revoked the operating licences of microfinance banks, primary mortgage banks,
NewsJuly 1, 2023

In May 2023, the Central Bank of Nigeria (CBN) has revoked the operating licences of 132 microfinance banks, 4 primary mortgage banks, and 3 finance companies in the country.

The revocation exercise was disclosed in the official gazette of the Federal Government published on the website of the CBN.

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.

 

Read: Oil & Gas Licenses and Permits

 

They were also alleged to 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.”

The four primary mortgage banks whose licences were revoked are:

  1. Resort Savings & Loans,
  2. Safetrust Mortgage Bank,
  3. Adamawa Savings & Loans and
  4. Kogi Savings & Loans.

The finance companies whose licences were revoked include:

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

In the same period, the Central Bank of Nigeria (CBN) also revoked the operating licences of many microfinance banks in Nigeria.

 

Read: NCEC Certificate Registration

 

The list of 132 Microfinance Banks whose Licences have been revoked are:

  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 Ban
  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 BankRead:

    Oil & Gas Consultancy Services in Nigeria

  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

 

Read: How to Register with Local Content in Nigeria

 

  1. Amoye Microfinance Bank Limited
  2. Boluwaduro Microfinance Bank Limited
  3. Iyede Microfinance Bank Limited
  4. Mayfair Microfinance Bank Limited
  5. Calabar Microfinance Bank Limited
  6. Ighomo Microfinance Bank Limited
  7. Hackman Microfinance Bank Limited
  8. Idese Microfinance Bank Limited
  9. Bridgeway Microfinance Bank Limited
  10. Grassroot Microfinance Bank Limited
  11. Sure life Microfinance Bank Limited
  12. Tijarah Microfinance Bank Limited
  13. IC-Global Microfinance Bank Limited
  14. Ejiamatu Microfinance Bank Limited
  15. Briyth Covenant Microfinance Bank Limited
  16. Nanka Microfinance Bank Limited
  17. Cub Microfinance Bank Limited
  18. BFL Microfinance Bank Limited
  19. Umunne Microfinance Bank Limited
  20. Oroke Microfinance Bank Limited
  21. Alkaleri Microfinance Bank Limited
  22. Crowned Eagle Microfinance Bank Limited
  23. UNIFA Microfinance Bank Limited
  24. Dadinkowa Microfinance Bank Limited
  25. Ifesowapo Microfinance Bank Limited
  26. OAF Microfinance Bank Limited
  27. Bama Microfinance Bank Limited
  28. Ngala Microfinance Bank Limited
  29. Iwoama Microfinance Bank Limited
  30. Kada Microfinance Bank Limited
  31. Keffi Microfinance Bank Limited
  32. Nut-Endwell Microfinance Bank Limited
  33. First Multipurpose Microfinance Bank Limited
  34. SBDC Microfinance Bank Limited
  35. Oros Capital Microfinance Bank Limited
  36. Ozizza Microfinance Bank Limited
  37. Primera Credit Microfinance Bank Limited
  38. Ifeanyichukwu Microfinance Bank Limited
  39. Ihioma Microfinance Bank Limited
  40. Josad Microfinance Bank Limited
  41. Akpo Microfinance Bank Limited
  42. Aiyepe Microfinance Bank Limited
  43. ABC Microfinance Bank Limited
  44. Star Microfinance Bank Limited
  45. Purple Money Microfinance Bank Limited
  46. Utuh Microfinance Bank LimitedRead:

    NCDMB (NOGIC JQS) Registration Requirements

  47. Stallion Microfinance Bank Limited
  48. KJL Microfinance Bank Limited
  49. Credit Afrique Microfinance Bank Limited
  50. Cowries Microfinance Bank Limited
  51. Lawebod Microfinance Bank Limited
  52. Mabinas Microfinance Bank Limited
  53. Business Support Microfinance Bank Limited
  54. Ogbe-Ahiara Microfinance Bank Limited
  55. Olofin Microfinance Bank Limited
  56. Obosi Microfinance Bank Limited
  57. Fiyinfolu Microfinance Bank Limited
  58. Bishopgate Microfinance Bank Limited
  59. Awka Microfinance Bank Limited
  60. Zigate Microfinance Bank Limited
  61. Esan Microfinance Bank Limited
  62. Enugu-Ukwu Microfinance Bank Limited
  63. Echo Microfinance Bank Limited
  64. Ally Microfinance Bank Limited
  65. Network Microfinance Bank Limited
  66. Awgbu Microfinance Bank Limited