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CBN Revokes Operating Licenses Of 132 MFBs, Others (FULL LIST)

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The Central Bank of Nigeria has revoked the operating licenses of 132 Microfinance banks, four primary mortgage banks and three finance companies in Nigeria.

The Official Gazette of Nigeria, obtained from CBN’s website, disclosed this on Tuesday.

The publication stated that the licenses of the financial institutions and companies were revoked because they ceased to carry on their business in Nigeria for a period of six months.

The country’s apex bank said that the institutions and companies failed to fulfil or comply with the conditions with which their licenses were given.

It added that the revocation of the institution’s and companies’ licenses is in line with the provision of the Banks and Other Financial Institutions Act, BOFIA 2020, Section 12, Act No.5.

READ ALSO: CBN Closes 31 Banks In Lagos, 72 Microfinance Banks Nationwide

See full list:

1. ATLAS MICROFINANCE BANK 2. BLUEWHALES MICROFINANCE BANK

3. EVEREST MICROFINANCE BANK

4. IGANGAN MICROFINANCE BANK

5. MAINSAIL MICROFINANCE BANK

6. MERIT MICROFINANCE BANK

7. MINNA MICROFINANCE BANK

8. MUSHARAKA MICROFINANCE BANK

9. NOPOV MICROFINANCE BANK

10. OHON MICROFINANCE BANK

11. PREMIUM MICROFINANCE BANK

12. ROYAL MICROFINANCE BANK

13. STATESMAN MICROFINANCE BANK

14. SUISSE MICROFINANCE BANK

15. VIBRANT MICROFINANCE BANK

16. VIRTUE MICROFINANCE BANK

17. ZAMARE MICROFINANCE BANK

18. NORTH CAPITAL MICROFINANCE BANK

19. CHIDERA MICROFINANCE BANK

20. EXCELLENT MICROFINANCE BANK

21. NI’IMA MICROFINANCE BANK

22. COSMOPOLITAN MICROFINANCE BANK

23. PROGRESSIVE LINK MICROFINANCE BANK

24. TRUST ONE (FOMERLY DESMONARCHY)

25. EKUOMBE MICROFINANCE BANK

26. FIRST INDEX MICROFINANCE BANK

27. OLA MICROFINANCE BANK

28. ULI MICROFINANCE BANK

29. VERDANT MICROFINANCE BANK

30. AGULERI MICROFINANCE BANK LIMITED

31. APEKS MICROFINANCE BANK LIMITED

32. FAHIMTA MICROFINANCE BANK LIMITED

33. MANNY MICROFINANCE BANK LIMITED

34. REALITY MICROFINANCE BANK LIMITED

35. SURBPOLITAN MICROFINANCE BANK LIMITED

36. ONYX MICROFINANCE BANK LIMITED

37. OSINA MICROFINANCE BANK LIMITED

38. OLOFIN-OWENA MICROFINANCE BANK LIMITED

39. ZIKADO MICROFINANCE BANK LIMITED

40. PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED

41. PENIEL MICROFINANCE BANK LIMITED

42. TARABA MICROFINANCE BANK LIMITED

43. BRASS MICROFINANCE BANK LIMITED

44. MICHIKA MICROFINANCE BANK LIMITED

45. NDIAGU MICROFINANCE BANK LIMITED

46. NORTHBRIDGE MICROFINANCE BANK LIMITED

47. FCT MICROFINANCE BANK LIMITED

48. OMU-ARAN MICROFINANCE BANK LIMITED

49. CHERISH MICROFINANCE BANK LIMITED

READ ALSO: ATMs To Be Upgraded For Loans Services As CBN Gives Banks Ultimatum…

50. BIPC MICROFINANCE BANK LIMITED

51. DANELS GLOBAL MICROFINANCE BANK LIMITED

52. BANCORP MICROFINANCE BANK LIMITED

53. MANNA MICROFINANCE BANK LIMITED

54. MONEYWISE MICROFINANCE BANK LIMITED

55. MERCURY MICROFINANCE BANK LIMITED

56. NEW AGE MICROFINANCE BANK LIMITED

57. PEARL MICROFINANCE BANK LIMITED

