The Central Bank of Nigeria (CBN) has announced revocation the licenses of a hundred and thirty two Microfinance Banks, three Finance Companies and four Primary Mortgage Banks across the country.
The revocation is contained in a gazetted circular signed by the CBN Governor, Mr Godwin Emefiele, in Abuja.
According to Emefiele, the Microfinance Banks, Finance Companies and Primary Mortgage Banks listed in the gazette ”ceased to carry on, in Nigeria, the type of business for which their licenses were issued for a continuous period of 6 months”.
He said that they also failed to fulfill or comply with the conditions subject to which their licenses were granted.
Some of the affected Banks include Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, among others.