The Central Bank of Nigeria (CBN) has taken swift action by revoking the licenses of 132 Microfinance Banks, three Finance Companies, and four Primary Mortgage Banks across the nation.
The notice of revocation was contained in a gazetted circular obtained by Factsreporterng on Wednesday, 24th May.
In the circular, Emefiele pointed out that the affected institutions had failed to engage in their licensed operations within Nigeria for an uninterrupted period of six months.
Adding weight to their missteps, these entities also flouted the terms and conditions set forth by the CBN when their licenses were initially granted.
By neglecting to fulfill their obligations as directed by the Banks and Other Financial Institutions Act (BOFIA) of 2020, they left the CBN with no choice but to wield its authority, the CBN governor revealed.
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According to Emefiele, (They) failed to comply with the obligations imposed upon them by the CBN in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No.5.
“In exercise of the powers conferred on the CBN under section 12 of BOFIA 2020, Act No.5, I hereby revoke the licenses of the Microfinance Banks, Finance Companies and Primary Mortgage Banks, Emefiele stated.”
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