The Central Bank of Nigeria (CBN) has revoked the operating licences of 132 microfinance banks, three finance companies, and four primary mortgage banks.

     Governor of the apex bank, Godwin Emefiele revoked the licences of the institutions on Monday, an official newspaper of the federal government said. Emefiele revoked the licences in exercise of the powers conferred on CBN under section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020, Act No. 5.

The gazette noted that the revocation list was published in accordance with the BOFIA 2020, Act No 5. The respective firms have ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months,” the document reads. “The firms have failed to fulfil or comply with the conditions subject to which their licences 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.”

Ada Peter