Mass license revocation hits 46 Microfinance banks across Nigeria - ITREALMS

In a major regulatory sweep aimed at safeguarding Nigeria's financial ecosystem, the Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 Microfinance Banks (MFBs), effective July 1, 2026, reports ITREALMS.


The directive, approved by CBN Governor Mr. Olayemi Cardoso, comes as a direct response to the institutions' failure to meet critical regulatory benchmarks required to remain operational.

According to the official press release of revocation of 46 MfB signed by Mrs. Hakama Sidi-Ali, the Acting Director of Corporate Communications, the banks fell short on multiple fronts under the Banks and Other Financial Institutions Act (BOFIA) 2020.

Infractions ranged from capital erosion and asset insufficiency to outright operational closure and failure to commence banking activities within a year of getting a license. 

The apex bank reiterated that this hardline stance is necessary to shield depositors and ensure total compliance with financial sector laws.

The official list, revealed that the regulatory crackdown cut across Tier 1, Tier 2, and State-licensed categories, heavily impacting several commercial hubs and regional states.

The geographical distribution of the affected microfinance banks reveals that Kano State bore the biggest brunt of the regulatory purge, losing a total of 13 institutions. 

Among the closed entities in Kano were high-profile names and recently rebranded establishments like Now Now Digital MFB, Zain MFB (formerly Dawakin Tofa), Ajwa MFB, Bompai MFB, and Bellbank MFB. Other community institutions cleared from the state include Minjibir, Shanono, Sumaila, Rimin Gado, Sycamore, Tofa, Kanopoly, and Esteem Microfinance Banks.

Lagos State, Nigeria's primary economic hub, followed closely with 9 microfinance banks shut down. The affected institutions in Lagos comprise Gold MFB, Safegate MFB, Supreme MFB, Ourpass MFB, Verdant MFB, Basawa MFB, Entrepreneur MFB, and the State-categorized Chanelle MFB.

Other regions also felt the impact of the CBN's sweeping exercise:

Abia State saw the exit of Merchant MFB and the Abia SME MFB.

Federal Capital Territory (FCT), Abuja, lost Winview MFB and Casha MFB.

Kaduna State had Zafec MFB and Straight Sahara MFB revoked.

Kebbi State lost both Kamba and Zuru Microfinance Banks.

Niger State saw the closure of Busu MFB and Bejin-Doko MFB.

Ogun State was affected by the revocation of Iwade MFB and Apple MFB.

Plateau State lost Mwaghavul MFB and Yeneng MFB.

A single microfinance bank license was also revoked in each of the following states: Anambra (Frontline MFB), Bayelsa (Crystabel MFB), Benue (Creditville MFB), Cross River (Livingspring MFB), Delta (Creekline MFB), Kwara (Janmaa MFB), Ondo (MBAG MFB), Osun (Avantus MFB), Oyo (Bestar MFB), Rivers (Minji-Se Churchill MFB), and Akwa Ibom / Uyo (Stanford MFB).

Remmy Nweke/DoP

MRA condemns NBC’s revocation of 52 broadcast stations' licenses - ITREALMS

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The Media Rights Agenda (MRA) has condemned the revocation and withdrawal of the broadcast licenses of 52 broadcast stations across Nigeria by the National Broadcasting Commission (NBC) describing the action as ill-advised, insensitive and antithetical to the interests of the Nigerian public.

In a statement by Ms Obioma Okonkwo, Head, Legal Department, MRA said by the revocation of the broadcast licenses of so many stations for alleged non-payment of their licence fees, the NBC was prioritizing its desire to make money off the broadcasters over the interest of citizens as the ultimate effect of its action is to deprive millions of Nigerians access to information as well as their rights and ability to freely express themselves through these stations.

CBN gives insights on revocation of Skye bank license, Polaris Bank takes over - ITREALMS

ITREALMS:

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin I. Emefiele, has given some insights into the revoking of banking license given to Skye Bank plc, just as Polaris Bank makes a debut by automatic take-over of all customers, their accounts and records, reports ITREALMS.

Speaking in Lagos, Friday, Emefiele said in Lagos, revoked the license of the bank which has been on lifeline since 4th July 2016, and assured that the Nigerian banking industry remains safe as well as resilient, just as CBN will continue to live up to its responsibilities of promoting stability in the banking and financial system.

“Indeed, the bank’s performance has improved considerably compared to the pre-July 2016 era,” he declared, stressing that recent examinations and forensic audit of the bank has, revealed that Skye bank requires urgent recapitalization.

“… As it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN. The shareholders of the bank have been unable to recapitalize it,” Emefiele said.

The CBN, he said, as a responsible and responsive regulator and in consultation with the Nigerian Deposit Insurance Corporation (NDIC), have decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye bank.

“The strategy is for the Asset Management Company of Nigeria (AMCON) to capitalize the Bridge Bank and begin the process of sourcing investors to buy out AMCON. By this decision, the licence of the defunct Skye Bank is hereby revoked,” Emefiele declared.

Assuring all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly.

“Thus, all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank,” he asserted.

In addition, he informed ITREALMS that all employees of Skye Bank shall be absorbed by Polaris Bank under a new contract unless any employee decides to opt out.

Chuks Egbune/ED, Ops

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