The Central Bank of Nigeria (CBN) has revoked the operating licenses of 179 microfinance banks in the country.
This was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN on Tuesday, May 23, 2023.
According to the gazette, the licences of the financial institutions were revoked because they ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months.
The banks also 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.
The CBN Governor, Godwin Emefiele, according to the document 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 four primary mortgage banks whose licences were revoked are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.
The finance companies whose licences were revoked include HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited.
Some of the microfinance banks listed include Bluewhales Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Everest Microfinance Bank, Merit Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, among others.
Below is the full list of Microfinance Banks which licenced were revoked:
1. Atlas Microfinance Bank
2. Blue whales 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. TrustOne (Formerly 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
31. Apeks Microfinance Bank
32. Fahimta Microfinance Bank
33. Manni Microfinance Bank Limited
34. Reality Microfinance Bank Limited
35. Surbpolitan Microfinance Bank Limited
36. Onyx Microfinance Bank Limited
37. Osina Microfinance Bank Limited
38. Olofin-Owena Microfinance Bank Limited
39. Zikado Microfinance Bank Limited
40. Prudential Co-operative Microfinance Bank Limited
41. Peniel Microfinance Bank Limited
42. Taraba Microfinance Bank Limited
43. Brass Microfinance Bank Limited
44. Michika Microfinance Bank Limited
45. Ndiagu Microfinance Bank Limited
46. Northbridge Microfinance Bank Limited
47. FCT Microfinance Bank Limited
48. Omu-Aran Microfinance Bank Limited
49. Cherish Microfinance Bank Limited
50. BIPC Microfinance Bank Limited
51. Danels Global Microfinance Bank Limited
52. Bankcorp Microfinance Bank Limited
53. Manna Microfinance Bank Limited
54. Moneywise Microfinance Bank Limited
55. Mercury Microfinance Bank Limited
56. New age Microfinance Bank Limited
57. Pearl Microfinance Bank Limited
58. Zawadi Microfinance Bank Limited
59. Seed Capital Microfinance Bank Limited
60. Eduek Microfinance Bank Limited
61. Eksu Microfinance Bank Limited
62. Dakingari Microfinance Bank Limited
63. Ogoja Microfinance Bank Limited
64. Nwabosi Microfinance Bank Limited
65. Nuture Microfinance Bank Limited
66. Active Point Microfinance Bank Limited
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67. Amoye Microfinance Bank Limited
68. Boluwaduro Microfinance Bank Limited
69. Iyede Microfinance Bank Limited
70. Mayfair Microfinance Bank Limited
71. Calabar Microfinance Bank Limited
72. Ighomo Microfinance Bank Limited
73. Hackman Microfinance Bank Limited
74. Idese Microfinance Bank Limited
75. Bridgeway Microfinance Bank Limited
76. Grassroot Microfinance Bank Limited
77. Sure life Microfinance Bank Limited
78. Tijarah Microfinance Bank Limited
79. IC-Global Microfinance Bank Limited
80. Ejiamatu Microfinance Bank Limited
81. Briyth Covenant Microfinance Bank Limited
82. Nanka Microfinance Bank Limited
83. Cub Microfinance Bank Limited
84. BFL Microfinance Bank Limited
85. Umunne Microfinance Bank Limited
86. Oroke Microfinance Bank Limited
87. Alkaleri Microfinance Bank Limited
88. Crowned Eagle Microfinance Bank Limited
89. UNIFA Microfinance Bank Limited
90. Dadinkowa Microfinance Bank Limited
91. Ifesowapo Microfinance Bank Limited
92. OAF Microfinance Bank Limited
93. Bama Microfinance Bank Limited
94. Ngala Microfinance Bank Limited
95. Iwoama Microfinance Bank Limited
96. Kada Microfinance Bank Limited
97. Keffi Microfinance Bank Limited
98. Nut-Endwell Microfinance Bank Limited
99. First Multipurpose Microfinance Bank Limited
100. SBDC Microfinance Bank Limited
101. Oros Capital Microfinance Bank Limited
102. Ozizza Microfinance Bank Limited
103. Primera Credit Microfinance Bank Limited
104. Ifeanyichukwu Microfinance Bank Limited
105. Ihioma Microfinance Bank Limited
106. Josad Microfinance Bank Limited
107. Akpo Microfinance Bank Limited
108. Aiyepe Microfinance Bank Limited
109. ABC Microfinance Bank Limited
110. Star Microfinance Bank Limited
111. Purple Money Microfinance Bank Limited
112. Utuh Microfinance Bank Limited
113. Stallion Microfinance Bank Limited
114. KJL Microfinance Bank Limited
115. Credit Afrique Microfinance Bank Limited
116. Cowries Microfinance Bank Limited
117. Lawebod Microfinance Bank Limited
118. Mabinas Microfinance Bank Limited
119. Business Support Microfinance Bank Limited
120. Ogbe-Ahiara Microfinance Bank Limited
121. Olofin Microfinance Bank Limited
122. Obosi Microfinance Bank Limited
123. Fiyinfolu Microfinance Bank Limited
124. Bishopgate Microfinance Bank Limited
125. Awka Microfinance Bank Limited
126. Zigate Microfinance Bank Limited
127. Esan Microfinance Bank Limited
128. Enugu-Ukwu Microfinance Bank Limited
129. Echo Microfinance Bank Limited
130. Ally Microfinance Bank Limited
131. Network Microfinance Bank Limited
132. Awgbu Microfinance Bank Limited.
Meanwhile, the development has created tension among customers of the affected banks who are worried about how to withdraw their savings, and insured sums, among other things.
However, in a quick reaction, Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the closed banks speedy payment of their insured sums.
The NDIC Managing Director/Chief Executive, Mr. Bello Hassan gave this assurance in a statement which followed the revocation of the licenses of the affected MFBs and PMBs by the Governor of the CBN, Mr. Godwin Emefiele, CON.
Hassan said, as deposit insurer, the NDIC would begin the process of payment of the insured sums immediately with the verification of eligible depositors at the respective premises of the closed banks.
He enjoined such depositors to get the required documents for the exercise such as proof of account ownership, verifiable means of identification and alternate bank account to facilitate their seamless verification and payment of their insured deposits.
The NDIC Boss stated that the insured deposit is the first claim that the Corporation pays to depositors upon revocation of bank’s license by the CBN, added that the maximum specified limits for the MFB and PMB sub-sectors are N200,000.00 and N500,000.00 per depositor per bank, respectively.
As liquidator, the MD disclosed that the Corporation has also put machinery in motion to commence sales of assets of the defunct banks as well as recover debts owed to them in order to declare liquidation dividends on pro -rata basis to the affected depositors with claims exceeding the maximum insured sums of N200,000.00 for MFBs and N500,000.00 for PMBs.
He assured that regulatory authorities are leaving no stone unturned to ensure that the soundness of the banking system is not compromised, stressing that there is no need for the public to panic over the safety of their bank deposits.
