Enforcement · CBN · 23 May 2023 · OFI/DOA/CON/OFI/005/114
The Federal Republic of Nigeria's Official Gazette No. 94 Lagos, dated May 23, 2023, announces the revocation of operating licenses for a number of Microfinance Banks, Finance Companies, and Primary Mortgage Banks. The list of affected institutions, totaling 132, is provided in Schedules I, II, and III. The revocations are authorized by the Central Bank of Nigeria's Governor, Godwin Ifeanyi Emefiele, under the powers conferred by the Banks and Other Financial Institutions Act (BOFIA) 2020.
Extraordinary
Government Notice No. 57 The following is published as supplement to this Gazette :
| S.I. No. | Short Title | Page |
|---|---|---|
| 23 | Revocation of Operating Licence —Microfinance Banks Licences Revoked | B461-468 |
B 459 Printed and Published by The Federal Government Printer, Lagos, Nigeria FGP 79/52023/100 Annual Subscription from 1st January, 2023 is Local : N50,000.00 Overseas : N65,000.00 [Surface Mail] N80,000.00 [Second Class Air Mail]. Present issue N3,000 per copy. Subscribers who wish to obtain Gazette after 1st January should apply to the Federal Government Printer, Lagos for amended Subscriptions.
[22nd Day of May**, 2023]**
Commencement.
WHEREAS : The Microfinance Banks, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively, hereto, have:
(a**) ceased to carry on, in Nigeria, the type of business for which their** licences were issued for a continuous period of 6 months ; (b**) failed to fulfil or comply with the conditions subject to which their** licences were granted ; or (c**) failed to comply with the obligations imposed upon them by the** Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.
NOW THEREFORE,
I, Godwin Ifeanyi Emefiele, CON, Governor of the Central Bank of Nigeria, in exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No.5, hereby revoke the licences of the Microfinance Banks, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively attached hereto.
GIVEN under my hand at Abuja this 22nd May, 2023. GODWIN IFEANYI EMEFIELE, CON Governor, Central Bank of Nigeria
LIST OF MICROFINANCE BANKS LICENCES REVOKED
S/N Name Of Institution 1. ATLAS MICROFINANCE BANK 2. BLUEWHALES 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. TRUST ONE (FOMERLY 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 LIMITED 31. APEKS MICROFINANCE BANK LIMITED 32. FAHIMTA MICROFINANCE BANK LIMITED
LIST OF FINANCE COMPANIES LICENCES REVOKED
S/N Name Of Institution 1. HHL Invest & Trust Limited 2. TFS Finance Limited 3. Treasures & Trust Limited
LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED S/N Name Of Institution 1. RESORT SAVINGS & LOANS 2. SAFETRUST MORTGAGE BANK 3. ADAMAWA SAVINGS & LOANS 4. KOGI SAVINGS & LOANS B 468
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