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FULL LIST: CBN Revokes Operating Licences of 132 MFBs, 4 PMBs

The Central Bank of Nigeria (CBN) has announced the revocation of operating licenses of 132 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) and three finance companies in the country.

CBN Governor, Godwin Emefiele, while announcing the suspension of licences said the affected financial entities had ceased to carry on the type of business for which their licences were issued for a continuous period of six months in the country.

This came as the Nigeria Deposit Insurance Corporation (NDIC) immediately assured depositors of the closed banks of speedy payment of their insured sums.

In a statement obtained from the CBN website, Emefiele also said the closed MFBs and PMBs had failed to fulfill or comply with the conditions subject to which their licences were granted or failed to comply with the obligations imposed upon them by the apex bank, in accordance with the provisions of Banks and other Financial Institutions Act (BOFIA) 2020, Act No. 5.

The central bank governor said, “Now, therefore,

“I, Godwin Ifeanyi Emefiele, CON, Governor of the Central Bank of Nigeria, in exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No.5, hereby revoke the licences of the Microfinance Banks, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively attached hereto.

“Given under my hand at Abuja this 22nd May, 2023.”

The four primary mortgage banks whose licences were revoked are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.

The finance companies whose licences were revoked include HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited.

However, in a swift reaction, NDIC Managing Director/Chief Executive, Mr. Bello Hassan, in a statement issued by the NDIC Director, Communication and Public Affairs Department, Bashir Alhassan Nuhu, following the revocation of the licences of the affected MFBs and PMBs by Emefiele, said as deposit insurer, the NDIC would begin the process of payment of the insured sums immediately with the verification of eligible depositors at the respective premises of the closed banks.

Hassan further urged the affected depositors to get the required documents for the exercise such as proof of account ownership, verifiable means of identification, and alternate bank account to facilitate their seamless verification and payment of their insured deposits.

He explained that the insured deposit is the first claim that the corporation pays to depositors upon revocation of the banks’ licence by the CBN, adding that the maximum specified limits for the MFB and PMB sub-sectors are N200,000.00 and N500,000.00 per depositor per bank, respectively.

As liquidator, the NDIC boss disclosed that the corporation has also put machinery in motion to commence the sale of assets of the defunct banks as well as recover debts owed to them in order to declare liquidation dividends on pro-rata basis to the affected depositors with claims exceeding the maximum insured sums of N200,000.00 for MFBs and N500,000.00 for PMBs.

Hassan also assured that regulatory authorities are leaving no stone unturned to ensure that the soundness of the banking system is not compromised, stressing that there is no need for the public to panic over the safety of their bank deposits.

See below the full list of the affected banks and financial institutions:

SCHEDULE 1

LIST OF MICROFINANCE BANKS LICENCES REVOKED:

