CBN revokes operating licences of Microfinance Banks, Mortgage Banks, others

The Central Bank of Nigeria’s Governor has announced the revocation of operating licences of 132 Microfinance Bank, 4 Primary Mortgage Banks and 3 Finance Companies.

In a publication by CBN on Tuesday, the apex Bank stated thus:

The Microfinance Banks, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively, hereto, have:

(a) ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months ;

(b) failed to fulfill or comply with the conditions subject to which their licences were granted ; or

(c) 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.

Now therefore, I, Godwin Ifeanyi Emefiele, Governor of the Central Bank of Nigeria, in exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No.5, hereby revoke the licences of the Microfinance Banks, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively attached hereto.

The 4 Mortgage Banks affected include:

RESORT SAVINGS & LOANS
SAFETRUST MORTGAGE BANK
ADAMAWA SAVINGS & LOANS
KOGI SAVINGS & LOANS

The 3 Finance Companies affected include:

HHL Invest & Trust Limited
TFS Finance Limited
Treasures & Trust Limited

The list of 132 Microfinance Banks can be found on the CBN website, cbn.gov.ng

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