The Central Bank of Nigeria (CBN) has announced the revocation of the licences of 132 microfinance banks, three finance companies and four primary mortgage banks across the country.

The revocation is contained in a gazetted circular signed by the CBN governor, Godwin Emefiele.

According to Mr Emefiele, the microfinance banks, finance companies and primary mortgage banks listed in the gazette “ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of six months.”

He said they also failed to fulfil or comply with the conditions subject to which their licences were granted.

“(They) failed to comply with the obligations imposed upon them by the CBN in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5,” stated Mr Emefiele. “In exercise of the powers conferred on the CBN under Section 12 of BOFIA 2020, Act No.5, I hereby revoke the licences of the microfinance banks, finance companies, and primary mortgage banks stated.”

The finance companies affected are HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited. The mortgage banks are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.

The Microfinance banks include Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank and Mainsail Microfinance Bank. Others are Merit Microfinance Bank, Minna Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, and Ohon Microfinance Bank.

(NAN)