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CBN revokes operating licenses of 139 microfinance, mortgage banks 

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 139 microfinance, primary mortgage banks and finance companies nationwide.

A view shows Nigeria's Central Bank headquarters in Abuja
A view shows Nigeria's Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. Credit: REUTERS/Afolabi Sotunde

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 139 microfinance, primary mortgage banks and finance companies nationwide.

This is contained in the extraordinary Federal Republic of Nigeria Official Gazette of No. 94 published in Lagos, on 23rd May, 2023.

“The following is published as a supplement to this Gazette: Revocation of Operating Licence —Microfinance Banks Licences Revoked”, the document reads.

“Banks and Other Financial Institutions Act (Bofia), 2020, Act No. 5 Revocation Of Operating Licences.

“WHEREAS: The Microfinance Banks, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively, hereto, have: (a)  ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months ; (b)  failed to fulfil or comply with the conditions subject to which their licences were granted; or (c)  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. 

“NOW THEREFORE, I, Godwin Ifeanyi Emefiele, CON, Governor of the Central Bank of Nigeria, in the 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. GODWIN IFEANYI EMEFIELE, CON Governor, Central Bank of Nigeria”.

List of microfinance banks’ licences revoked 

  1. Atlas Microfinance Bank 
  2. Bluewhales Microfinance Bank 
  3. Everest Microfinance Bank 
  4. Igangan Microfinance Bank 
  5. Mainsail Microfinance Bank 
  6. Merit Microfinance Bank 
  7. Minna Microfinance Bank 
  8. Musharaka Microfinance Bank 
  9. Nopov Microfinance Bank 
  10. Ohon Microfinance Bank 
  11. Premium Microfinance Bank 
  12. Royal Microfinance Bank 
  13. Statesman Microfinance Bank 
  14. Suisse Microfinance Bank 
  15. Vibrant Microfinance Bank 
  16. Virtue Microfinance Bank 
  17. Zamare Microfinance Bank 
  18. North Capital Microfinance Bank 
  19. Chidera Microfinance Bank 
  20. Excellent Microfinance Bank 
  21. Ni’ima Microfinance Bank 
  22. Cosmopolitan Microfinance Bank 
  23. Progressive Link Microfinance Bank 
  24. Trust One (Fomerly Desmonarchy) 
  25. Ekuombe Microfinance Bank 
  26. First Index Microfinance Bank 
  27. Ola Microfinance Bank 
  28. Uli Microfinance Bank 
  29. Verdant Microfinance Bank 
  30. Aguleri Microfinance Bank Limited 
  31. Apeks Microfinance Bank Limited 
  32. Fahimta Microfinance Bank Limited
  33. Manny Microfinance Bank Limited 
  34. Reality Microfinance Bank Limited 
  35. Surbpolitan Microfinance Bank Limited 
  36. Onyx Microfinance Bank Limited 
  37. Osina Microfinance Bank Limited 
  38. Olofin-Owena Microfinance Bank Limited 
  39. Zikado Microfinance Bank Limited 
  40. Prudential Co-Operative Microfinance Bank Limited 
  41. Peniel Microfinance Bank Limited 
  42. Taraba Microfinance Bank Limited 
  43. Brass Microfinance Bank Limited 
  44. Michika Microfinance Bank Limited 
  45. Ndiagu Microfinance Bank Limited 
  46. Northbridge Microfinance Bank Limited 
  47. FCT Microfinance Bank Limited 
  48. Omu-Aran Microfinance Bank Limited 
  49. Cherish Microfinance Bank Limited 
  50. BIPC Microfinance Bank Limited 
  51. Danels Global Microfinance Bank Limited 
  52. Bancorp Microfinance Bank Limited 
  53. Manna Microfinance Bank Limited 
  54. Moneywise Microfinance Bank Limited 
  55. Mercury Microfinance Bank Limited 
