Major Shakeup in Finance Sector as Nigeria’s Central Bank Revokes 139 Licenses [FULL LIST]

LAGOS, Nigeria – The Central Bank of Nigeria, CBN, has made a substantial and surprising move, revoking the operating licenses of 139 financial institutions in the country, in a bid to protect the stability and integrity of the nation’s financial ecosystem.

This widespread revocation includes 132 microfinance banks, four primary mortgage banks, and three finance companies.

The information was disclosed in the official gazette of the Federal Government, published on the CBN website on Tuesday, May 23, 2023.

According to the CBN, the financial institutions involved failed to fulfil or comply with the conditions stipulated when their licences were granted.

Furthermore, they have also neglected to comply with obligations imposed on them by the Central Bank of Nigeria, as outlined in the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.

“The licences were revoked in the exercise of the powers conferred on the apex bank under Section 12 of BOFIA 2020, Act No. 5,” explained CBN Governor, Godwin Emefiele.

The notable institutions affected include Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans, Kogi Savings & Loans, as well as finance companies like HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited.

A broad array of microfinance banks, including Bluewhales Microfinance Bank and Everest Microfinance Bank, among others, have also seen their licenses revoked.

“These financial institutions have consistently failed to meet regulatory standards and their actions pose a significant threat to the financial stability of Nigeria. Our decision is not taken lightly, but it is necessary to safeguard our economic health,” Emefiele said, explaining the reasoning behind the move.

The abrupt revocation of licenses is expected to send shockwaves throughout Nigeria’s financial sector, potentially leading to tighter regulatory scrutiny and raising concerns among investors about the robustness of financial institutions in the country.

See the full list of the affected banks and financial institutions.

