CBN revokes 182 microfinance banks’ licences, others

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The Central Bank of Nigeria has given notice for the revocation of operating licences of 182 microfinance banks, primary mortgage banks and finance companies.

According to the list released by the CBN on Wednesday, 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 had 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 Ahocol Savings and Loans Limited in Anambra (state government-owned) that closed shop.

Other mortgage banks for revocation are Trans Atlantic Savings and Loans Limited in Bayelsa (state government-owned) that became insolvent; Royal Savings and Loans Limited in Delta State that also closed shop; Amex Savings and Loans Limited in Lagos that failed to recapitalise; and Supreme Savings and Loans Limited also in Lagos that closed shop.

The CBN disclosed that eight finance companies voluntary liquidated; 13 failed to recapitalize, while one became insolvent.

The bank also said the affected institutions are from different states of the federation.

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