The Central Bank of Nigeria has revoked the operating licences of more than a hundred financial institutions across the country for non-compliance.
The operating licences of 132 microfinance banks, four primary mortgage banks and three finance businesses have all been revoked by the Central Bank of Nigeria.
This information was made public in the Federal Government’s official gazette, which was posted on the CBN website on Tuesday.
Per the gazette, the financial institutions’ licences were revoked because they “ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months; failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”
The licences were revoked by the CBN…