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

RESORT SAVINGS & LOANS

SAFETRUST MORTGAGE BANK

ADAMAWA SAVINGS & LOANS

KOGI SAVINGS & LOANS

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CBN stated this on Friday in a circular titled ‘Cessation of Non-Permissible Activities by Microfinance Banks’ issued by Ibrahim Tukur from the bank’s Financial Policy and Regulation Department.

“The Central Bank of Nigeria (CBN) has observed the activities of some Microfinance Banks (MFBs) that have gone beyond the remit of their operating licenses by engaging in non-permissible activities especially wholesale banking, foreign exchange transactions and others,” the circular said.

“Given the comparatively low capitalisation of MFBs, dealing in wholesale and/or foreign exchange transactions are a significant risk with dire consequences for financial system stability.

“It has, therefore, become imperative to remind all MFBs to strictly comply with the extant Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria 2012 (the Guidelines).”

According to CBN, based on the remit of microfinance banks, they are strictly prohibited from foreign exchange transactions.

The apex bank, however emphasized that

microfinance banks that deal in forex transactions risk sanctions.

“The CBN will continue to monitor developments in the MFB sector and apply severe regulatory sanctions for breaches of extant regulations, including revoking the license of non-compliant MFBs (in line with Section 19 of the Guidelines),” it added.

Microfinance banks are meant to focus primarily on providing financial services to retail and micro-clients.

The CBN insisted that micro-credit and retail transactions carried out by MFBs are limited to N500,000 per transaction for Tier 2 Unit, and N1,000,000 for other categories.

Micro-credit facilities shall constitute a minimum of 80 percent of the total loans portfolio for MFBs, it stressed.

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The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has replied Governor Godwin Obaseki of Edo state concerning his claim that the apex bank printed an additional N50billion to N60billion to make up for state allocations.

Emefiele while addressing journalists in Tunga, Awe Local Government Area of Nasarawa State explained that printing money is a key mandate of the central bank, and the bank must always act to support the government at times of financial difficulties.

He said it is “unfortunate and totally inappropriate” for some people to give colouration to this.

“If you understand the concept of printing money. The concept of printing of money is about lending money. That is our job – print money. So there is no need to put controversy about the printing of money as if we are going into the factory, printing naira and distributing on the streets.

“In 2015/2016, we were in a similar fiscal situation, but it is far worse today. We provided a budget support facility to all the states of the country and that loan remains unpaid till now. We are going to insist on the states paying the loan back since they are effectively accusing us of giving them loans.

“Most countries of the world today are confronted by not just the health crisis from the COVID pandemic but also economic crisis. I keep saying this: it would be irresponsible of the Central Bank of Nigeria or any central bank to stand idle and refuse to support its government at this time. Whatever we do in Nigeria is being done in any clime”, CBN Governor stressed.

Governor Obaseki, had last week raised an alarm  over the Nigeria’s rising debt profile, noting that the situation is more critical now because of the huge amount borrowed to service the ailing economy.

The governor, also claimed that the Federal Government printed an additional ₦50 to ₦60 billion to top-up for FAAC.

The Minister of Finance, Budget, and National Planning Zainab Ahmed debunked in her reaction describing the governor’s claim as very sad and untrue.

She said monies distributed at Federation Account Allocation Committee (FAAC) are revenues generated from the Federal Inland Revenue Service (FIRS), Nigeria Customs, Nigerian National Petroleum Corporation (NNPC), among others, adding that revenue distribution is information that can be publicly accessed.

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The CBN gave this directive in a circular signed by its Director of Trade and Exchange Department, Dr Ozoemena Nnaji in Abuja, the nation’s capital.

Form M, as reliably gatherer, is a mandatory statutory document to be completed by all importers for importation of goods into the country.

The bank directed all authorised dealers to submit the list of form M already registered for the importation of maize.

The apex bank, however enjoined the dealers concerned to do so on or before close of business on Wednesday.

It explained that the step was part of CBN’s efforts to increase local production and stimulate a rapid economic recovery.

The bank noted that the measure was to also safeguard rural livelihood and increase job which had been lost due to ongoing COVID-19 pandemic.

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The apex bank Director of Corporate Communications, Isaac Okorafor, on Wednesday said in a statement in Lagos that the donations were from 37 donors, including individuals, banks and other corporate bodies.

Okorafor further explained, “A breakdown of the contributions showed that CBN and Aliko Dangote donated N2billion each.

