Nigeria Cancels License of 42 Microfinance Banks

The Central Bank of Nigeria (CBN) has cancelled the operating licenses of 42 microfinance banks.

Nigeria Deposit Insurance Corporation (NDIC) announced this measure in a post on its website titled ‘Notice of closure of 42 microfinance banks’.

It further stated that, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the underlisted 42 microfinance banks have been revoked by the Central Bank of Nigeria effective from 12th November, 2020.

“The Nigeria Deposit Insurance Corporation, the official liquidator of the banks, whose licences were recently revoked, is in the process of closing the listed banks and paying their insured depositors.

“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.”

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The NDIC listed the names and addresses of the affected MfBs as:

Hedgeworth MFB, Utako, Abuja; Future Growth MFB, Utako, Abuja; Bagwai MFB, Bagwai LGA, Kano; Ere City MFB, Oriade LGA, Osun State; Cafon MFB, Garki II, Abuja; Akcofed MFB, Uyo, Akwa-Ibom State;  Gufax MFB,  Uyo, Akwa Ibom State, Partnership  MFB, Onitsha, Anambra State; ICB MFB, Ilah, Delta State;  Onima MFB, Ezinihite Mbaise LGA, Imo State; and Hometrust (NATIONS) MFB, Nkwere, Imo State.

Others are Ringim MFB, Ringim,  Jigawa State; Bigthana MFB, Ali Akilu Road,  Kaduna; Rogo MFB, Rogo LGA, Kano State; Makoda MFB, Makoda LGA, Kano; Takai MFB, Takai LGA, Kano State; Bebeji MFB, Bebeji  L.G.A., Kano State;  Ajingi MFB, Ajingi LGA, Kano State; Garko MFB,  Garko, Kano; Kangiwa MFB, Kangiwa LGA, Kebbi State; Augie MFB, Augie LGA, Kebbi State; Mopa MFB, and Mopa, Kogi State.

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Others are Solid Base MFB, Ijumu  LGA, Kogi State; Ultimate Benefit MFB, Lokoja, Kogi State; Ovidi MFB,  Okene, Kogi State; Kirfi MFB, Kirfi LGA, Bauchi; Credit Express MFB, Kakawa Street, Lagos; King Solomon MFB, Western Avenue, Iponri, Lagos; Riggs MFB, Victoria Island, Lagos; Billionaire Blue Bricks MFB, Ajah, Lagos; Susu MFB, Yaba, Lagos; Wealthstream MFB, Apapa, Lagos; Aguda Titun MFB, Ogba, Lagos and Sapphire MFB, Uyo, Akwa Ibom State.

Also on the list are Metro  MFB, Ogba, Ikeja, Lagos, Mountain Top MFB, Trade Fair Complex, Lagos; Unyogba MFB, Ofu LGA, Kogi State; Wapo MFB, Okene, Kogi State; Ibogun MFB, Ifo LGA, Ogun State;  Korede MFB, Igbotako, Ondo State; Ahetou  MFB, Ogba/Egbema/Ndoni LGA, Rivers State and Fufore MFB, Yola, Adamawa State.

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