CBN Revokes Licenses of 154 Microfinance Banks, 28 Others

The Central Bank of Nigeria has revoked the operating licences of 182 financial institutions in the country.

According to the Apex bank, 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 bankrupt, 12 were terminally distressed while six voluntarily liquidated.
The apex bank says the affected financial institutions are from different states of the federation.

September 28, 2018