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CBN Revokes Licences Of 132 Microfinance, 4 Primary Mortgage Banks, 3 Finance Companies [SEE FULL LIST]

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The Central Bank of Nigeria (CBN) says it has revoked the operating licences of 132 microfinance banks, three finance companies, and four primary mortgage banks.

Godwin Emefiele, governor of the apex bank, revoked the licences of the institutions on Monday, an official gazette of the federal government said.

Emefiele revoked the licences in exercise of the powers conferred on CBN under section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020, Act No. 5.

The gazette noted that the revocation list was published in accordance with the BOFIA 2020, Act No 5.

The respective firms have ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months,” the document reads.

“The firms have failed to fulfil or comply with the conditions subject to which their licences 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.”

Below is the list of the affected institutions.

MICROFINANCE BANKS LICENCES REVOKED

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

Premium Microfinance Bank

Royal Microfinance Bank

Statesman Microfinance Bank

Suisse Microfinance Bank

Vibrant Microfinance Bank

Virtue Microfinance Bank

Zamare Microfinance Bank

North Capital Microfinance Bank

Chidera Microfinance Bank

Excellent Microfinance Bank

Ni’ima Microfinance Bank

Cosmopolitan Microfinance Bank

Progressive Link Microfinance Bank

Trust One Fomerly Desmonarchy

Ekuombe Microfinance Bank

First Index Microfinance Bank

Ola Microfinance Bank

Uli Microfinance Bank

Verdant Microfinance Bank

Aguleri Microfinance Bank Limited

Apeks Microfinance Bank Limited

Fahimta Microfinance Bank Limited

Manny Microfinance Bank Limited

Reality Microfinance Bank Limited

Surbpolitan Microfinance Bank Limited

Onyx Microfinance Bank Limited

Osina Microfinance Bank Limited

Olofin-Owena Microfinance Bank Limited

Zikado Microfinance Bank Limited

Prudential Cooperative Microfinance Bank Limited

Peniel Microfinance Bank Limited

Taraba Microfinance Bank Limited

Brass Microfinance Bank Limited

Michika Microfinance Bank Limited

Ndiagu Microfinance Bank Limited

Northbridge Microfinance Bank Limited

FCT Microfinance Bank Limited

Omu-Aran Microfinance Bank Limited

Cherish Microfinance Bank Limited

Bipc Microfinance Bank Limited

Danels Global Microfinance Bank Limited

Bancorp Microfinance Bank Limited

Manna Microfinance Bank Limited

Moneywise Microfinance Bank Limited

Mercury Microfinance Bank Limited

New Age Microfinance Bank Limited

Pearl Microfinance Bank Limited

Zawadi Microfinance Bank Limited

Seed Capital Microfinance Bank Limited

Eduek Microfinance Bank Limited

Eksu Microfinance Bank Limited

Dakingari Microfinance Bank Limited

Ogoja Microfinance Bank Limited

Nwabosi Microfinance Bank Limited

Nuture Microfinance Bank Limited

Active Point Microfinance Bank Limited

Amoye Microfinance Bank Limited

Boluwaduro Microfinance Bank Limited

Iyede Microfinance Bank Limited

Mayfair Microfinance Bank Limited

Calabar Microfinance Bank Limited

Ighomo Microfinance Bank Limited

Hackman Microfinance Bank Limited

Idese Microfinance Bank Limited

Bridgeway Microfinance Bank Limited

Grassroot Microfinance Bank Limited

Surelife Microfinance Bank Limited

Tijarah Microfinance Bank Limited

Ic-Global Microfinance Bank Limited

Ejiamatu Microfinance Bank Limited

Briyth Covenant Microfinance Bank Limited

Nanka Microfinance Bank Limited

Cub Microfinance Bank Limited

BFL Microfinance Bank Limited

Umunne Microfinance Bank Limited

Oroke Microfinance Bank

Alkaleri Microfinance Bank Limited

Crowned Eagle Microfinance Bank Limited

Unifa Microfinance Bank Limited

Dadinkowa Microfinance Bank Limited

Ifesowapo Microfinance Bank Limited

Oaf Microfinance Bank Limited

Bama Microfinance Bank Limited

Ngala Microfinance Bank Limited

Iwoama Microfinance Bank Limited

Kada Microfinance Bank Limited

Keffi Microfinance Bank Limited

Nut-Endwell Microfinance Bank Limited

First Multiple Microfinance Bank Limited

SBDC Microfinance Bank Limited

Oros Capital Microfinance Bank Limited

Ozizza Microfinance Bank Limited

Primera Credit Microfinance Bank Limited

Ifeanyichukwu Microfinance Bank Limited

Ihioma Microfinance Bank Limited

Josad Microfinance Bank Limited

Akpo Microfinance Bank Limited

Aiyepe Microfinance Bank Limited

ABC Microfinance Bank Limited

Star Microfinance Bank Limited

Purple Money Microfinance Bank Limited

Utuh Microfinance Bank Limited

Stallion Microfinance Bank Limited

Kjl Microfinance Bank Limited

Credit Afrique Microfinance Bank Limited

Cowries Microfinance Bank Limited

Lawebod Microfinance Bank Limited

Mabinas Microfinance Bank Limited

Business Support Microfinance Bank Limited

Ogbe-Ahiara Microfinance Bank Limited

Olofin Microfinance Bank Limited

Obosi Microfinance Bank Limited

Fiyinfolu Microfinance Bank Limited

Bishopgate Microfinance Bank Limited

Awka Microfinance Bank Limited

Zigate Microfinance Bank Limited

Esan Microfinance Bank Limited

