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CBN To Shutdown 154 Microfinance Banks, 28 Others

CBN To Shutdown 154 Microfinance Banks, 28 Others

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Following their inability to keep up with its standards, the Central Bank of Nigeria (CBN) has reportedly issued a notification to revoke the operating licences of 182 financial institutions in the country.

The Punch quoted a list issued by the regulator on Wednesday, September 26, as saying that 154 of the affected institutions are microfinance banks; six are primary mortgage banks; while the remaining 22 are finance companies.

The apex bank further added that 62 of the microfinance banks had already closed shop; 74 became insolvent; 12 were terminally distressed; while six voluntarily liquidated.

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.”

It further revealed that eight finance companies voluntary liquidated; 13 failed to recapitalise; while one became insolvent.The apex bank said the affected institutions are from different states of the federation.

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