  56. New Age Microfinance Bank Limited 
  57. Pearl Microfinance Bank Limited 
  58. Zawadi Microfinance Bank Limited 
  59. Seed Capital Microfinance Bank Limited 
  60. Eduek Microfinance Bank Limited 
  61. Eksu Microfinance Bank Limited 
  62. Dakingari Microfinance Bank Limited 
  63. Ogoja Microfinance Bank Limited 
  64. Nwabosi Microfinance Bank Limited 
  65. Nuture Microfinance Bank Limited 
  66. Active Point Microfinance Bank Limited
  67. Amoye Microfinance Bank Limited 
  68. Boluwaduro Microfinance Bank Limited 
  69. Iyede Microfinance Bank Limited 
  70. Mayfair Microfinance Bank Limited 
  71. Calabar Microfinance Bank Limited 
  72. Ighomo Microfinance Bank Limted 
  73. Hackman Microfinance Bank Limited 
  74. Idese Microfinance Bank Limited 
  75. Bridgeway Microfinance Bank Limited 
  76. Grassroot Microfinance Bank Limited 
  77. Surelife Microfinance Bank Limited 
  78. Tijarah Microfinance Bank Limited 
  79. Ic-Global Microfinance Bank Limited 
  80. Ejiamatu Microfinance Bank Limited 
  81. Briyth Covenant Microfinance Bank Limited 
  82. Nanka Microfinance Bank Limited
  83. Cub Microfinance Bank Limited 
  84. Bfl Microfinance Bank Limited 
  85. Umunne Microfinance Bank Limited 
  86. Oroke Microfinance Bank 
  87. Alkaleri Microfinance Bank Limited 
  88. Crowned Eagle Microfinance Bank Limited 
  89. Unifa Microfinance Bank Limited 
  90. Dadinkowa Microfinance Bank Limited 
  91. Ifesowapo Microfinance Bank Limited 
  92. Oaf Microfinance Bank Limited 
  93. Bama Microfinance Bank Limited 
  94. Ngala Microfinance Bank Limited 
  95. Iwoama Microfinance Bank Limited 
  96. Kada Microfinance Bank Limited 
  97. Keffi Microfinance Bank Limited 
  98. Nut-Endwell Microfinance Bank Limited 
  99. First Multiple Microfinance Bank Limited 
  100. Sbdc Microfinance Bank Limited 
  101. Oros Capital Microfinance Bank Limited
  102. Ozizza Microfinance Bank Limited 
  103. Primera Credit Microfinance Bank Limited 
  104. Ifeanyichukwu Microfinance Bank Limited 
  105. Ihioma Microfinance Bank Limited 
  106. Josad Microfinance Bank Limited 
  107. Akpo Microfinance Bank Limited 
  108. Aiyepe Microfinance Bank Limited 
  109. Abc Microfinance Bank Limited 
  110. Star Microfinance Bank Limited 
  111. Purple Money Microfinance Bank Limited 
  112. Utuh Microfinance Bank Limited 
  113. Stallion Microfinance Bank Limited 
  114. Kjl Microfinance Bank Limited 
  115. Credit Afrique Microfinance Bank Limited 
  116. Cowries Microfinance Bank Limited 
  117. Lawebod Microfinance Bank Limited 
  118. Mabinas Microfinance Bank Limited 
  119. Business Support Microfinance Bank Limited 
  120. Ogbe-Ahiara Microfinance Bank Limited 
  121. Olofin Microfinance Bank Limited 
  122. Obosi Microfinance Bank Limited 
  123. Fiyinfolu Microfinance Bank Limited 
  124. Bishopgate Microfinance Bank Limited 
  125. Awka Microfinance Bank Limited 
  126. Zigate Microfinance Bank Limited 
  127. Esan Microfinance Bank Limited 
  128. Enugu-Ukwu Microfinance Bank Limited 
  129. Echo Microfinance Bank Limited 
  130. Ally Microfinance Bank Limited 
  131. Network Microfinance Bank Limited 
  132. Awgbu Microfinance Bank Limited.

List of finance companies’ licences revoked 

  1. HHL Invest & Trust Limited 
  2. TFS Finance Limited 
  3. Treasures & Trust Limited

List of primary mortgage banks’ licences revoked 

  1. Resort Savings & Loans 
  2. Safetrust Mortgage Bank 
  3. Adamawa Savings & Loans 
  4. Kogi Savings & Loans
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