BUSINESS
Why CBN Revoked Licences Of 46 Microfinance Banks Over Breaches
The Central Bank of Nigeria on wednesday revoked the operating licences of 46 Microfinance Banks with immediate effect from July 1, 2026 across the country.
The sanction which was approved by CBN Governor Mr. Olayemi Cardoso, in line with the provision of the Banks and Other Financial Institutions Act (BOFIA), 2020.
A statement released by the Acting Director, Corporate Communications Department of the Bank, Hakama Sidi, said the affected institutions failed to meet the regulatory requirements for continued operation.
“The reasons include insufficient assets to meet liabilities, failure to maintain the required minimum capital, prolonged inactivity, and unauthorized closure of operations,” he said
He further said that some of the affected banks also failed to commence operations within 12 months of receiving their licences, prompting the CBN to withdraw their operating approvals in line with existing regulations.
“The revocation is part of its ongoing efforts to protect depositors, strengthen financial sector stability, and ensure that all licensed financial institutions comply with regulatory standards. It reaffirmed its commitment to maintaining a safe, sound, and resilient financial system,” he added.
Umahi Orders Reconstruction Of Benin-Asaba Highway, Reopens First Niger Bridge With CCTV, Solar Lights
Minimum Wage: NLC, FG Clash Over Timing of Fresh Wage Review
Yahaya Bello Fraud Trial: BDC Operator Reveals How N1.425bn Was Used To Pay Bello Children’s School Fees At AISA
Dokubo-Asari To Be Crowned Amanyanabo Of The Source Dec 19, As Tonye Princewill Chairs Coronation Committee
Ebenco Refinery Gets NMDPRA Approval To Introduce Hydrocarbons, Advances To Commissioning
Delta: Police Arrest Man For Attempted Armed Robbery, Stabbing Woman in Alifekede Village
Delta Police Arrest Three Over Theft Of N2m, POS Machine In Okwagbe Waterside
Oluremi Tinubu Pays Homage to Oba of Benin in Benin City
Delta NUJ Election: Oyowe Re-elected Chairman, Defeats Obieh
2027 Delta Central: Omo-Agege Accuses Dafinone Of Sponsoring Petitions, Says He’s Scared Of Election
‘No Vacancy’: Senators Endorse Akpabio for Second Term as Senate President
Donald Duke To Gov Diri: You’re A Local Champion Over Coastal Highway Opposition
2027: Why I Won’t Attend Every APC Campaign Rally – Tinubu
Isoko South Council Distributes Desks To Public Primary Schools In Delta
Okpara Inland Crisis: Delta CP Visits Community Over Killing Of Don Cross, Orders Investigation
