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Thursday, September 21, 2023

Major Shakeup in Finance Sector as Nigeria’s Central Bank Revokes 139 Licenses [FULL LIST]

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LAGOS, Nigeria – The Central Bank of Nigeria, CBN, has made a substantial and surprising move, revoking the operating licenses of 139 financial institutions in the country, in a bid to protect the stability and integrity of the nation’s financial ecosystem.

This widespread revocation includes 132 microfinance banks, four primary mortgage banks, and three finance companies.

The information was disclosed in the official gazette of the Federal Government, published on the CBN website on Tuesday, May 23, 2023.

According to the CBN, the financial institutions involved failed to fulfil or comply with the conditions stipulated when their licences were granted.

Furthermore, they have also neglected to comply with obligations imposed on them by the Central Bank of Nigeria, as outlined in the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.

“The licences were revoked in the exercise of the powers conferred on the apex bank under Section 12 of BOFIA 2020, Act No. 5,” explained CBN Governor, Godwin Emefiele.

The notable institutions affected include Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans, Kogi Savings & Loans, as well as finance companies like HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited.

A broad array of microfinance banks, including Bluewhales Microfinance Bank and Everest Microfinance Bank, among others, have also seen their licenses revoked.

“These financial institutions have consistently failed to meet regulatory standards and their actions pose a significant threat to the financial stability of Nigeria. Our decision is not taken lightly, but it is necessary to safeguard our economic health,” Emefiele said, explaining the reasoning behind the move.

The abrupt revocation of licenses is expected to send shockwaves throughout Nigeria’s financial sector, potentially leading to tighter regulatory scrutiny and raising concerns among investors about the robustness of financial institutions in the country.

See the full list of the affected banks and financial institutions.

