News
Nigeria: 132 microfinance banks’ licences revoked {See List}
The Central Bank of Nigeria (CBN) has revoked the operating licences of no fewer than 132 microfinance banks, four primary mortgage banks, and three finance companies in the country.
It was disclosed in the official gazette of the Federal Government, published on the website of the CBN on Tuesday.
According to the CBN, the financial institutions “failed to fulfill or comply with the conditions subject to which their licences were granted, or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”
The four primary mortgage banks whose licences were revoked are Resort Savings & Loans, Safe trust Mortgage Bank, Adamawa Savings & Loans, and Kogi Savings & Loans. The finance companies whose licences were revoked include HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited.
Some microfinance banks listed include Blue whales Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Everest Microfinance Bank, Merit Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, among others.
CBN Governor, Godwin Emefiele, said the licences were revoked in the exercise of the powers conferred on the apex bank under Section 12 of BOFIA 2020, Act No. 5.
See below the full list of the affected banks and financial institutions:
ATLAS MICROFINANCE BANK
BLUEWHALES MICROFINANCE BANK
EVEREST MICROFINANCE BANK
IGANGAN MICROFINANCE BANK
MAINSAIL MICROFINANCE BANK
MERIT MICROFINANCE BANK
MINNA MICROFINANCE BANK
MUSHARAKA MICROFINANCE BANK
NOPOV MICROFINANCE BANK
OHON MICROFINANCE BANK
PREMIUM MICROFINANCE BANK
ROYAL MICROFINANCE BANK
STATESMAN MICROFINANCE BANK
SUISSE MICROFINANCE BANK
VIBRANT MICROFINANCE BANK
VIRTUE MICROFINANCE BANK
ZAMARE MICROFINANCE BANK
NORTH CAPITAL MICROFINANCE BANK
CHIDERA MICROFINANCE BANK
EXCELLENT MICROFINANCE BANK
NI’IMA MICROFINANCE BANK
COSMOPOLITAN MICROFINANCE BANK
PROGRESSIVE LINK MICROFINANCE BANK
TRUST ONE (FOMERLY DESMONARCHY)
EKUOMBE MICROFINANCE BANK
FIRST INDEX MICROFINANCE BANK
OLA MICROFINANCE BANK
ULI MICROFINANCE BANK
VERDANT MICROFINANCE BANK
AGULERI MICROFINANCE BANK LIMITED
. APEKS MICROFINANCE BANK LIMITED
FAHIMTA MICROFINANCE BANK LIMITED
MANNY MICROFINANCE BANK LIMITED
REALITY MICROFINANCE BANK LIMITED
SURBPOLITAN MICROFINANCE BANK LIMITED
ONYX MICROFINANCE BANK LIMITED
OSINA MICROFINANCE BANK LIMITED
OLOFIN-OWENA MICROFINANCE BANK LIMITED
ZIKADO MICROFINANCE BANK LIMITED
PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED
PENIEL MICROFINANCE BANK LIMITED
TARABA MICROFINANCE BANK LIMITED
BRASS MICROFINANCE BANK LIMITED
MICHIKA MICROFINANCE BANK LIMITED
NDIAGU MICROFINANCE BANK LIMITED
NORTHBRIDGE MICROFINANCE BANK LIMITED
FCT MICROFINANCE BANK LIMITED
OMU-ARAN MICROFINANCE BANK LIMITED
CHERISH MICROFINANCE BANK LIMITED
BIPC MICROFINANCE BANK LIMITED
DANELS GLOBAL MICROFINANCE BANK LIMITED
BANCORP MICROFINANCE BANK LIMITED
MANNA MICROFINANCE BANK LIMITED
MONEYWISE MICROFINANCE BANK LIMITED
MERCURY MICROFINANCE BANK LIMITED
NEW AGE MICROFINANCE BANK LIMITED
PEARL MICROFINANCE BANK LIMITED
ZAWADI MICROFINANCE BANK LIMITED
SEED CAPITAL MICROFINANCE BANK LIMITED
EDUEK MICROFINANCE BANK LIMITED
EKSU MICROFINANCE BANK LIMITED
DAKINGARI MICROFINANCE BANK LIMITED
OGOJA MICROFINANCE BANK LIMITED
NWABOSI MICROFINANCE BANK LIMITED
NUTURE MICROFINANCE BANK LIMITED
ACTIVE POINT MICROFINANCE BANK LIMITED
AMOYE MICROFINANCE BANK LIMITED
BOLUWADURO MICROFINANCE BANK LIMITED
IYEDE MICROFINANCE BANK LIMITED
