CBN to Revoke 154 Microfinance Banks’ Licences, 28 Others

Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp

Thursday, September 27, 2018 12:02 PM / By Nike Popoola of Punch Newspaper


The Central Bank of Nigeria on Wednesday gave a notification to revoke the operating licences of 182 other financial institutions in the country. 

According to the list released by the regulator on Wednesday, 154 of the affected institutions are microfinance banks; six are primary mortgage banks; while the remaining 22 are finance companies. 

The CBN said 62 of the microfinance banks had already closed shop; 74 became insolvent; 12 were terminally distressed; while six voluntarily liquidated. 

The CBN listed the primary mortgage banks for revocation as Accord Savings and Loans Limited in Lagos that failed to recapitalise; and Ahocol Savings and Loans Limited in Anambra (state government-owned) that closed shop. 

Other mortgage banks for revocation are Trans-Atlantic Savings and Loans Limited in Bayelsa (state government-owned) that became insolvent; Royal Savings and Loans Limited in Delta State that also closed shop; Amex Savings and Loans Limited in Lagos that failed to recapitalise; and Supreme Savings and Loans Limited also in Lagos that closed shop. 

The CBN disclosed that eight finance companies voluntary liquidated; 13 failed to recapitalise; while one became insolvent.

 According to the apex bank, the affected institutions are from different states of the federation.


Proshare Nigeria Pvt. Ltd.


Related News

1.       CBN to revoke 154 microfinance banks’ licences, 28 others – Punch, Sep 27, 2018

2.      Microfinance banks and the VAT legislation: Is there a case for exemption?

3.      Guidelines for the Regulation and Supervision of Islamic Microfinance Banks in Nigeria

4.      CBN Publishes Exposure Draft Guidelines on Regulations & Supervision of Non-Interest MFBs in Nigeria

5. FBNH Obtains CBN Approval on its Divestment from FBN Microfinance Bank Ltd
Related News