“Abdul Samad Rabiu (Bua Sugar Refinery), Segun Agbaje (GTB); Tony Elumelu (UBA); Oba Otudeko (First Bank); Jim Ovia (Zenith Bank); Herbert Wigwe (Access Bank) and Femi Otedola of Amperion Power Distribution donated N1 Billion each to the relief fund.

“Pacific Holding Ltd, Union Bank Plc, Sterling Bank Plc, Standard Chartered Bank, Stanbic IBTC, Citi Bank Nigeria Ltd, FCMB, Fidelity Bank, ECOBank, African Steel Mills and Multichoice Nigeria Limited also made donations.

” Similarly, FSDH Merchant Bank, FBN Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Sun Trust Bank, Providus Bank, Wema Bank, Unity Bank, Heritage Bank, Nova Merchant Bank, Polaris Bank and Keystone Bank donated.

“Others are Globus Bank, Titan Trust Bank, Takagro Chemicals Ltd, Ahmadu Mahmoud and Handy Capital Ltd make up the list of those that have sofar made contributions to the Private Sector Coalition Against COVID-19 (CACOVID) Relief Fund domiciled at the CBN,”.

He added that the coalition appreciated the list of good spirited individuals and corporate bodies for hearkening to the clarion call championed by the CBN and the private sector, while calling on more Nigerians and corporate bodies to key into the coalition with a view to supporting the fight against the pandemic.

CBN assured that Nigeria can overcome the scourge when all hands are on deck.

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Onyebuchi, a native of Ngor-Okpala, Imo State, who said he is into Estate Management, confessed via verbal and written statements that he posed as the CBN Governor, Dr. Godwin Emefiele with email account:  emefilegodwin586@yahoo.com  to defraud his victims.

Onyebuchi said he defrauded one Mr. Omar Es Sh Deeb, an Arab National, whom he said made payments to him through Western Union.

He also confessed that he specialized in Business Email Compromise, BEC, and his modus operandi involves searching for email addresses via Google search and sending convincing emails to his prospective victims and defrauding them as soon as they fall prey to whatever scam he had planned out.

Though Onyebuchi confessed to have benefited as much as N4.5million from his criminality on the cyber space, evidence gathered so far, may prove otherwise as investigation is still ongoing and responses are still being awaited from some of the finance houses he transacted with.

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The lawmakers  are of the opinion  that there is a need for Governor Makinde to spread the scope and usage of the agricultural loan to other zones in the state and not limit it to Akufo and Eruwa farm settlements alone.

The governor, had in a letter sent to the State House of Assembly urged the lawmakers to allow him access Central Bank of Nigeria (CBN) loan to develop Akufo and Eruwa farm settlements into farm estates.

The letter, which was presented on the floor  of the assembly during Thursday’s plenary informed that the proposed farm estates are to serve as pilot projects which will be used to develop other farm settlements across the state.

Other farm settlements in the state, which were not covered in the CBN loan facility as requested by Governor Makinde included; farm settlements in Ipapo in Oke-Ogun geo-politcal zone, Fashola farm settlement in Ilora Afijio local government Area, Iresaadu, Ijaiye, and Lalupon in Lagelu Local government area.

This approval makes it the second loan so far approved for Governor Seyi Makinde by the lawmakers within five months having earlier endorsed a N10 billion infrastructure loan request in July.

It was reliably gathered that the two farm settlements are housed  in Ido/Ibarapa East Federal constituency where the Speaker, Ogundoyin  hailed from.

However, not satisfied with the choice of the two farm settlements to enjoy the loan facility out of the many others in the state, the lawmakers insisted that the loan should be spread across other farm settlements.

In their separate reactions, Hon. Isiaka Tunde representing Oyo East/ Oyo West State Constituency and his counterpart from Iseyin/Itesiwaju, Hon. Dele Adeola expressed their dissatisfaction on concentration on the loan, challenging the rationale for selecting two farm settlements within only one Federal constituency (Ibarapa East/Iddo). They maintained that the loan be spread to other parts of the state.

Also corroborating the lawmakers’ position, the Deputy Speaker, Mr Abiodun Fadeyi and the Minority Leader, Mr Asimiyu Alarape further called for the extension of the loan facility to other farm settlements in the state .

The duo, however urged the  executive arm of government  to ensure judicious use of the agricultural loan to enable it achieve the purpose for which it is sought, while other lawmakers, also enjoined Governor Makinde to spread the loan facility to take care of other areas.

Despite heated debate by members on the issue, the Speaker, Hon. Ogundoyin finally ruled that the loan would be approved as presented by Governor Makinde.

