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CBN revokes 179 microfinance banks, others’ licences
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CBN revokes 179 microfinance banks, others’ licences
The Central Bank of Nigeria (CBN) has revoked the licences of 179 microfinance banks in the country, as well as four primary mortgage banks and three finance companies.
This was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN on Tuesday.
The gazette said that the licences of the financial institutions were revoked because they “ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of six months; failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”
Read Also: LAPO wins “Microfinance Bank of the Year” award
The CBN Governor, Godwin Emefiele, revoked the licences in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No.5.
The microfinance banks include; Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Merit Microfinance Bank, Minna Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, and others.
Finance companies whose licences were revoked include HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited while the four primary mortgage banks whose licenses were revoked were Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.
Meanwhile, the licences of another set of 47 microfinance banks were also revoked by the CBN, which brings the total of affected microfinance banks to 179.
CBN revokes 179 microfinance banks, others’ licences
Headlines
Police arrest 6 for vandalism, receipt of stolen items in Jigawa
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The Police Command in Jigawa, has arrested six suspected vandals in the Kazaure Local Government Area of the state.
The command’s Public Relations Officer, SP Lawan Shiisu, confirmed the arrest in a statement in Dutse on Monday.
Shiisu said that five of the suspects, aged between 28 and 53, were arrested for vandalism, while the sixth suspect, a 30-year-old, was apprehended for allegedly receiving stolen items.
He explained that two of the suspects were arrested on Feb. 26 after allegedly vandalising streetlight, armoured cable wires and individual conduit service wires in the Bandutsi area of the LGA.
He added that three more suspects were arrested on Feb. 28 after allegedly conspiring to vandalise approximately 2,000 meters of high-tension wire in the Faru and Daba villages of the same LGA.
According to him, during interrogation, the suspects identified Musa Yahaya, a 30-year-old from the Wajen Gabas area in Kazaure town, as an accomplice and the receiver of the stolen items.
The command’s spokesperson alleged that Yahaya was aware that the cable wires belonged to the government and were stolen items.
He added that the suspects, who had allegedly confessed to the crime, had since been charged to court.
Headlines
Supreme Court nullifies Rivers LG elections
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The Supreme Court on Friday, nullified the Local Government election in Rivers State, which was conducted on Oct. 5, 2024.
A five-member panel of the apex court unanimously held that the election was conducted in violation of relevant laws.
Justice Jamilu Tukur, in the lead judgment, agreed with the appellant, the All Progressives Congress (APC), that conditions precedent were not complied with before the Rivers State Independent Electoral Commission (RSIEC) held the election.
Justice Tukur held that there was no evidence that the voters’ registration continued until 90 days before the election and that the requisite notices were issued as required by law.
Headlines
Anike Agbaje-Williams, Africa’s First Face on TV, Passes Away at 88
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Nigeria has lost a broadcasting icon as Chief Anike Agbaje-Williams, Africa’s first female television broadcaster, has passed away at the age of 88.
Her family announced her passing in a statement signed by Mrs. Banji Sokoya, revealing that the veteran broadcaster died peacefully in Ibadan, where she lived most of her life.
“Goodnight, my ever so cherished mummy, boss, and mentor. We’ll surely see in the morning,” the statement read.
Born on October 23, 1936, Agbaje-Williams made history as the first face to appear on television in Africa when she featured on Western Nigerian Television (WNTV) in Ibadan during its test transmission and official launch on October 31, 1959. She was also the first voice heard on Africa’s first commercial radio station, Western Nigeria Broadcasting Service (WNBS), earning her the title of “Double-First.”
She had a distinguished career in broadcasting, rising through the ranks to become a respected producer and director of programmes before retiring in July 1986.
A devoted member of All Saints Church, Jericho, Ibadan, she was also one of its oldest choristers. Her family described her as a beloved mother, grandmother, and great-grandmother whose legacy will be cherished forever.
“The family profoundly mourns the passing of a great icon. We take comfort in knowing she lived a glorious, remarkable, and impactful life. She inspired many fans and mentees over the years,” the statement read.
The family has requested privacy during this period of mourning, with funeral arrangements to be announced later.
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