132 micro finance banks lose license

132 microfinance banks in the country and four primary mortgage banks and three finance companies have lost their operational licenses.

The Central Bank of Nigeria stated this yesterday night.

The CBN gazette added: “the listed institutions cease to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months; failed to fulfil 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 in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”

The apex bank’s governor, Godwin Emefiele, revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.

Finance companies that the licenses were revoked are: HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited while the four primary mortgage banks whose licenses were revoked are – Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.

The other institutions 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, Ohon Microfinance Bank, and others.