58. ZAWADI MICROFINANCE BANK LIMITED

59. SEED CAPITAL MICROFINANCE BANK LIMITED

60. EDUEK MICROFINANCE BANK LIMITED

61. EKSU MICROFINANCE BANK LIMITED

62. DAKINGARI MICROFINANCE BANK LIMITED

63. OGOJA MICROFINANCE BANK LIMITED

64. NWABOSI MICROFINANCE BANK LIMITED

65. NUTURE MICROFINANCE BANK LIMITED

66. ACTIVE POINT MICROFINANCE BANK LIMITED

67. AMOYE MICROFINANCE BANK LIMITED

68. BOLUWADURO MICROFINANCE BANK LIMITED

69. IYEDE MICROFINANCE BANK LIMITED

70. MAYFAIR MICROFINANCE BANK LIMITED

71. CALABAR MICROFINANCE BANK LIMITED

72. IGHOMO MICROFINANCE BANK LIMTED

73. HACKMAN MICROFINANCE BANK LIMITED

74. IDESE MICROFINANCE BANK LIMITED

75. BRIDGEWAY MICROFINANCE BANK LIMITED

76. GRASSROOT MICROFINANCE BANK LIMITED

77. SURELIFE MICROFINANCE BANK LIMITED

78. TIJARAH MICROFINANCE BANK LIMITED

79. IC-GLOBAL MICROFINANCE BANK LIMITED

80. EJIAMATU MICROFINANCE BANK LIMITED

81. BRIYTH COVENANT MICROFINANCE BANK LIMITED

82. NANKA MICROFINANCE BANK LIMITED

83. CUB MICROFINANCE BANK LIMITED

84. BFL MICROFINANCE BANK LIMITED

85. UMUNNE MICROFINANCE BANK LIMITED

86. OROKE MICROFINANCE BANK

87. ALKALERI MICROFINANCE BANK LIMITED

88. CROWNED EAGLE MICROFINANCE BANK LIMITED

89. UNIFA MICROFINANCE BANK LIMITED

90. DADINKOWA MICROFINANCE BANK LIMITED

91. IFESOWAPO MICROFINANCE BANK LIMITED

92. OAF MICROFINANCE BANK LIMITED

93. BAMA MICROFINANCE BANK LIMITED

94. NGALA MICROFINANCE BANK LIMITED

95. IWOAMA MICROFINANCE BANK LIMITED

96. KADA MICROFINANCE BANK LIMITED

97. KEFFI MICROFINANCE BANK LIMITED

READ ALSO: Senate To CBN, FG: Release $717m Trapped Funds To Foreign Airlines

98. NUT-ENDWELL MICROFINANCE BANK LIMITED

99. FIRST MULTIPLE MICROFINANCE BANK LIMITED

100. SBDC MICROFINANCE BANK LIMITED

101. OROS CAPITAL MICROFINANCE BANK LIMITED, OZIZZA MICROFINANCE BANK LIMITED B 465

103. PRIMERA CREDIT MICROFINANCE BANK LIMITED

104. IFEANYICHUKWU MICROFINANCE BANK LIMITED

105. IHIOMA MICROFINANCE BANK LIMITED

106. JOSAD MICROFINANCE BANK LIMITED

107. AKPO MICROFINANCE BANK LIMITED

108. AIYEPE MICROFINANCE BANK LIMITED

109. ABC MICROFINANCE BANK LIMITED

110. STAR MICROFINANCE BANK LIMITED

111. PURPLE MONEY MICROFINANCE BANK LIMITED

112. UTUH MICROFINANCE BANK LIMITED

113. STALLION MICROFINANCE BANK LIMITED

114. KJL MICROFINANCE BANK LIMITED

115. CREDIT AFRIQUE MICROFINANCE BANK LIMITED

116. COWRIES MICROFINANCE BANK LIMITED

117. LAWEBOD MICROFINANCE BANK LIMITED

118. MABINAS MICROFINANCE BANK LIMITED

119. BUSINESS SUPPORT MICROFINANCE BANK LIMITED

120. OGBE-AHIARA MICROFINANCE BANK LIMITED

121. OLOFIN MICROFINANCE BANK LIMITED

122. OBOSI MICROFINANCE BANK LIMITED

123. FIYINFOLU MICROFINANCE BANK LIMITED

124. BISHOPGATE MICROFINANCE BANK LIMITED

125. AWKA MICROFINANCE BANK LIMITED,

126. ZIGATE MICROFINANCE BANK LIMITED

127. ESAN MICROFINANCE BANK LIMITED

128. ENUGU-UKWU MICROFINANCE BANK LIMITED

129. ECHO MICROFINANCE BANK LIMITED

130. ALLY MICROFINANCE BANK LIMITED

131. NETWORK MICROFINANCE BANK LIMITED

132. AWGBU MICROFINANCE BANK LIMITED.

LIST OF FINANCE COMPANIES LICENCES REVOKED:

1. HHL Invest & Trust Limited

