The Central Bank of Nigeria on Tuesday revoked the operating licences of at least 132 microfinance banks in the country.
Suffering same fate, are four primary mortgage banks and three finance companies.
The motive for this, the CBN attributed to the affected organisations’ failure to perform the task their licences were issued for a period of six months.
The report of the apex bank’s action is contained in a Gazette signed by its governor, Godwin Emefiele.
The latter 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; Mainsail Microfinance Bank; Nopov Microfinance Bank; Premium Microfinance Bank and Statesman Microfinance Bank, Igangan Microfinance Bank, Merit Microfinance Bank, and Minna Microfinance Bank.
Others include Igangan Microfinance Bank, Ohon Microfinance Bank; Zikado Microfinance Bank and Taraba Microfinance Bank.
The affected primary mortgage banks are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.
Finance companies whose licenses were revoked are HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited.
