Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

9 microfinance banks fail CBN’s regulation exercise

Damilare Famuyiwa by Damilare Famuyiwa
October 22, 2018
in Business News, Politics
CBN to regulate Fintech companies, Financial inclusion, CBN FX Manipulation, CBN Governor, Foreign exchange, Economic report, Outflow, Inflow, Forex, Godwin Emefiele, Central Bank of Nigeria, Forex reserves
Share on FacebookShare on TwitterShare on Linkedin

The Secretary of the Association of Microfinance Banks, Central Bank of Nigeria (CBN) North-central Zone, Tsado Daniel has disclosed that the apex bank’s hammer fell on nine microfinance banks in Niger State.

Daniel said the banks fell short during the regulation exercise carried out by the CBN.

While making known that there were 34 microfinance banks in the state before the CBN’s action, Daniel enjoined the management and staff members of the banks that escaped the CBN hammer “to adhere strictly to the rule of the game”.

RelatedPosts

Nigeria’s Israel Adesanya set to earn up to $1.8million for defeating Jarred Cannonier

Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade

Hajia Hassana Mohammed, a Representative of the CBN in Minna, while speaking on the failure of the banks said insider abuse is another huge factor that contributes to the failure of microfinance banks across Nigeria.

Hajia Mohammed advised beneficiaries of loan facilities to stop converting the money to marry more wives or to other unprofitable ventures.

“Until we stop using business money and loans to get married and buy clothes, businesses in the country will not progress,” she added.

Nairametrics had reported that CBN hammer may fall on some finance houses in Nigeria.

In a released made available to the public, the apex bank had made known its intention to revoke the operating licenses of 182 financial institutions operating in the country.

CBN announced this barely a week after its revoke Skye Bank’s operating license.

The 182 financial institutions which according to the apex bank, cut across different states of the country include – 154 microfinance banks; 6 primary mortgage banks, and 22 finance companies.

CBN said 62 of the microfinance banks had already closed shops; 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.

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; 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 disclosed that eight finance companies voluntary liquidated; 13 failed to recapitalise; while one became insolvent.

Related

Tags: CBNMircrofinance banksTsado Daniel

Comments 1

  1. Humphrey Onaburekhan says:
    October 22, 2018 at 4:39 pm

    Until the regulatory body, which is the CBN, make sure they do their job well to monitor the operations of these Financial Institutions, there will not be any stability. Also, insider related loans should be discourage or reduced to the barest minimum, we will not have financial institutions that can stand the test of time in the Nigerian economy.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Financial steps you must take in your 40s to be rich
    • Nigeria’s Israel Adesanya set to earn up to $1.8million for defeating Jarred Cannonier
    • How will the Lagos Real Estate market perform in H2 2022?

    Follow us on social media:

    Recent News

    Financial steps you must take in your 40s to be rich

    Financial steps you must take in your 40s to be rich

    July 3, 2022
    Nigeria’s Israel Adesanya set to earn up to $1.8million for defeating Jarred Cannonier

    Nigeria’s Israel Adesanya set to earn up to $1.8million for defeating Jarred Cannonier

    July 3, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com