Regulatory Alerts2023-05-23 | OFI/DOA/CON/OFI/005/114Added · Updated
Revocation of Operating Licenses
The Federal Republic of Nigeria's Official Gazette announces the revocation of the operating licenses of 47 microfinance banks. The banks have been inactive, insolvent, or failed to comply with the Banks and Other Financial Institutions Act and related guidelines. The Governor of the Central Bank of Nigeria, Godwin Ifeanyi Emefiele, has exercised his powers under the Act to revoke the licenses.
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