CBN Revokes Licences Of 179 Microfinance Banks

CBN Revokes Licences Of 179 Microfinance Banks
The Central Bank of Nigeria (CBN) on Tuesday revoked the operational license of 179 microfinance banks in the country.
This is contained in an official gazette of the Federal Government published on the website of the CBN on Tuesday.
The gazette disclosed that the licenses of the financial institutions were revoked because they ceased to carry on the type of business for which their licences were issued for six months.
“The banks 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 document quoted the CBN Governor, Godwin Emefiele, as saying that the CBN revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.
The microfinance banks include – Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Merit Microfinance Bank, Minna Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, and others.
Finance companies whose licenses were revoked include – HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited while the four primary mortgage banks whose licenses were revoked are – Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.

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