Central Bank Of Nigeria To Revoke Operating Licences Of 154 Microfinance Banks, 28 Others

Central Bank of Nigeria.

© Google Image.   Central Bank of Nigeria.

Barely one week after it revoked the operating licence of Skye Bank, the Central Bank of Nigeria has notified its intention to carry out similar actions on 182 other financial institutions across the country.

The apex bank made the disclosure on Wednesday via a list released by the regulator which showed that 154 of the affected institutions are microfinance banks; six are primary mortgage banks; while the remaining 22 are finance companies.

The CBN said 62 of the microfinance banks had already closed shop; 74 became insolvent; 12 were terminally distressed; while six voluntarily liquidated.

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The CBN listed the primary mortgage banks for revocation as Accord Savings and Loans Limited in Lagos that failed to recapitalise; and Ahocol Savings and Loans Limited in Anambra (state government-owned) that closed shop.

Other mortgage banks for revocation are Trans Atlantic Savings and Loans Limited in Bayelsa (state government-owned) that became insolvent; Royal Savings and Loans Limited in Delta State that also closed shop; Amex Savings and Loans Limited in Lagos that failed to recapitalise; and Supreme Savings and Loans Limited also in Lagos that closed shop.

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The CBN disclosed that eight finance companies voluntary liquidated; 13 failed to recapitalise; while one became insolvent.

According to the apex bank, the affected institutions are from different states of the federation.

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