The Central Bank of Nigeria (CBN) has revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country.
According to report, the revocation exercise was disclosed in the official gazette of the Federal Government published on the website of the CBN on Tuesday.
According to the apex bank, the financial institutions “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.â€
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