More than 182 financial institutions, including 152 micro-finance banks, are in trouble as the Central Bank of Nigeria
(CBN) has concluded plans to axe them.
(CBN) has concluded plans to axe them.
The Central Bank of Nigeria has issued notifications to revoke the operating licences of the institutions.
According to the list released by the
regulator, 154 of the affected institutions are micro finance banks; six
are primary mortgage banks; while the remaining 22 are finance
companies.
regulator, 154 of the affected institutions are micro finance banks; six
are primary mortgage banks; while the remaining 22 are finance
companies.
The CBN said 62 of the micro finance banks
had already closed shop; 74 became insolvent; 12 were terminally
distressed; while six voluntarily liquidated.
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.
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.
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.
Other are Amex Savings and Loans Limited
in Lagos that failed to recapitalise; and Supreme Savings and Loans
Limited also in Lagos that closed shop.
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.
