CBN revokes licences of 132 Micro finance Banks and others

The Central Bank of Nigeria, CBN, has announced revocation of the licences of 132 Microfinance Banks, three Finance Companies and four Primary Mortgage Banks across the country.

The revocation is contained in a gazetted circular signed by the CBN Governor, Godwin Emefiele, in Abuja.

According to Emefiele, the Microfinance Banks, Finance Companies and Primary Mortgage Banks listed in the gazette ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months.

He says they also failed to fulfill or comply with the conditions subject to which their licenses were granted.