The Central Bank of Nigeria (CBN) has revoked the operating licenses of four primary mortgage banks, three finance companies and 132 Microfinance organizations in that country.
In an officially gazetted notice, dated Tuesday, May 23, 2023, CBN Governor Godwin Ifeanyi Emefiele noted that the affected institutions have for the last six months ceased to carry on with the businesses for which they were licensed, failed to comply with their licensing conditions and also failed to comply with obligations imposed on them by CBN in accordance with the Banks and Other Financial Institutions Act (BOFIA) 2020, ACT 5.
The governor said, in line with powers conferred on the CBN by the Section 12 of the BOFIA, “I hereby revoke the licenses of the Microfinance Banks, Finance Companies and Primary Mortgage Banks states in Schedules I, II and III respectively attached hereto.”
Schedule I had the list of 132 Microfinance companies; schedule II had three finance companies listed, and III had four primary mortgage banks.
Find the official gazette with the full list below:
