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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
US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in Germany and Britain, in the latest blow to the continent’s beleaguered car industry.
“The company has incurred significant losses in recent years,” Ford said in a statement, blaming “the industry shift to electrified vehicles and new competition”.
The move will affect 2,900 jobs in Germany, 800 in the UK and 300 in western Europe by the end of 2027, a Ford spokesman told AFP.
“It is critical to take difficult but decisive action to ensure Ford’s future competitiveness in Europe,” said Dave Johnston, Ford’s European vice-president in the statement.
The company also said it was adjusting the production of its Explorer and Capri models, resulting in reduced hours at its Cologne plant in the first quarter of 2025.
Europe’s car industry has been plunged into crisis by high manufacturing costs, a stuttering switch to electric vehicles and increased competition in key market China.
Germany’s Volkswagen has been among those hardest hit, announcing in September that it was considering the unprecedented move of closing some factories in Germany.
“The European automotive industry is in a very demanding and serious situation,” Volkswagen CEO Oliver Blume said at the time.
Ford had already announced in February 2023 that it was planning to cut 3,800 jobs in Europe, including 2,300 in Germany and 1,300 in Britain.
The company said then it was planning to reduce the number of models developed for Europe, concentrate on the profitable van segment and speed up the transition to electric vehicles.
Ford currently has around 28,000 employees in Europe with 15,000 in Germany, according to the company’s works council.
President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, and the removal of the institution’s Vice-Chancellor, Prof. Bernard Ifeanyi Odoh, and Registrar, Mrs. Rosemary Ifoema Nwokike.
The council, chaired by Ambassador Greg Ozumba Mbadiwe, comprised five other members: Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.
A statement released on Wednesday by presidential spokesperson, Bayo Onanuga, revealed that the council was dissolved following reports of procedural violations in appointing the vice-chancellor.
According to the statement, the council had allegedly appointed an unqualified candidate, disregarding due process, which triggered tensions between the university’s Senate and the council.
The Federal Government expressed dismay over the council’s actions, emphasizing the need for adherence to the university’s governing laws in decision-making.
“The council’s disregard for established rules necessitated the government’s intervention to restore order to the 33-year-old institution,” the statement noted.
In a related development, President Tinubu also approved the dismissal of Engr. Ohieku Muhammed Salami, the Pro-Chancellor and Chairman of the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State.
Salami was accused of suspending the university’s Vice-Chancellor without following the prescribed procedures, a move the Federal Ministry of Education had previously directed him to reverse.
Despite the Ministry’s directives, Salami reportedly refused to comply and resorted to issuing threats and abusive remarks towards the Ministry’s officials, including the Permanent Secretary.
The Federal Government reiterated that the primary role of university councils is to ensure the smooth operation of academic activities, strictly adhering to the laws establishing each institution.
Tinubu warned university councils against engaging in actions that could destabilize their institutions, as his administration remains committed to enhancing the nation’s education system.
The Ekiti State Government has reached an agreement with labour leaders in the state, signing a Memorandum of Understanding (MoU) for the payment of the N70,000 minimum wage approved by the Federal Government.
Addressing journalists at a brief ceremony in Ado-Ekiti on Tuesday, the Head of Service (HoS), Dr. Folakemi Olomojobi, announced that the payment would commence immediately.
She lauded Governor Biodun Oyebanji for prioritizing the welfare of workers despite the state’s limited resources.
“This development demonstrates the governor’s commitment to improving the livelihood of our workers,” Dr. Olomojobi stated, highlighting the proactive measures taken by the administration to ensure prompt implementation.
In their remarks, the Trade Union Congress (TUC) Chairman, Comrade Sola Adigun, and the Nigeria Labour Congress (NLC) Chairman, Comrade Olatunde Kolapo, expressed their appreciation to Governor Oyebanji for fulfilling his promises to workers.
They confirmed that the new minimum wage would apply to all cadres, including employees in ministries, parastatals, agencies, and pensioners.
The Chairman of the Joint Negotiating Committee (JNC), Comrade Femi Ajoloko, described the implementation as a fair and commendable adjustment.
“This decision reflects the governor’s magnanimity and his dedication to fostering a productive workforce in Ekiti State,” he said.
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