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Nigeria: 132 microfinance banks’ licences revoked {See List}

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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

 

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FG Lifts Five-Year Ban on Mining in Zamfara, Eyes Economic Boost

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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.

 

 

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NNPCL Refutes Shutdown Claims: Port Harcourt Refinery Fully Operational

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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.

 

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Bank Robberies Now History in Lagos Since 2014 – IGP

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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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