2. TFS Finance Limited

3. Treasures & Trust Limited

LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED

1. RESORT SAVINGS & LOANS 2. SAFETRUST MORTGAGE BANK 3. ADAMAWA SAVINGS & LOANS 4. KOGI SAVINGS & LOANS

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Nigeria’s Oil Production Drops Again, Now 1.23mbpd – OPEC

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Nigeria’s crude oil production witnessed the second consecutive monthly decline since the beginning of this year, as it dropped to 1.231 million barrels per day in March, the Organisation of Petroleum Exporting Countries stated on Thursday.

OPEC disclosed this in its latest Monthly Oil Market Report for April 2024, stating that crude oil production details which it got through direct communication from Nigeria showed that the country pumped less oil in March when compared to what was produced in February.

Data from the report indicated that Nigeria produced 1.322 million barrels per day of crude in February this year, but this dropped to 1.231mbpd in March, representing a plunge of 91mbpd.

The report further stated that the country had produced 1.427mbpd of crude in January, but this was not sustained in February as it dropped in that month, while the southward oil production continued in March.

OPEC data, however, showed that the country’s average crude oil production in the first quarter of 2024 was 1.327mbpd, higher than the 1.313mbpd average oil production in the fourth quarter of 2023.

Nigeria’s first quarter oil output in 2024 was also higher than the 1.201mbpd average production in the third quarter of last year.

READ ALSO: Oil Production Rises 26.57m Bpd In February — OPEC

Oil theft and pipeline vandalism have dealt severe blows on Nigeria’s oil production, limiting the country’s output and making it fall below the volume approved for Nigeria by OPEC.

The PUNCH reported on Wednesday that the Nigerian National Petroleum Company Limited recorded 155 oil theft incidents in one week.

The report that stated the company revealed that during the review period, 53 illegal pipeline connections and 36 illegal refineries were uncovered in the Niger Delta.

“Between March 30 and April 5, 2024, a total of 155 incidents were recorded across several locations in the Niger Delta region from various incident sources,” the firm stated.

In a summary of the incidents, NNPCL stated that it recorded 53 illegal connections, discovered 36 illegal refineries and 32 wooden fibre boats, identified 14 pipeline vandalism cases, eight vessel infractions and four oil spills, as well as made seven vehicle and one vessel arrests.

Some of the incident sources include the Nigeria Agip Oil Company, Tantita Security Services Ltd, NNPCL Command and Control Centre, Shell Petroleum Development Company, NNPCL 18 Operating Ltd, among others.

READ ALSO: Oil Drops Further After OPEC Delay With Asian Stocks Mixed

Providing additional details, the company said, “In the past week, 32 wooden boats conveying stolen crude and illegally refined products were seized and confiscated in Rivers and Delta states.

