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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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Ajimobi’s Legacy Still Guides Us, Oladele Urges Oyo APC Unity

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A chieftain of the All Progressives Congress in Oyo State and aspirant for the Irepo/Oorelope/Olorunsogo Federal Constituency seat in the 2027 general elections, Hon. Bosun Oladele, has called on members of the party and the wider progressive family in the state to embrace unity in order to preserve and advance the legacy of the late former Governor, Senator Abiola Ajimobi.

Oladele made the appeal on Thursday as political associates, loyalists and admirers marked the remembrance of the former governor, whose administration was widely associated with the popular slogan, “Koseleri.”

In a statement he personally issued,  the federal lawmaker hopeful described Ajimobi as a visionary leader whose passion for development transformed Oyo State and left an enduring footprint in its political history.

According to him, the annual remembrance of the late governor offers an opportunity for progressives to reflect on the ideals, discipline and commitment that defined Ajimobi’s leadership.

“It is that time of the year to remember the passion that once drove the developmental strides of the Pace Setter State, the centre of politics in Nigeria and a state renowned for many firsts,” Oladele said.

He noted that although the former governor had departed, his contributions to governance and public service remain fresh in the minds of many residents and party faithful.

“Oyo State still misses his sharp mind, problem-solving abilities, oratory prowess, focused leadership and developmental initiatives. His style of governance inspired confidence and demonstrated what purposeful leadership could achieve,” he stated.

Oladele stressed that Ajimobi’s legacy should continue to serve as a source of inspiration for members of the APC, urging them to close ranks and work towards a common goal.

“Even though he is gone, his legacy gives the progressive family in Oyo State hope that the future he envisioned for our dear state remains achievable through oneness and unity of purpose.

“I therefore call on all members of the APC and the progressive family at large to join hands, put aside differences and work together towards winning future elections as part of efforts to actualise the developmental aspirations our departed leader had for Oyo State,” he added.

The APC stalwart also prayed for the repose of Ajimobi’s soul and sought divine strength for his family, particularly his widow, Ambassador Florence Ajimobi, as she continues to shoulder public and private responsibilities.

He expressed optimism that Oyo State would once again witness progressive governance driven by visionary leadership, inclusiveness and a shared commitment to the welfare of the people.

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Senate passes state police bill, governors to appoint CPs

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The Senate on Wednesday passed a bill seeking to amend the 1999 Constitution to establish state police services across the country, a major milestone in ongoing efforts to decentralise policing and tackle Nigeria’s worsening security challenges.

The proposed legislation introduces a dual policing framework comprising a Federal Police Service and State Police Services, effectively replacing the existing structure under which policing is exclusively controlled by the Federal Government through the Nigeria Police Force.

The bill was passed after Senate Leader, Opeyemi Bamidele, presented its general principles on the floor of the Red Chamber.

It subsequently scaled second reading, underwent a rigorous clause-by-clause consideration and was passed for third reading after securing the support of more than two-thirds of the senators.

A key provision of the constitutional amendment empowers governors to appoint Commissioners of Police for their respective states, subject to confirmation by the state Houses of Assembly.

Clause 17 of the bill provides that a State Police Service shall be headed by a Commissioner of Police appointed by the governor on the recommendation of the National Police Council and confirmed by the House of Assembly of the state.

The proposed law further defines the operational relationship between governors and state police commands, allowing governors to issue lawful written directives of a general policy nature to Commissioners of Police on matters relating to the maintenance of public safety and order within their states.

To address widespread concerns over possible abuse of the proposed policing structure, lawmakers incorporated safeguards aimed at protecting political freedoms and civil liberties.

The bill expressly states that a state Commissioner of Police shall not arrest, detain, investigate or deploy force against any individual, political party or group merely for criticising the government, except in accordance with the law.

The provision is intended to prevent state police formations from being used to intimidate political opponents, activists, journalists and other dissenting voices while ensuring that all actions taken conform with due process.

