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CBN may revoke licences of 16 PMIs

Category: Regulators

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CBN may revoke licences of 16 PMIs



August 25, 2011

The licences of 16 Primary Mortgage Institutions operating in the country may be withdrawn by the Central Bank of Nigeria if they fail to meet stipulated requirements in the next 30-days.
The apex bank said in an advertorial published Thursday (today) that the affected PMIs had ceased to carry on the business for which they were licensed for a continuous period of six months.
It noted that the development contravened Section 12 of the Banks and Other Financial Institutions Act of 1991 and Section 20(iii) of the Guidelines for Primary Mortgage Institutions in Nigeria.
The bank said in the publication, “In the course of the recent examination of all licensed Primary Mortgage Institutions carried out by the CBN, 16 PMIs were not found at their last known addresses. In addition, these institutions have failed to render monthly returns to the CBN for at least six consecutive months, in contravention of Section 58 (1) and (4) of the BOFIA, 1991.
“Consequently, the directors and operators of the under-listed 16 PMIs are, by this publication, required to submit written representation to the CBN within 30 days of this publication, to show proof of their existence and/or evidence of operations in the immediate past one year. Failure to do so shall be taken as conclusive evidence that they have closed shop or ceased to operate in the context of Section 12 of BOFIA, 1991 (as amended).”
The affected PMIs include:
1.    Acclaim Homes Savings and Loans Limited;
2.    Allwell Savings and Loans Limited;
3.    Citihomes Savings and Loans Limited;
4.    Credence Savings and Loans Limited;
5.    Estaport Building Society Limited;
6.    Futureview Mortgages Limited;
7.    Guardian Trust Savings and Loans Limited;
8.    Hallmark Home Savings and Loans Limited;
9.    Home Trust Savings and Loans Limited;
10.Horizon Building Society Limited;
11.Imani Savings and Loans Limited;
12.New Capital Savings and Loans Limited;
13.New Prudential Building Society Limited;
14.Owners Home Savings and Loans Limited;
15.Peak Savings and Loans Limited; and
16.Sakkwato Savings and Loans Limited.
The publication, which was signed by the Director, Other Financial Institutions Supervision Department, CBN, Mr. O. A. Fabamwo, noted that all representations from the PMIs must get to the apex bank on or before 4.00pm on Friday, September 23, 2011.
Source: Punch/Okechukwu Nnodim         

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