“On land, seven vehicles loaded with stolen crude were arrested in Imo, Delta and Rivers states. 53 illegal connections were uncovered between March 30 and April 5, 2024 in Bayelsa, Rivers and Delta states.

“14 cases of vandalism were also recorded in Rivers, Bayelsa and Delta states, while illegal storage sites where stolen crude and illegally refined products are kept were uncovered in Akwa Ibom, Bayelsa, Rivers and Delta states.”

The national oil company also stated there were clusters of illegal refineries in Abia State, as activities of oil thieves had devastated the effected environments in the state.

It said 36 clusters of the illegal refineries were discovered in the past week across several locations in Rivers and Abia states.

“Four cases of oil spills due to activities of vandals were recorded in the past week,” NNPCL stated, adding that in Rivers State, oil leaks from a wellhead is destroying aquatic lives.

NNPCL stated that 38 suspects were arrested during the week under review, stressing that the national oil company would not back down on the war against crude oil theft until the menace is eradicated.

READ ALSO: OPEC Cuts Nigeria’s Oil Output By 20.7% To 1.38 mb/d

Nigeria has been losing trillions of naira to crude oil theft, a development that has made some international oil companies to divest from onshore to deep offshore oil fields, while others have exited the country.

In November 2023, for instance, The PUNCH reported that the Federal Government revealed that more than N4.3tn worth of crude oil was stolen in 7,143 pipeline vandalism cases within a period of five years.

The report stated that the government disclosed this at the Nigeria International Pipeline Technology and Security Conference in Abuja, with the theme, ‘Bolstering Regulations, Technology and Security for Growth.’ The conference was organised by the Pipeline Professionals Association of Nigeria.

In a presentation at the conference by the Nigeria Extractive Industries Transparency Initiative, a Federal Government agency, the organisation revealed that oil theft and losses in Nigeria had become a national emergency.

The Executive Secretary, NEITI, Ogbonnaya Orji, said oil theft was an emergency that posed serious threat to oil exploration and exploitation with huge negative consequences on economic growth, business prospects and profit earnings by oil companies.

Providing data from the agency’s reports to back his claims, he said, “NEITI disclosed that in the last five years, 2017 to 2021, Nigeria recorded 7,143 cases of pipeline breakages and deliberate vandalism resulting in crude theft and product losses of 208.639 million barrels valued at $12.74m or N4.325tn.

“NEITI reports also disclosed that during the same period Nigeria spent N471.493bn to either repair or maintain pipelines.”
PUNCH

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Banks Get Three-month Deadline To Stop Forex-backed Loans

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The Central Bank of Nigeria on Monday stepped up its fight to boost foreign exchange liquidity in the economy with a new circular mandating Deposit Money Banks to stop the use of foreign currencies as collateral for naira loans within 90 days.

The development happened as the naira rose against the greenback at both the official and parallel markets on Monday.

The CBN has continued to deepen its battle to free dollar liquidity stocked up in the financial system by deploying various measures aimed at shoring up the naira against the United States dollar.

On Monday, the Olayemi Cardoso-led CBN issued a new circular, expressing concerns over the use of foreign currencies as collateral for naira loans.

The circular made available on its website and titled “The use of foreign-currency-denominated collaterals for naira loans”, was referenced BSD/DIR/PUB/LAB/017/004.

Although this is not the first time the bank has prohibited the use of FCY, it said it had observed the use of foreign currency by bank customers as collateral for naira loans. Hence, the decision to prohibit its use.

READ ALSO: JUST IN: CBN Sells FX To BDCs At N1,101/$1

In 2023, in a confidential letter to commercial lenders, the apex bank issued a stern directive against naira overdrafts backed by foreign currency deposits.

In the leaked letter dated August 17, 2023, and signed by the Director of Banking Supervision, Mr. Haruna B. Mustafa, the CBN said the development followed its findings from a recent supervisory review.