S/N        Name Of Institution

1. ATLAS MICROFINANCE BANK
2. BLUEWHALES MICROFINANCE BANK
3. EVEREST MICROFINANCE BANK
4. IGANGAN MICROFINANCE BANK
5. MAINSAIL MICROFINANCE BANK
6. MERIT MICROFINANCE BANK
7. MINNA MICROFINANCE BANK
8. MUSHARAKA MICROFINANCE BANK
9. NOPOV MICROFINANCE BANK
10. OHON MICROFINANCE BANK
11. PREMIUM MICROFINANCE BANK
12. ROYAL MICROFINANCE BANK
13. STATESMAN MICROFINANCE BANK
14. SUISSE MICROFINANCE BANK
15. VIBRANT MICROFINANCE BANK
16. VIRTUE MICROFINANCE BANK
17. ZAMARE MICROFINANCE BANK
18. NORTH CAPITAL MICROFINANCE BANK
19. CHIDERA MICROFINANCE BANK
20. EXCELLENT MICROFINANCE BANK
21. NI’IMA MICROFINANCE BANK
22. COSMOPOLITAN MICROFINANCE BANK
23. PROGRESSIVE LINK MICROFINANCE BANK
24. TRUST ONE (FOMERLY DESMONARCHY)
25. EKUOMBE MICROFINANCE BANK
26. FIRST INDEX MICROFINANCE BANK
27. OLA MICROFINANCE BANK
28. ULI MICROFINANCE BANK
29. VERDANT MICROFINANCE BANK
30. AGULERI MICROFINANCE BANK LIMITED 31. APEKS MICROFINANCE BANK LIMITED
31. FAHIMTA MICROFINANCE BANK LIMITED
32. MANNY MICROFINANCE BANK LIMITED
33. REALITY MICROFINANCE BANK LIMITED
34. SURBPOLITAN MICROFINANCE BANK LIMITED
35. ONYX MICROFINANCE BANK LIMITED
36. OSINA MICROFINANCE BANK LIMITED
37. OLOFIN-OWENA MICROFINANCE BANK LIMITED
38. ZIKADO MICROFINANCE BANK LIMITED
39. PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED
40. PENIEL MICROFINANCE BANK LIMITED
41. TARABA MICROFINANCE BANK LIMITED
42. BRASS MICROFINANCE BANK LIMITED
43. MICHIKA MICROFINANCE BANK LIMITED
44. NDIAGU MICROFINANCE BANK LIMITED
45. NORTHBRIDGE MICROFINANCE BANK LIMITED
46. FCT MICROFINANCE BANK LIMITED
47. OMU-ARAN MICROFINANCE BANK LIMITED
48. CHERISH MICROFINANCE BANK LIMITED
49. BIPC MICROFINANCE BANK LIMITED
50. DANELS GLOBAL MICROFINANCE BANK LIMITED
51. BANCORP MICROFINANCE BANK LIMITED
52. MANNA MICROFINANCE BANK LIMITED
53. MONEYWISE MICROFINANCE BANK LIMITED
54. MERCURY MICROFINANCE BANK LIMITED
55. NEW AGE MICROFINANCE BANK LIMITED
56. PEARL MICROFINANCE BANK LIMITED
57. ZAWADI MICROFINANCE BANK LIMITED
58. SEED CAPITAL MICROFINANCE BANK LIMITED
59. EDUEK MICROFINANCE BANK LIMITED
60. EKSU MICROFINANCE BANK LIMITED
61. DAKINGARI MICROFINANCE BANK LIMITED
62. OGOJA MICROFINANCE BANK LIMITED
63. NWABOSI MICROFINANCE BANK LIMITED
64. NUTURE MICROFINANCE BANK LIMITED
65. ACTIVE POINT MICROFINANCE BANK LIMITED
66. AMOYE MICROFINANCE BANK LIMITED
67. BOLUWADURO MICROFINANCE BANK LIMITED
68. IYEDE MICROFINANCE BANK LIMITED
69. MAYFAIR MICROFINANCE BANK LIMITED
70. CALABAR MICROFINANCE BANK LIMITED
71. IGHOMO MICROFINANCE BANK LIMTED
72. HACKMAN MICROFINANCE BANK LIMITED
73. IDESE MICROFINANCE BANK LIMITED
74. BRIDGEWAY MICROFINANCE BANK LIMITED
75. GRASSROOT MICROFINANCE BANK LIMITED
76. SURELIFE MICROFINANCE BANK LIMITED
77. TIJARAH MICROFINANCE BANK LIMITED
78. IC-GLOBAL MICROFINANCE BANK LIMITED
79. EJIAMATU MICROFINANCE BANK LIMITED
80. BRIYTH COVENANT MICROFINANCE BANK LIMITED
81. NANKA MICROFINANCE BANK LIMITED
82. CUB MICROFINANCE BANK LIMITED
83. BFL MICROFINANCE BANK LIMITED
84. UMUNNE MICROFINANCE BANK LIMITED
85. OROKE MICROFINANCE BANK
86. ALKALERI MICROFINANCE BANK LIMITED
87. CROWNED EAGLE MICROFINANCE BANK LIMITED
88. UNIFA MICROFINANCE BANK LIMITED
89. DADINKOWA MICROFINANCE BANK LIMITED
90. IFESOWAPO MICROFINANCE BANK LIMITED
91. OAF MICROFINANCE BANK LIMITED
92. BAMA MICROFINANCE BANK LIMITED
93. NGALA MICROFINANCE BANK LIMITED
94. IWOAMA MICROFINANCE BANK LIMITED
95. KADA MICROFINANCE BANK LIMITED
96. KEFFI MICROFINANCE BANK LIMITED
97. NUT-ENDWELL MICROFINANCE BANK LIMITED
98. FIRST MULTIPLE MICROFINANCE BANK LIMITED
99. SBDC MICROFINANCE BANK LIMITED
100. OROS CAPITAL MICROFINANCE BANK LIMITED
101. OZIZZA MICROFINANCE BANK LIMITED
102. PRIMERA CREDIT MICROFINANCE BANK LIMITED
103. IFEANYICHUKWU MICROFINANCE BANK LIMITED
104. IHIOMA MICROFINANCE BANK LIMITED
105. JOSAD MICROFINANCE BANK LIMITED
106. AKPO MICROFINANCE BANK LIMITED
107. AIYEPE MICROFINANCE BANK LIMITED
108. ABC MICROFINANCE BANK LIMITED
109. STAR MICROFINANCE BANK LIMITED
110. PURPLE MONEY MICROFINANCE BANK LIMITED
111. UTUH MICROFINANCE BANK LIMITED
112. STALLION MICROFINANCE BANK LIMITED
113. KJL MICROFINANCE BANK LIMITED
114. CREDIT AFRIQUE MICROFINANCE BANK LIMITED
115. COWRIES MICROFINANCE BANK LIMITED
116. LAWEBOD MICROFINANCE BANK LIMITED
117. MABINAS MICROFINANCE BANK LIMITED
118. BUSINESS SUPPORT MICROFINANCE BANK LIMITED
119. OGBE-AHIARA MICROFINANCE BANK LIMITED
120. OLOFIN MICROFINANCE BANK LIMITED
121. OBOSI MICROFINANCE BANK LIMITED
122. FIYINFOLU MICROFINANCE BANK LIMITED
123. BISHOPGATE MICROFINANCE BANK LIMITED
124. AWKA MICROFINANCE BANK LIMITED
125. ZIGATE MICROFINANCE BANK LIMITED
126. ESAN MICROFINANCE BANK LIMITED
127. ENUGU-UKWU MICROFINANCE BANK LIMITED
128. ECHO MICROFINANCE BANK LIMITED
129. ALLY MICROFINANCE BANK LIMITED
130. NETWORK MICROFINANCE BANK LIMITED
131. AWGBU MICROFINANCE BANK LIMITED

SCHEDULE II

LIST OF FINANCE COMPANIES LICENCES REVOKED

S/N        Name Of Institution

1. HHL Invest & Trust Limited
2. TFS Finance Limited
3. Treasures & Trust Limited

SCHEDULE  III

LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED

S/N        Name Of Institution

1. RESORT SAVINGS & LOANS
2. SAFETRUST MORTGAGE BANK
3. ADAMAWA SAVINGS & LOANS
4. KOGI SAVINGS & LOANS