In a recent development, the Central Bank of Nigeria (CBN) has taken the decision to revoke the operating licenses of 132 microfinance banks, along with four primary mortgage banks and three finance companies.
The announcement was made through the official gazette of the Federal Government, which was made available on the CBN's website on Tuesday.
According to the gazette, the licenses of these financial institutions were revoked due to various reasons.
Some of them had ceased to conduct business in Nigeria for a continuous period of six months, while others had failed to fulfill the conditions or comply with the obligations set by the CBN in accordance with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.
The revocation of licenses was carried out by the CBN Governor, Godwin Emefiele, exercising the powers bestowed upon the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.
Among the microfinance banks whose licenses were revoked are 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 several others.
Additionally, the licenses of finance companies such as HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited were also revoked. As for the primary mortgage banks, the affected institutions include Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans, and Kogi Savings & Loans.
This move by the CBN reflects the regulatory authority's commitment to ensuring compliance and maintaining the stability of Nigeria's financial sector.
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