Business
CBN Revokes Operating Licenses Of 132 MFBs, Others (FULL LIST)
Published
11 months agoon
By
EditorThe 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
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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
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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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The Central Bank of Nigeria (CBN) started fresh and direct sales of US dollars at N1,021 per dollar to Bureau De Change operators.
Nigeria’s apex bank disclosed this in a circular signed by its Director of Trade and Exchange Department Hassan Mahmud.
“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price,” the circular posted on its website read.
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“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 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”
CBN’s move is coming as the naira is recording a slight depreciation against the dollar after weeks of gains.
In late March, the bank also sold $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1.
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Like in the most recent sales, it warned BDCs against breaching terms of the dollar sales, vowing to sanction defaulters “including outright suspension from further participation in the sale”.
The fortunes of the naira have fallen sharply since President Bola Tinubu took over in May. Inflation figures have reached new highs and the cost of living hitting the rooftops.
Nigeria’s currency slid to about N1,900/$ some months ago at the parallel market. But in recent weeks, it has gained against the dollar.
The Nigerian authorities have also doubled down on their crackdown against cryptocurrency platform Binance and illegal BDCs.
On March 1, the CBN revoked the licences of 4,173 BDCs over compliance failures.
Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024.
Alebiosu steps into this pivotal role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, a position he held since January 2022.
Alebiosu brings to the helm of FirstBank over 28 years of extensive experience in the banking and financial services industry. His expertise spans various domains including credit risk management, financial planning and control, corporate and commercial banking, agriculture financing, oil and gas, transportation, and project financing.
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Having embarked on his professional journey in 1991 with Oceanic Bank Plc. (now EcoBank Plc.), Alebiosu has held several notable positions in esteemed financial institutions.
Prior to joining FirstBank in 2016, he served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at the African Development Bank Group, and Group Head of Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.
Alebiosu’s academic credentials further enrich his professional profile. He is an alumnus of the Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. Additionally, he obtained a Master’s degree in International Law and Diplomacy from the University of Lagos, as well as a Master’s degree in Development Studies from the London School of Economics and Political Science.
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A distinguished member of various professional bodies, including the Institute of Chartered Accountants (FCA), Nigeria Institute of Management (ANIM), and Chartered Institute of Bankers of Nigeria (CIBN), Alebiosu is renowned for his commitment to excellence and ethical practices in the banking sector.
Beyond his professional endeavors, Alebiosu is known for his passion for golf and adventure. He is happily married and a proud parent.
With Alebiosu’s appointment, FirstBank of Nigeria Limited anticipates continued growth and innovation under his leadership, reinforcing its position as a leading financial institution in Nigeria and beyond.
Business
CBN Gives New Directive On Lending In Real Estate
Published
6 days agoon
April 17, 2024By
EditorThe Central Bank of Nigeria, CBN, has released a new regulatory directive to enhance lending to the real sector of the Nigerian economy.
The directive, issued on April 17, 2024, with reference number BSD/DIR/PUB/LAB/017/005 and signed by the Acting Director of Banking Supervision, Adetona Adedeji, signifies a notable shift in the bank’s policy towards a more contractionary approach.
In line with the new measures, the CBN has reduced the loan-to-deposit ratio by 15 percentage points, down to 50 per cent.
This move aligns with the CBN’s current monetary tightening policies and reflects the increase in the Cash Reserve ratio rate for banks.
READ ALSO: JUST IN: CBN Gov Sacks Eight Directors, 32 Others
The LDR is a metric used to evaluate a bank’s liquidity by comparing its total loans to its total deposits over the same period, expressed as a percentage.
An excessively high ratio may indicate insufficient liquidity to meet unexpected fund requirements.
All Deposit Money Banks are now mandated to adhere to this revised LDR.
The CBN has stated that average daily figures will be utilised to gauge compliance with this directive.
Furthermore, while DMBs are encouraged to maintain robust risk management practices in their lending activities, the CBN has committed to continuous monitoring of adherence and will adjust the LDR as necessary based on market developments.
READ ALSO: JUST IN: CBN Increases Interest Rate To 24.75%
Adedeji has called on all banks to acknowledge these modifications and adjust their operations accordingly. He emphasised that this regulatory adjustment is anticipated to significantly influence the banking sector and the wider Nigerian economy.
The circular read in part, “Following a shift in the Bank’s policy stance towards a more contractionary approach, it is crucial to revise the loan-to-deposit ratio policy to conform with the CBN’s ongoing monetary tightening.
“Consequently, the CBN has decided to decrease the LDR by 15 percentage points to 50 per cent, proportionate to the rise in the CRR rate for banks.
“All DMBs must maintain this level, and it is advised that average daily figures will still be applied for compliance assessment.
“While DMBs are urged to sustain strong risk management practices concerning their lending operations, the CBN will persist in monitoring compliance, reviewing market developments, and making necessary adjustments to the LDR. Please be guided accordingly.”
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