“Other states have been accessing this agriculture loan facility, especially in the North. But we thank God the state government is ready to work with the federal government and provide counterpart funding to show seriousness in accessing this loan.

“We know that the CBN and federal government are interested in agricultural development and this is a blessing to Oyo state. Moreover, our own goal is to develop the state through agriculture. If we decide to spread the money as requested by some lawmakers, we might end up not achieving anything and have abandoned projects.

“These two projects can be the engine room for the other projects. We are taking the projects one at a time. If we can achieve two projects out of seven then for the remaining five, we do another two next year and thereafter, then we will be able to make progress”, Ogundoyin responded.

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According to a statement signed  by the Chief Press Secretary to Governor Makinde , Mr. Taiwo Adisa, the government had equally noticed the deliberate misconceptions and misinformation on the loan facility, saying it was an attempt to colour the truth to confuse the unsuspecting public.

The statement  also alleged that the administration of former Governor Abiola Ajimobi had obtained the said loan from the Central Bank of Nigeria (CBN) and that Governor Makinde, had, in the interest of Oyo State, prevented the past government from squandering the loan at the twilight of the administration.

“The misconceptions and misinformation that Governor Makinde was going for a loan of N7.6 billion is a deliberate attempt to colour the truth and it is an indication of a political move by certain commentators who are exhibiting apparent amnesia on the matter.

“Governor Makinde is not seeking for a fresh loan. The action that was taken by the House of Assembly of Oyo State on Thursday was to give the legislative nod to the State Government to access the fund that had already been domiciled with the government since the days of ex-governor Ajimobi.

“The Governor’s decision to approach the House of Assembly was a mark of his belief in due process, the rule of law and its processes. Ordinarily, some state executives would just have proceeded to spend the funds since it was already in the coffers of the state, but Governor Makinde won’t do that.

“You may wish to recall that sometimes in 2017, the Central Bank of Nigeria (CBN) had approved some funds under the Commercial Agriculture Credit Scheme (CACs) for disbursement to four states including Ekiti; Osun; Oyo and Abia.

“Somehow, the immediate past administration of Governor Ajimobi chose to delay access to that money until April 2019, when the governorship election of 2019 election had been won and lost. That government intended to expend the said money on the purchase of “Agriculture equipment” in less than two months to the end of its tenure. Allowing access to that money within a month of Ajimobi’s exit could only be counter-productive for the people of Oyo State.

“It was the spirit of activism in Engineer Seyi Makinde that prodded him to smell a rat in the plan to access that money in the twilight of Ajimobi’s administration and that informed the suit filed by then Governor-elect Makinde at the High Court of Oyo State to secure an injunction restraining the then Governor from accessing that money. The suit, dated May 7, 2019, is referenced M/284/2019.

“It is a well-known fact that the immediate past administration in Oyo State had spent millions of Naira on the purchase of agriculture equipment including excavators and tractors, whose locations cannot be ascertained just a year after the purchase.

“Besides, no one could estimate the value (if any) of the expended huge public funds

“In effect, the decision by Engineer Makinde to stall the access of Ajimobi’s government to the N7.6 billion was not only well-considered but completely in the interest of the people of Oyo state.

“As the Governor of Oyo State, Engineer Makinde had taken his time to x-ray the best way the loan can be applied in view of the four-point Service Agenda of his administration.

“He has, therefore, come to the inspired decision to devote the said loan to the reconstruction and standardization of the Farm Settlements in Eruwa and Akufo areas of Ibadan”, the statement reads.

According to the statement, the two farm settlements are to be built into Farm Estates in line with the vision of the Makinde’s administration to ensure the full utilisation of the Agriculture value chain for economic expansion and to boost of Internally Generated Revenue (IGR).

“It is expected that when the two Farm Estates fully come on stream, the output therefrom would easily offset the loan secured while also providing the seed money for the reconstruction of the remaining seven Farm Settlements.

“The administration of Engineer Seyi Makinde has emphasised a Four-Point Service Agenda, which encompasses Education, Health, Security and Economic development using Agriculture value chain, its focus on this agenda for a quick turnaround of Oyo state’s human development index remains unshaken”, the statement concluded

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The CBN Governor, Mr Godwin Emefiele, on Friday  said this while briefing journalists shortly after the Monetary Policy Committee meeting.

Emefiele said that contrary to claims in some quarters that many Nigerians would suffer the negative impact of the policy, only about five to ten percent of bank customers would be affected.

He emphasized that  if the Nigerian economy is to compete effectively with those of developed countries, then a payment system that encourages the use of other non-cash channel was desirable.

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