Enugu-Ukwu Microfinance Bank Limited

Echo Microfinance Bank Limited

Ally Microfinance Bank Limited

Network Microfinance Bank Limited

Awgbu Microfinance Bank Limited

 

FINANCE COMPANIES LICENCES REVOKED

HHL Invest and Trust Limited

TFS Finance Limited

Treasures and Trust Limited

 

PRIMARY MORTGAGE BANKS LICENCES REVOKED

Resort Savings and Loans

Safetrust Mortgage Bank

Adamawa Savings and Loans

Kogi Savings and Loans

BIG STORY

UBA Takes Centre Stage At 2024 ECOWAS Mining Forum In Cotonou, Benin As Elumelu Gives Keynote Address

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has been announced as the official sponsor of the 4th edition of the ECOWAS Mining and Petroleum Forum (ECOMOF 2024) scheduled to take place at the Palais des Congrès in Cotonou, Benin from February 22 to February 24, 2024.

The regional event is expected to see a large gathering of key players and stakeholders in the mining and petroleum sectors of the Economic Community of West African States (ECOWAS) and as the financial institution of choice, with presence in 20 African countries and active involvement in major continental development projects, UBA is the preferred partner for the event, underlining the bank’s commitment to the growth of mining and Petroleum industry in the sub-region but to the whole not African economic development.

UBA Group Chairman, Tony Elumelu, would give the keynote address during the opening ceremony of this all-important event.

Elumelu who doubles as Chairman of Transcorp Group, with extensive interests in energy and power, will be speaking on the theme: “Geo-extractive Resources and Technologies: what pooling strategies for Value Creation in West Africa”

His speech is expected to highlight UBA’s increasing effort to support and develop the African continent through strategic investments in the key sectors of mining and petroleum.

Under the esteemed leadership of the President of the Republic of Benin, His Excellency, Patrice Talon, and the President of the Federal Republic of Nigeria and current President of ECOWAS, His Excellency Mr. Bola Tinubu, UBA Group will at the forum aim to restate its commitment towards supporting economic and social development across the continent.

The focus of ECOMOF 2024 underscores the significance of transforming the mining and oil sectors into economic pillars by formulating attractive policies for investors, essential for the sectors’ substantial contribution to the Gross Domestic Products (GDP) of ECOWAS member states.

The Transnational Corporation Group (Transcorp Plc) – a diversified conglomerate with strategic investments in various sectors, including power and energy – will also actively participate in the forum.

Key officials from UBA Group and Transcorp Plc, including the Chief Executive Officer UBA Africa, Abiola Bawuah; UBA’s Group Head, Corporate and Energy Bank, Ebele Ogbue, and President/ Chief Executive Officer, Transcorp Group, Owen Omogiafo will be actively involved in discussions and panels on the sidelines of the event.

Anticipated to attract over 2,000 participants from diverse sectors, including representatives from mining and oil industries, government officials, international and national investors, industry experts, ECOWAS delegates, and international organizations, ECOMOF 2024 promises to be a significant platform for collaborative dialogue and partnership building.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally. Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

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BIG STORY

JUST IN: FG Working To Reduce Rising Food Prices Inherited From Past Government — Finance Minister Wale Edun

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Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, said that President Bola Tinubu’s administration inherited a surge in food and general commodity prices from the previous government.

He, however emphasized the government’s commitment to reducing food prices and tackling the nation’s high inflation rate.

Speaking at the Public Wealth Management Conference in Abuja on Tuesday, February 20, the finance minister acknowledged the hardships faced by Nigerians and outlined measures taken to alleviate their suffering.

He revealed that, as part of these interventions, the government has released 42,000 metric tons of grains, with an additional 60,000 metric tons scheduled for release soon.

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BIG STORY

JUST IN: State Police Bill Passes Second Reading At House Of Representatives

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A bill proposing the establishment state police has passed second reading at the house of representatives.

Sponsored by Benjamin Kalu, deputy speaker of the house, and 14 others, the bill proposes to transfer the term “police” in the 1999 constitution from the exclusive legislative list to the concurrent legislative list.

The bill, which comprises 18 clauses, seeks to amend sections 34, 35, 39, 42, 84, 89, 129 153, 197, 214, 215 and 216 of the constitution.

 

More to come…

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