S/N        Name Of Institution

  1. ATLAS MICROFINANCE BANK
  2. BLUEWHALES MICROFINANCE BANK
  3. EVEREST MICROFINANCE BANK
  4. IGANGAN MICROFINANCE BANK
  5. MAINSAIL MICROFINANCE BANK
  6. MERIT MICROFINANCE BANK
  7. MINNA MICROFINANCE BANK
  8. MUSHARAKA MICROFINANCE BANK
  9. NOPOV MICROFINANCE BANK
  10. OHON MICROFINANCE BANK
  11. PREMIUM MICROFINANCE BANK
  12. ROYAL MICROFINANCE BANK
  13. STATESMAN MICROFINANCE BANK
  14. SUISSE MICROFINANCE BANK
  15. VIBRANT MICROFINANCE BANK
  16. VIRTUE MICROFINANCE BANK
  17. ZAMARE MICROFINANCE BANK
  18. NORTH CAPITAL MICROFINANCE BANK
  19. CHIDERA MICROFINANCE BANK
  20. EXCELLENT MICROFINANCE BANK
  21. NI’IMA MICROFINANCE BANK
  22. COSMOPOLITAN MICROFINANCE BANK
  23. PROGRESSIVE LINK MICROFINANCE BANK
  24. TRUST ONE (FOMERLY DESMONARCHY)
  25. EKUOMBE MICROFINANCE BANK
  26. FIRST INDEX MICROFINANCE BANK
  27. OLA MICROFINANCE BANK
  28. ULI MICROFINANCE BANK
  29. VERDANT MICROFINANCE BANK
  30. AGULERI MICROFINANCE BANK LIMITED 31. APEKS MICROFINANCE BANK LIMITED
  31. FAHIMTA MICROFINANCE BANK LIMITED
  32. MANNY MICROFINANCE BANK LIMITED
  33. REALITY MICROFINANCE BANK LIMITED
  34. SURBPOLITAN MICROFINANCE BANK LIMITED
  35. ONYX MICROFINANCE BANK LIMITED
  36. OSINA MICROFINANCE BANK LIMITED
  37. OLOFIN-OWENA MICROFINANCE BANK LIMITED
  38. ZIKADO MICROFINANCE BANK LIMITED
  39. PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED
  40. PENIEL MICROFINANCE BANK LIMITED
  41. TARABA MICROFINANCE BANK LIMITED
  42. BRASS MICROFINANCE BANK LIMITED
  43. MICHIKA MICROFINANCE BANK LIMITED
  44. NDIAGU MICROFINANCE BANK LIMITED
  45. NORTHBRIDGE MICROFINANCE BANK LIMITED
  46. FCT MICROFINANCE BANK LIMITED
  47. OMU-ARAN MICROFINANCE BANK LIMITED
  48. CHERISH MICROFINANCE BANK LIMITED
  49. BIPC MICROFINANCE BANK LIMITED
  50. DANELS GLOBAL MICROFINANCE BANK LIMITED
  51. BANCORP MICROFINANCE BANK LIMITED
  52. MANNA MICROFINANCE BANK LIMITED
  53. MONEYWISE MICROFINANCE BANK LIMITED
  54. MERCURY MICROFINANCE BANK LIMITED
  55. NEW AGE MICROFINANCE BANK LIMITED
  56. PEARL MICROFINANCE BANK LIMITED
  57. ZAWADI MICROFINANCE BANK LIMITED
  58. SEED CAPITAL MICROFINANCE BANK LIMITED
  59. EDUEK MICROFINANCE BANK LIMITED
  60. EKSU MICROFINANCE BANK LIMITED
  61. DAKINGARI MICROFINANCE BANK LIMITED
  62. OGOJA MICROFINANCE BANK LIMITED
  63. NWABOSI MICROFINANCE BANK LIMITED
  64. NUTURE MICROFINANCE BANK LIMITED
  65. ACTIVE POINT MICROFINANCE BANK LIMITED
  66. AMOYE MICROFINANCE BANK LIMITED
  67. BOLUWADURO MICROFINANCE BANK LIMITED
  68. IYEDE MICROFINANCE BANK LIMITED
  69. MAYFAIR MICROFINANCE BANK LIMITED
  70. CALABAR MICROFINANCE BANK LIMITED
  71. IGHOMO MICROFINANCE BANK LIMTED
  72. HACKMAN MICROFINANCE BANK LIMITED
  73. IDESE MICROFINANCE BANK LIMITED
  74. BRIDGEWAY MICROFINANCE BANK LIMITED
  75. GRASSROOT MICROFINANCE BANK LIMITED
  76. SURELIFE MICROFINANCE BANK LIMITED
  77. TIJARAH MICROFINANCE BANK LIMITED
  78. IC-GLOBAL MICROFINANCE BANK LIMITED
  79. EJIAMATU MICROFINANCE BANK LIMITED
  80. BRIYTH COVENANT MICROFINANCE BANK LIMITED
  81. NANKA MICROFINANCE BANK LIMITED
  82. CUB MICROFINANCE BANK LIMITED
  83. BFL MICROFINANCE BANK LIMITED
  84. UMUNNE MICROFINANCE BANK LIMITED
  85. OROKE MICROFINANCE BANK
  86. ALKALERI MICROFINANCE BANK LIMITED
  87. CROWNED EAGLE MICROFINANCE BANK LIMITED
  88. UNIFA MICROFINANCE BANK LIMITED
  89. DADINKOWA MICROFINANCE BANK LIMITED
  90. IFESOWAPO MICROFINANCE BANK LIMITED
  91. OAF MICROFINANCE BANK LIMITED
  92. BAMA MICROFINANCE BANK LIMITED
  93. NGALA MICROFINANCE BANK LIMITED
  94. IWOAMA MICROFINANCE BANK LIMITED
  95. KADA MICROFINANCE BANK LIMITED
  96. KEFFI MICROFINANCE BANK LIMITED
  97. NUT-ENDWELL MICROFINANCE BANK LIMITED
  98. FIRST MULTIPLE MICROFINANCE BANK LIMITED
  99. SBDC MICROFINANCE BANK LIMITED
  100. OROS CAPITAL MICROFINANCE BANK LIMITED
  101. OZIZZA MICROFINANCE BANK LIMITED
  102. PRIMERA CREDIT MICROFINANCE BANK LIMITED
  103. IFEANYICHUKWU MICROFINANCE BANK LIMITED
  104. IHIOMA MICROFINANCE BANK LIMITED
  105. JOSAD MICROFINANCE BANK LIMITED
  106. AKPO MICROFINANCE BANK LIMITED
  107. AIYEPE MICROFINANCE BANK LIMITED
  108. ABC MICROFINANCE BANK LIMITED
  109. STAR MICROFINANCE BANK LIMITED
  110. PURPLE MONEY MICROFINANCE BANK LIMITED
  111. UTUH MICROFINANCE BANK LIMITED
  112. STALLION MICROFINANCE BANK LIMITED
  113. KJL MICROFINANCE BANK LIMITED
  114. CREDIT AFRIQUE MICROFINANCE BANK LIMITED
  115. COWRIES MICROFINANCE BANK LIMITED
  116. LAWEBOD MICROFINANCE BANK LIMITED
  117. MABINAS MICROFINANCE BANK LIMITED
  118. BUSINESS SUPPORT MICROFINANCE BANK LIMITED
  119. OGBE-AHIARA MICROFINANCE BANK LIMITED
  120. OLOFIN MICROFINANCE BANK LIMITED
  121. OBOSI MICROFINANCE BANK LIMITED
  122. FIYINFOLU MICROFINANCE BANK LIMITED
  123. BISHOPGATE MICROFINANCE BANK LIMITED
  124. AWKA MICROFINANCE BANK LIMITED
  125. ZIGATE MICROFINANCE BANK LIMITED
  126. ESAN MICROFINANCE BANK LIMITED
  127. ENUGU-UKWU MICROFINANCE BANK LIMITED
  128. ECHO MICROFINANCE BANK LIMITED
  129. ALLY MICROFINANCE BANK LIMITED
  130. NETWORK MICROFINANCE BANK LIMITED
  131. AWGBU MICROFINANCE BANK LIMITED

SCHEDULE II

LIST OF FINANCE COMPANIES LICENCES REVOKED

S/N        Name Of Institution

  1. HHL Invest & Trust Limited
  2. TFS Finance Limited
  3. Treasures & Trust Limited

SCHEDULE  III

LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED

S/N        Name Of Institution

  1. RESORT SAVINGS & LOANS
  2. SAFETRUST MORTGAGE BANK
  3. ADAMAWA SAVINGS & LOANS
  4. KOGI SAVINGS & LOANS

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