CBN sets to revoke licences of 182 financial institutions …Releases list of 154 micro-finance banks

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CBN sets to revoke licences of 182 financial institutions

.Releases list of 154 micro-finance banks

 By Udeme Clement

The CBN Governor:

Only few days after the Central Bank of Nigeria, CBN, liquidated Skye bank, giving it to Polaris bank as the new management, the apex bank has concluded plans to withdraw operating licences of 182 financial institutions in Nigeria.

This formed part of the notification given by the apex bank, disclosing that the affected financial institutions are at different states in the country.

Financial Business gathered that, the list released by the monetary authority shows that 154 microfinance banks, 22 finance companies, as well as six mortgage banks are affected in the latest development.

The details further revealed that 74 out of the 182 affected institutions already became insolvent, 62 microfinance banks went under, while 12 had been terminally distressed before the CBN’s decision to revoke operating licences.

Accordingly, the mortgage banks affected include Ahocol Savings and Loans limited in Anambra State, Accord Savings and Loans limited located in Lagos, Amex Savings and Loans limited in Lagos; and Supreme Savings and Loans limited also in Lagos State. Others include, Trans Atlantic Savings and Loans limited, in Bayelsa, Royal Savings and Loans limited in Delta State, among others.

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