CBN TO REVOKE LICENCES OF OVER 180 FINANCIAL INSTITUTIONS
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By Joseph Omoniyi
The Central Bank of Nigeria on Wednesday has given a notification to revoke the operating licences of 182 other financial institutions in the country.
According to the list released the CBN on Wednesday, 154 of the affected institutions are microfinance banks; six are primary mortgage banks; while the remaining 22 are finance companies.
Some of the primary mortgage banks for revocation include, 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, 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 also revealed that 62 of the microfinance banks had already closed shop; 74 became insolvent; 12 were terminally distressed; while six voluntarily liquidated.
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.
The CBN also revealed that 62 of the microfinance banks had already closed shop; 74 became insolvent; 12 were terminally distressed; while six voluntarily liquidated.
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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