MAYFAIR MICROFINANCE BANK LIMITED
CALABAR MICROFINANCE BANK LIMITED
IGHOMO MICROFINANCE BANK LIMTED
HACKMAN MICROFINANCE BANK LIMITED
IDESE MICROFINANCE BANK LIMITED
BRIDGEWAY MICROFINANCE BANK LIMITED
GRASSROOT MICROFINANCE BANK LIMITED
SURELIFE MICROFINANCE BANK LIMITED
TIJARAH MICROFINANCE BANK LIMITED
IC-GLOBAL MICROFINANCE BANK LIMITED
EJIAMATU MICROFINANCE BANK LIMITED
BRIYTH COVENANT MICROFINANCE BANK LIMITED
NANKA MICROFINANCE BANK LIMITED
CUB MICROFINANCE BANK LIMITED
BFL MICROFINANCE BANK LIMITED
UMUNNE MICROFINANCE BANK LIMITED
OROKE MICROFINANCE BANK
ALKALERI MICROFINANCE BANK LIMITED
CROWNED EAGLE MICROFINANCE BANK LIMITED
UNIFA MICROFINANCE BANK LIMITED
DADINKOWA MICROFINANCE BANK LIMITED
IFESOWAPO MICROFINANCE BANK LIMITED
OAF MICROFINANCE BANK LIMITED
BAMA MICROFINANCE BANK LIMITED
NGALA MICROFINANCE BANK LIMITED
IWOAMA MICROFINANCE BANK LIMITED
KADA MICROFINANCE BANK LIMITED
KEFFI MICROFINANCE BANK LIMITED
NUT-ENDWELL MICROFINANCE BANK LIMITED
FIRST MULTIPLE MICROFINANCE BANK LIMITED
SBDC MICROFINANCE BANK LIMITED
OROS CAPITAL MICROFINANCE BANK LIMITED
OZIZZA MICROFINANCE BANK LIMITED
PRIMERA CREDIT MICROFINANCE BANK LIMITED
IFEANYICHUKWU MICROFINANCE BANK LIMITED
IHIOMA MICROFINANCE BANK LIMITED
JOSAD MICROFINANCE BANK LIMITED
AKPO MICROFINANCE BANK LIMITED
AIYEPE MICROFINANCE BANK LIMITED
ABC MICROFINANCE BANK LIMITED
STAR MICROFINANCE BANK LIMITED
PURPLE MONEY MICROFINANCE BANK LIMITED
UTUH MICROFINANCE BANK LIMITED
STALLION MICROFINANCE BANK LIMITED
KJL MICROFINANCE BANK LIMITED
CREDIT AFRIQUE MICROFINANCE BANK LIMITED
COWRIES MICROFINANCE BANK LIMITED
LAWEBOD MICROFINANCE BANK LIMITED
MABINAS MICROFINANCE BANK LIMITED
BUSINESS SUPPORT MICROFINANCE BANK LIMITED
OGBE-AHIARA MICROFINANCE BANK LIMITED
OLOFIN MICROFINANCE BANK LIMITED
OBOSI MICROFINANCE BANK LIMITED
FIYINFOLU MICROFINANCE BANK LIMITED
BISHOPGATE MICROFINANCE BANK LIMITED
AWKA MICROFINANCE BANK LIMITED
ZIGATE MICROFINANCE BANK LIMITED
ESAN MICROFINANCE BANK LIMITED
ENUGU-UKWU MICROFINANCE BANK LIMITED
ECHO MICROFINANCE BANK LIMITED
ALLY MICROFINANCE BANK LIMITED
NETWORK MICROFINANCE BANK LIMITED
AWGBU MICROFINANCE BANK LIMITED
SCHEDULE II
LIST OF FINANCE COMPANIES LICENCES REVOKED
Name Of Institution
HHL Invest & Trust Limited
TFS Finance Limited
Treasures & Trust Limited
SCHEDULE III
LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED
S/N Name Of Institution
RESORT SAVINGS & LOANS
SAFETRUST MORTGAGE BANK
ADAMAWA SAVINGS & LOANS
KOGI SAVINGS & LOANS
News
FG Lifts Five-Year Ban on Mining in Zamfara, Eyes Economic Boost
The Federal Government has officially lifted the five-year ban on mining activities in Zamfara State, citing improved security and the potential for economic growth in the mineral-rich region.
The announcement was made on Sunday by the Minister of Solid Minerals Development, Dele Alake, through his representative, Segun Tomori, during a press briefing in Abuja.
“The Federal Government has lifted the ban on mining exploration activities in Zamfara State, citing significant improvements in the security situation across the state,” the minister said in a statement.
Security Gains and Economic Promise
The ban, imposed in 2019 due to escalating insecurity and illegal mining, was described by Alake as a necessary but temporary measure to protect lives and resources. However, he noted that the ban inadvertently created a vacuum exploited by illegal miners, leading to resource plundering.
