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CBN Revoke Licences of Microfinance Banks, Others

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CBN - BVN, NIN, New accounts broad money

CEM REPORT, FINANCE | The operating licence of 139 financial institutions has been revoked by the Central Bank of Nigeria (CBN).

The institutions include 132 microfinance banks, four primary mortgage banks, and three finance companies.

According to the official gazette of the Federal Government published on the website of the CBN during the week, the financial institutions got their licences revoked as a result of performing business outside the purview of their licences for an extended period of six months.

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They 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 in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”

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

The four primary mortgage banks whose licences were revoked are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.

The finance companies whose licences were revoked include HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited.

Below is the list of the revoked 132 microfinance banks:

S/N Names of Institution

1. Atlas Microfinance Bank

2. Blue Whales 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. TrustOne (Formerly 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

31. Apeks Microfinance Bank

32. Fahimta Microfinance Bank

33. Manni 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. Bankcorp Microfinance Bank Limited

53. Manna Microfinance Bank Limited

54. Moneywise Microfinance Bank Limited

55. Mercury Microfinance Bank Limite

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 Limited

73. Hackman Microfinance Bank Limited

74. Idese Microfinance Bank Limited

75. Bridgeway Microfinance Bank Limited

76. Grassroot Microfinance Bank Limited

77. Sure Life 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 Limited

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 Multipurpose Microfinance Bank Limited

100. SBDC Microfinance Bank Limited

101. Oros Capital Microfinance Bank Limited

102. Ozizza Microfinance Bank Limited

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

126. 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

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