The licences of 179 microfinance banks, four primary mortgage banks and three finance companies have been revoked by the Central Bank of Nigeria, CBN.
The CBN in the official gazette of the federal government, which was published on its website, yesterday, said it revoked the licences in the exercise of the powers conferred on the apex bank under Section 12 of Banks and Other Financial Institutions Act, BOFIA 2020, Act No.5.
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The gazette said the licences of the financial institutions were revoked because they either remained inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six months in contravention of the BOFIA 2020 and the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria, among other infractions.
