CBN To Revoke 154 Microfinance Banks’ Licences

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The Central Bank of Nigeria says a notification to revoke the operating licences of 182 other financial institutions in the country has been issued.
According to the list released by the regulator, 154 of the affected institutions are microfinance banks; six are primary mortgage banks; while the remaining 22 are finance companies.
The CBN said 62 of the microfinance banks have already closed shop; 74 became insolvent; 12 were terminally distressed; while six voluntarily liquidated.
The CBN listed the primary mortgage banks for revocation as accord savings and loans limited in Lagos that failed to recapitalise; and ahold savings and loans limited in Anambra (state government-owned) that closed shop.
Other mortgage banks are in Bayelsa, Delta and Lagos states.
The CBN disclosed that eight finance companies voluntary liquidated; 13 failed to recapitalise; while one became insolvent.

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