE BANK LIMITED
  114. STALLION MICROFINANCE BANK LIMITED
  115. KJL MICROFINANCE BANK LIMITED
  116. CREDIT AFRIQUE MICROFINANCE BANK LIMITED
  117. COWRIES MICROFINANCE BANK LIMITED
  118. LAWEBOD MICROFINANCE BANK LIMITED
  119. MABINAS MICROFINANCE BANK LIMITED
  120. BUSINESS SUPPORT MICROFINANCE BANK LIMITED
  121. OGBE-AHIARA MICROFINANCE BANK LIMITED
  122. OLOFIN MICROFINANCE BANK LIMITED
  123. OBOSI MICROFINANCE BANK LIMITED
  124. FIYINFOLU MICROFINANCE BANK LIMITED
  125. BISHOPGATE MICROFINANCE BANK LIMITED
  126. AWKA MICROFINANCE BANK LIMITED
  127. ZIGATE MICROFINANCE BANK LIMITED
  128. ESAN MICROFINANCE BANK LIMITED
  129. ENUGU-UKWU MICROFINANCE BANK LIMITED
  130. ECHO MICROFINANCE BANK LIMITED
  131. ALLY MICROFINANCE BANK LIMITED
  132. NETWORK MICROFINANCE BANK LIMITED
  133. AWGBU MICROFINANCE BANK LIMITED