For failing to meet minimum performance standards, the Central Bank of Nigeria, on Tuesday, revoked the operating licenses of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country.
The revocation was disclosed in the official gazette of the Federal Government published on the website of the apex bank.
Specifically, the banking sector regulator, the licenses of the affected firms ceased to exist because they deviated from the type of operation for which their licenses were issued for a continuous period of six months.
They were also alleged to have “failed to fulfill or comply with the conditions subject to which their licenses were granted; or 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.”
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The four primary mortgage banks whose licenses were revoked are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans, and Kogi Savings & Loans.
The finance companies whose licenses were revoked include HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited.
Meanwhile, some of the microfinance banks listed include Bluewhales Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Everest Microfinance Bank, Merit Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, among others