It was uncovered that the banks had been offering naira overdraft facilities secured with foreign currency deposits.

Despite this warning, the new directive indicates that banks have continued to engage in such practices.

In the latest circular signed by the acting Director, Banking Supervision Department, Adetona Adedeji, the apex bank said it observed the use of foreign currency by bank customers as collateral for naira loans.

As such, the regulator directed banks to trim all existing loans with foreign currency collaterals to 90 days or attract a 150 per cent capital adequacy ratio computation as part of the bank’s risk.

The new directive means a borrower may no longer use dollar deposits in their domiciliary bank accounts as collateral to obtain naira loans.

READ ALSO: EFCC Arraigns Three Ex-bankers, One Other For N15.9m Fraud

According to stakeholders, the practice is partly due to the need to hedge against foreign currency spikes which can be costlier than interest rates.

“The Central Bank of Nigeria has observed the prevailing situation where bank customers use foreign currency as collaterals for Naira loans.

“Consequently, the current practice of using foreign currency-denominated collaterals for Naira loans is hereby prohibited except where the foreign currency collateral is Eurobonds issued by the Federal Government of Nigeria or guarantees of foreign banks, including standby letters of credit.

“In this regard, all loans currently secured with dollar-denominated collaterals other than as mentioned above should be wound down within 90 days, failing which such exposures shall be risk-weighted 150% for Capital Adequacy Ratio computation, in addition to other regulatory sanctions,” the circular read.

The CBN’s stance against such practices arises from concerns of currency mismatch, which could introduce substantial financial risks for banks.

READ ALSO: Band A Customers Decry Extortion By Power Firms Amid Poor Supply

Rather than convert their dollars to naira, some borrowers will rather borrow in naira as the cost of buying the dollars back might be higher than the interest rate they pay for borrowing in naira.

However, this can have a ripple effect on the exchange rate due to its speculative tendencies.

The CBN maintained that it was on a mission to ensure adequate foreign exchange in the market even as the naira gains strength.

Eurobonds, according to the Hong Kong and Shanghai Banking Corporation, are bonds issued offshore by governments or corporations denominated in a currency other than that of the issuer’s country.

Eurobonds are usually long-term debt instruments and are typically denominated in US dollars.

READ ALSO: Top 10 Richest Women In The World 2024

Letters of Credit, according to the International Trade Administration, are contractual commitments by the foreign buyer’s bank to pay once the exporter ships the goods and presents the required documentation to the exporter’s bank as proof.

As a trade finance tool, Letters of Credit are designed to protect both exporters and importers.

The PUNCH reports that in the apex bank’s previous circular to all the banks signed by its former Director, Corporate Communications Department, Ibrahim Mu’azu, the bank said its attention was drawn to the increasing use of foreign currencies in the domestic economy as a medium of payment for goods and services by individuals and corporates.

It also observed that some institutions price their goods and services in foreign currencies and demand payments in foreign currencies rather than the domestic currency (the Naira), which is the legal tender in Nigeria.

The CBN stated, “For the avoidance of doubt, the attention of the general public is hereby drawn to the provisions of the CBN Act of 2007, which states inter-alia that “the currency notes issued by the Bank shall be legal tender in Nigeria…for the payment of any amount.”

Furthermore, the Act stipulates that any person who contravenes this provision is guilty of an offence and shall be liable on conviction to a prescribed fine or six months imprisonment.

 

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JUST IN: CBN Sells FX To BDCs At N1,101/$1

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The Central Bank of Nigeria has issued a circular to Bureau De Change operators informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1.

This was contained in a post on the CBN X platform , on Monday, 8th April, 2024.

The apex bank directed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, implying that each BDC is not expected to sell above N1,101/$1.

READ ALSO:Peter Obi Speaks On Rumoured Plan Exit From Labour Party

All eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from Today Monday April 05, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches

 

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