CBN revokes licences of 132 MfBs, others

The Central Bank of Nigeria (CBN) has announced revocation the licences of 132 Microfinance Banks, three Finance Companies and four Primary Mortgage Banks across the country.

The revocation is contained in a gazetted circular signed by the CBN Governor, Mr Godwin Emefiele, in Abuja.

According to Emefiele, the Microfinance Banks, Finance Companies and Primary Mortgage Banks listed in the gazette ”ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months”.

He said that they also failed to fulfil or comply with the conditions subject to which their licences were granted.

“(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,” Emefiele said.

Our correspondent reports that the Finance Companies affected are HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited.

The Primary Mortgage Banks affected are Resort Savings & Loans, Safetrust Mortgage Bank, and Adamawa Savings & Loans

Some of the 132 MfBs are Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank and Mainsail Microfinance Bank.