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CBN revokes licences of 132 microfinance banks, 3 finance houses, four mortgage banks

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By Samuel Bankole

The Central Bank of Nigeria (CBN) announced on Tuesday the revocation of the operating licenses of 132 microfinance banks, three finance houses with licenses, and four primary mortgage banks.

In a official gazette of the Federal Government, which was published on the website of the CBN on Tuesday, the regulatory bank said that the licenses of the financial institutions were revoked because they ceased to carry on in Nigeria the type of business for which their licenses were issued for a continuous period of six months.

The CBN also said that the companies failed to fulfill or comply with the conditions subject to which their licenses were granted or failed to comply with the obligations imposed upon them by the CBN in line with the relevant regulations.

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The gazette said the CBN Governor, Godwin Emefiele, revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.

“The 47 (forty-seven) microfinance banks listed in the Schedule hereto have either remained inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six (6) months in contravention of the Banks and other Financial Institutions Act (BOFIA), 2020, and the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria;

“The various actions taken by the Regulatory Authority to halt their persistent failure to carry on business had failed. NOW THEREFORE, I, Godwin Ifeanyi Emefiele, CON, Governor of the Central Bank of Nigeria, in exercise of the powers conferred upon me by Section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020, hereby revoke the licenses of the 47 (forty-seven) microfinance banks. “Given under my hand at Abuja this 22nd May, 2023,” the CBN stated in the gazette.

Full list of the affected companies can be obtained on the website of the CBN

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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