The amendment also empowers the Federal Police Service to temporarily intervene in the internal security affairs of a state where there is an actual or imminent breakdown of public order or public safety which the state police are unable or unwilling to contain.

Such intervention must be authorised in writing by the President, who is required to state the grounds, territorial scope, functions and duration of the operation.

The President must also notify the governor, the Speaker of the state House of Assembly, the National Police Council and the National Assembly within 48 hours of the commencement of the intervention.

The bill further provides that no federal intervention shall continue beyond a period to be prescribed by an Act of the National Assembly unless approved by a resolution of the Senate.

The Senate’s approval came barely a day after President Bola Tinubu transmitted the bill to the National Assembly as part of his administration’s efforts to reform Nigeria’s security architecture.

According to the President, the proposed amendment is designed to provide a legal framework for a dual policing structure that would allow states to establish and operate their own police services alongside the federal police.

Tinubu said the proposal is a critical component of ongoing efforts to reorganise the country’s policing system, enhance security and better protect citizens, adding that communities, municipalities and local government areas would play more active roles in policing responsibilities under the new arrangement.

The renewed push for state police comes amid growing concerns over insecurity, banditry and mass kidnappings across parts of the country.

Supporters of the proposal argue that decentralised policing would strengthen grassroots intelligence gathering, deepen community-based security initiatives and ensure quicker responses to crimes and emergencies.

Critics, however, have cautioned against possible political interference by governors, funding challenges and the risk of exacerbating ethnic or communal tensions.

Tinubu had earlier described state police as inevitable in addressing the nation’s security challenges and urged lawmakers to fast-track constitutional amendments aimed at bringing the proposal to fruition.

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Tinubu sends state police bill to Senate

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President Bola Tinubu has transmitted a Constitution Alteration Bill to the Senate seeking the establishment of state police as part of efforts to reform Nigeria’s security architecture.

The proposed legislation, contained in a communication dated June 15, 2026, was read during plenary on Tuesday by Senate President Godswill Akpabio.

Tinubu said the bill was aimed at providing a legal framework for a dual policing structure that would allow states to establish and operate their own police services alongside the Nigeria Police Force.

According to the President, the proposed amendment forms a key component of ongoing efforts to restructure the country’s policing system to improve security and enhance the protection of lives and property.

He explained that under the arrangement, communities, municipalities and local government areas would play more active roles in policing, enabling local authorities to detect suspicious activities and promptly relay intelligence to security agencies.

Following the presentation, Akpabio referred the bill to the Senate Committee on Constitution Review and directed it to report back on Wednesday.

Speaking on the importance of community-based policing, the Senate President said local authorities were better placed to identify security threats and support proactive responses by law enforcement agencies.

“You will know when foreigners infiltrate Nigeria and alert security agencies so they can react proactively rather than reactively,” he said.

Akpabio expressed optimism that sustained collaboration between the executive and legislative arms would ensure the successful passage and implementation of the initiative.

He disclosed that the process would be undertaken in phases through constitutional amendments and subsequent Acts of Parliament.

“We will do it in two phases through alteration and an Act of Parliament. There will be a lot of safeguards; let us come and do this important task. It is extremely important that we come tomorrow,” he said.

The Senate President also informed lawmakers that plenary would not entertain other major business following the death of a member of the House of Representatives, Yahaya Tongo of Gombe State.

Similarly, the Senate Leader urged senators to attend the next sitting, stressing the significance of the proposed state police framework.

“We need a minimum of two-thirds of members to vote on constitutional alterations. The issue of state police is non-partisan and cuts across geopolitical zones and interests,” he said.

The latest development came barely two weeks after the Senate passed an executive bill on state police for second reading.

Akpabio said the fresh Constitution Alteration Bill transmitted by the President builds on the earlier proposal and seeks to provide the constitutional foundation necessary for the establishment and operation of state police services across the country.

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