CBN
CBN Revokes Licences Of 179 Microfinance Banks, 4 PMBs
Operating licenses of 179 microfinance banks (MFBs) and four primary mortgage banks (PMBs), and three finance companies in the country have been revokes by the Central Bank of Nigeria (CBN).
An official gazette of the Federal Government published on the CBN website on Tuesday disclosed that the licenses of the financial institutions were revoked because they “failed to fulfill 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 by the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”
The official gazette also alleged that for a continuous period of six months, the affected institutions ceased to carry on the type of business for which their licences were issued.
Consequently, the CBN Governor, Godwin Emefiele, revoked their licences in the exercise of the powers conferred on the apex bank under Section 12 of Banks and Other Financial Institutions Act (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.
Meanwhile, 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.
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