Alake praised recent security advancements under the Tinubu administration, highlighting the neutralization of notorious bandit commanders and other strategic wins, including the capture of Halilu Sububu, one of the state’s most wanted criminals.
“The existential threat to lives and properties that led to the 2019 ban has abated. The security operatives’ giant strides have led to a notable reduction in the level of insecurity,” Alake said.
He added that with the restoration of mining activities, Zamfara’s mineral wealth—ranging from gold and lithium to copper—could now be harnessed under strict regulation to contribute significantly to national revenue.
Boosting Regulation and Combating Illegal Mining
The minister emphasized that lifting the ban would pave the way for better regulation and monitoring of mining activities. This, he said, would enable authorities to tackle illegal mining more effectively and ensure Nigeria benefits fully from Zamfara’s mineral resources.
“By reopening this sector, we are prioritizing not only revenue generation but also intelligence gathering to curb illegal mining,” he said.
Addressing Controversies
Alake also addressed concerns surrounding Nigeria’s recent Memorandum of Understanding (MOU) with France, which had sparked controversy. He clarified that the agreement focused solely on capacity building and technical support for the mining sector.
“The high point of the MOU is on training and capacity building for our mining professionals. Similar agreements have been signed with Germany and Australia. Misinformation about ceding control over our mineral resources is uncalled for,” Alake said.
Press as Partners in Progress
Commending the media for their role in promoting reforms in the mining sector, Alake urged continued collaboration to drive transparency and attract foreign investments.
News
NNPCL Refutes Shutdown Claims: Port Harcourt Refinery Fully Operational
The Nigerian National Petroleum Company Limited (NNPCL) has dismissed media reports suggesting that the recently resuscitated old Port Harcourt refinery has been shut down, labeling such claims as baseless and misleading.
In a statement issued in Abuja on Saturday, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, clarified that the refinery, with a capacity of 60,000 barrels per day, is “fully operational.”
The facility resumed operations two months ago after years of inactivity.
“We wish to clarify that such reports are totally false, as the refinery is fully operational, as verified a few days ago by former Group Managing Directors of NNPC,” Soneye said.
He added that preparations for the day’s loading operation are currently underway, emphasizing that the public should disregard the claims.
“Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip off Nigerians,” Soneye stated.
The old Port Harcourt refinery is part of the country’s efforts to revive its local refining capacity. Three years ago, the Federal Government approved $1.5 billion to rehabilitate the plant, which was initially shut down in 2019 due to operational challenges.
Despite being one of the largest oil producers globally, Nigeria has long relied on fuel imports to meet its domestic needs, swapping crude oil for petrol and other refined products. This dependency, coupled with government subsidies, has strained the nation’s foreign exchange reserves.
The recent return of the Port Harcourt refinery to operation follows the commissioning of the Dangote refinery, which began petrol production in September 2024. These developments are expected to reduce Nigeria’s reliance on imports and address long-standing issues in the petroleum sector.
News
Bank Robberies Now History in Lagos Since 2014 – IGP
The Inspector General of Police, Kayode Egbetokun, has declared that the era of armed and bank robberies in Lagos State is a thing of the past, attributing the success to the collaborative efforts between the police and the state government.
Egbetokun made this statement on Thursday during the 18th Annual Town Hall Meeting on Security organized by the Lagos State Security Trust Fund (LSSTF). He noted that since 2007, only one bank robbery had been successfully executed in the state, which occurred in 2014.
“There was a time when armed robbery and bank robbery were common in Lagos. However, I can confidently say that since 2007, only one bank robbery succeeded, and that was as far back as 2014. The days of armed robbery and bank robbery are gone,” he said.
The IGP commended the Lagos State Government for its consistent support, emphasizing the critical role it has played in maintaining security in the bustling economic hub of the nation. He highlighted the challenges posed by the state’s continuous internal migration, with thousands of people moving into Lagos daily, creating additional security demands.
“What we are doing here today is the usual assistance the state government has been giving to the police. Without this, we would have been overwhelmed with insecurity in Lagos State,” Egbetokun added.
At the event, Governor Babajide Sanwo-Olu further demonstrated his administration’s commitment to security by donating over 250 brand-new patrol vehicles, along with hardware, communication gadgets, and protective gear to the police.
In his address, Sanwo-Olu outlined the government’s efforts to scale up the use of technology and data for improved security and traffic monitoring. He revealed plans to deploy drone technology for surveillance of waterways and densely populated areas.
“The EGIS component of our mapping and digitalization has almost been completed. Lagos is now properly mapped, and drone technology will be deployed to enhance monitoring, crowd management, and traffic assessment. This will ensure real-time responses to incidents,” the governor explained.
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