24.05.2023 news FULL LIST: CBN Revokes Licences of 132 Microfinance Banks

Published 24th May, 2023

By Abimbola Abatta

No fewer than 132 microfinance banks across Nigeria have had their operating licences revoked.

The Central Bank of Nigeria (CBN) annulled their licences because they failed to comply with the conditions subject to which the licences were granted.

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In a document dated May 23, 2023, the CBN said the banks would cease to operate the type of business for which their licences were issued.

Below is a file showing the 132 microfinance banks whose licences were revoked by the apex bank.

“They 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,” said the CBN.

Meanwhile, the CBN also revoked the licences of three finance companies and four mortgage banks for the same reason the microfinance banks were stopped from operating.

The finance companies are HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited, while the mortgage banks are Resort Savings and Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans, and Kogi Savings and Loans.

Published 24th May, 2023

By Abimbola Abatta


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