About 132 microfinance banks, four primary mortgage banks, and three finance companies in the country 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 licenses were issued for a continuous period of six months; failed to fulfill or comply with the conditions subject to which their licenses 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.
The affected finance companies 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.
The Guardian