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
PREMIUM MICROFINANCE BANK
ROYAL MICROFINANCE BANK
STATESMAN MICROFINANCE BANK
SUISSE MICROFINANCE BANK
VIBRANT MICROFINANCE BANK
VIRTUE MICROFINANCE BANK
ZAMARE MICROFINANCE BANK
NORTH CAPITAL MICROFINANCE BANK
CHIDERA MICROFINANCE BANK
EXCELLENT MICROFINANCE BANK
NI’IMA MICROFINANCE BANK
COSMOPOLITAN MICROFINANCE BANK
PROGRESSIVE LINK MICROFINANCE BANK
TRUST ONE (FOMERLY DESMONARCHY)
EKUOMBE MICROFINANCE BANK
FIRST INDEX MICROFINANCE BANK
OLA MICROFINANCE BANK
ULI MICROFINANCE BANK
VERDANT MICROFINANCE BANK
AGULERI MICROFINANCE BANK LIMITED 31. APEKS MICROFINANCE BANK LIMITED
FAHIMTA MICROFINANCE BANK LIMITED
MANNY MICROFINANCE BANK LIMITED
REALITY MICROFINANCE BANK LIMITED
SURBPOLITAN MICROFINANCE BANK LIMITED
ONYX MICROFINANCE BANK LIMITED
OSINA MICROFINANCE BANK LIMITED
OLOFIN-OWENA MICROFINANCE BANK LIMITED
ZIKADO MICROFINANCE BANK LIMITED
PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED
PENIEL MICROFINANCE BANK LIMITED
TARABA MICROFINANCE BANK LIMITED
BRASS MICROFINANCE BANK LIMITED
MICHIKA MICROFINANCE BANK LIMITED
NDIAGU MICROFINANCE BANK LIMITED
NORTHBRIDGE MICROFINANCE BANK LIMITED
FCT MICROFINANCE BANK LIMITED
OMU-ARAN MICROFINANCE BANK LIMITED
CHERISH MICROFINANCE BANK LIMITED
BIPC MICROFINANCE BANK LIMITED
DANELS GLOBAL MICROFINANCE BANK LIMITED
BANCORP MICROFINANCE BANK LIMITED
MANNA MICROFINANCE BANK LIMITED
MONEYWISE MICROFINANCE BANK LIMITED
MERCURY MICROFINANCE BANK LIMITED
NEW AGE MICROFINANCE BANK LIMITED
PEARL MICROFINANCE BANK LIMITED
ZAWADI MICROFINANCE BANK LIMITED
SEED CAPITAL MICROFINANCE BANK LIMITED
EDUEK MICROFINANCE BANK LIMITED
EKSU MICROFINANCE BANK LIMITED
DAKINGARI MICROFINANCE BANK LIMITED
OGOJA MICROFINANCE BANK LIMITED
NWABOSI MICROFINANCE BANK LIMITED
NUTURE MICROFINANCE BANK LIMITED
ACTIVE POINT MICROFINANCE BANK LIMITED
AMOYE MICROFINANCE BANK LIMITED
BOLUWADURO MICROFINANCE BANK LIMITED
IYEDE MICROFINANCE BANK LIMITED
MAYFAIR MICROFINANCE BANK LIMITED
CALABAR MICROFINANCE BANK LIMITED
IGHOMO MICROFINANCE BANK LIMTED
HACKMAN MICROFINANCE BANK LIMITED
IDESE MICROFINANCE BANK LIMITED
BRIDGEWAY MICROFINANCE BANK LIMITED
GRASSROOT MICROFINANCE BANK LIMITED
SURELIFE MICROFINANCE BANK LIMITED
TIJARAH MICROFINANCE BANK LIMITED
IC-GLOBAL MICROFINANCE BANK LIMITED
EJIAMATU MICROFINANCE BANK LIMITED
BRIYTH COVENANT MICROFINANCE BANK LIMITED
NANKA MICROFINANCE BANK LIMITED
CUB MICROFINANCE BANK LIMITED
BFL MICROFINANCE BANK LIMITED
UMUNNE MICROFINANCE BANK LIMITED
OROKE MICROFINANCE BANK
ALKALERI MICROFINANCE BANK LIMITED
CROWNED EAGLE MICROFINANCE BANK LIMITED
UNIFA MICROFINANCE BANK LIMITED
DADINKOWA MICROFINANCE BANK LIMITED
IFESOWAPO MICROFINANCE BANK LIMITED
OAF MICROFINANCE BANK LIMITED
BAMA MICROFINANCE BANK LIMITED
NGALA MICROFINANCE BANK LIMITED
IWOAMA MICROFINANCE BANK LIMITED
KADA MICROFINANCE BANK LIMITED
KEFFI MICROFINANCE BANK LIMITED
NUT-ENDWELL MICROFINANCE BANK LIMITED
FIRST MULTIPLE MICROFINANCE BANK LIMITED
SBDC MICROFINANCE BANK LIMITED
OROS CAPITAL MICROFINANCE BANK LIMITED
OZIZZA MICROFINANCE BANK LIMITED
PRIMERA CREDIT MICROFINANCE BANK LIMITED
IFEANYICHUKWU MICROFINANCE BANK LIMITED
IHIOMA MICROFINANCE BANK LIMITED
JOSAD MICROFINANCE BANK LIMITED
AKPO MICROFINANCE BANK LIMITED
AIYEPE MICROFINANCE BANK LIMITED
ABC MICROFINANCE BANK LIMITED
STAR MICROFINANCE BANK LIMITED
PURPLE MONEY MICROFINANCE BANK LIMITED
UTUH MICROFINANCE BANK LIMITED
STALLION MICROFINANCE BANK LIMITED
KJL MICROFINANCE BANK LIMITED
CREDIT AFRIQUE MICROFINANCE BANK LIMITED
COWRIES MICROFINANCE BANK LIMITED
LAWEBOD MICROFINANCE BANK LIMITED
MABINAS MICROFINANCE BANK LIMITED
BUSINESS SUPPORT MICROFINANCE BANK LIMITED
OGBE-AHIARA MICROFINANCE BANK LIMITED
OLOFIN MICROFINANCE BANK LIMITED
OBOSI MICROFINANCE BANK LIMITED
FIYINFOLU MICROFINANCE BANK LIMITED
BISHOPGATE MICROFINANCE BANK LIMITED
AWKA MICROFINANCE BANK LIMITED
ZIGATE MICROFINANCE BANK LIMITED
ESAN MICROFINANCE BANK LIMITED
ENUGU-UKWU MICROFINANCE BANK LIMITED
ECHO MICROFINANCE BANK LIMITED
ALLY MICROFINANCE BANK LIMITED
NETWORK MICROFINANCE BANK LIMITED
AWGBU MICROFINANCE BANK LIMITED

SCHEDULE II

LIST OF FINANCE COMPANIES LICENCES REVOKED

HHL Invest & Trust Limited
TFS Finance Limited
Treasures & Trust Limited

SCHEDULE III

LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED

RESORT SAVINGS & LOANS
SAFETRUST MORTGAGE BANK
ADAMAWA SAVINGS & LOANS
KOGI SAVINGS & LOANS

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