Tuesday, October 30, 2018 07.11AM / By CBN / Image Credits: Broomberg
The Central Bank of Nigeria (CBN) has published the list of thirty-four (34) entities as licensed primary mortgage banks in Nigeria as at the month ended September 30, 2018.
The list released by CBN yesterday revealed that eighteen (18) firms or fifty-three (53%) per cent (approx.) of the licenced PMBs operate out of Lagos (In our review of the table, we recognized Safetrust Savings & Loans as located in Lagos, given that it only has a branch office in Abuja).
The distribution is as shown below:
See List Below
Recall that the CBN issued a notice of its intention to revoke the operating licences of one hundred and eighty-two (182) other financial institutions in the country, of which six PMBs were included.
One hundred and fifty four of the affected institutions are microfinance banks while the remaining 22 are finance companies. (see related news below).
The CBN said sixty-two (62) of the microfinance banks had already closed shop; seventy-four (74) became insolvent; twelve (12) were terminally distressed; while six (6) 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 (also state government-owned) that became insolvent; Royal Savings and Loans Limited in Delta State also closed shop; Amex Savings and Loans Limited in Lagos that failed to recapitalise; and Supreme Savings and Loans Limited in Lagos that closed shop.
The CBN disclosed that eight (8) finance companies voluntary liquidated; thirteen (13) failed to recapitalise; while one (1) became insolvent.
LIST OF PRIMARY MORTGAGE BANKS (PMBs) AS AT SEPTEMBER 30, 2018
2. CBN to Revoke 154 Microfinance Banks’ Licences, 28 Others Sept 27, 2018