Economy
CBN to revoke 154 microfinance banks’ licences, 28 others
The Central Bank of Nigeria on Wednesday gave a notification to revoke the operating licences of 182 other financial institutions in the country .
According to the list released by the regulator on Wednesday , 154 of the affected institutions are microfinance banks ; six are primary mortgage banks ; while the remaining 22 are finance companies .
The CBN said 62 of the microfinance banks had already closed shop ; 74 became insolvent ; 12 were terminally distressed; while six voluntarily liquidated .
The CBN listed the primary mortgage banks for revocation as Accord Savings and Loans Limited in Lagos that failed to recapitalise ; and Ahocol Savings and Loans Limited in Anambra ( state government- owned ) that closed shop .
Other mortgage banks for revocation are Trans Atlantic Savings and Loans Limited in Bayelsa ( state government- owned ) that became insolvent ; Royal Savings and Loans Limited in Delta State that also closed shop ; Amex Savings and Loans Limited in Lagos that failed to recapitalise ; and Supreme Savings and Loans Limited also in Lagos that closed shop .
The CBN disclosed that eight finance companies voluntary liquidated ; 13 failed to recapitalise ; while one became insolvent .
According to the apex bank, the affected institutions are from different states of the federation .
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