THE Central Bank of Nigeria (CBN) has announced the revocation of the licences of 132 microfinance banks, three finance companies and four primary mortgage banks across the country.
The revocation notice, which was contained in a gazetted circular signed by the CBN Governor, Mr. Godwin Emefiele, in Abuja said those listed “ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of six months” and failing to fulfil or comply with the conditions subject to which their licences were granted.
Emefiele added: “(They) failed to comply with the obligations imposed upon them by the CBN in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.
“In exercise of the powers conferred on the CBN under Section 12 of BOFIA 2020, Act No.5, I hereby revoke the licences of the microfinance banks, finance companies and primary mortgage banks stated.”
Those affected are HHL Invest and Trust Limited; TFS Finance Limited; Treasures and Trust Limited; Resort Savings and Loans; Safetrust Mortgage Bank; Adamawa Savings and Loans and Kogi Savings and Loans.
Other 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 and Ohon Microfinance Bank.
