CBN Shuts Down 132 Microfinance Banks and 7 Other Financial Institutions: Here’s the Full List

The Central Bank of Nigeria (CBN) has taken a drastic action against 132 microfinance banks, four primary mortgage banks, and three finance companies in the country. The CBN revoked their operating licences and published their names in the official gazette of the Federal Government on Tuesday.

The reason for this move was that these financial institutions failed to comply with the regulations and obligations imposed by the CBN under the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5. They also ceased to carry on the type of business for which their licences were issued for a continuous period of six months.

Some of the affected primary mortgage banks include Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.

The finance companies that lost their licences are HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited.

The list of the microfinance banks that had their licences revoked is long and includes Bluewhales Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Everest Microfinance Bank, Merit Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, among others.

The CBN Governor, Godwin Emefiele, revoked the licences in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.

See the full list of Microfinance Banks whose licences have been revoked below:

S/N Names of Institution

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

B 464

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

B 465

B 466

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

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