The Central Bank of Nigeria (CBN) has revoked the operating licences of 132 microfinance institutions, four primary mortgage banks, and three finance companies in the country.
This was disclosed in the official gazette of the Federal Government, which was published on the CBN’s website on Tuesday (23 May).
The revocation of licences was carried out due to various reasons, including the institutions’ failure to carry on their designated business within Nigeria, non-compliance with licencing conditions, and failure to meet obligations imposed by the CBN in accordance with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.
Below is the full list of affected institutions:
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