In a recent development, the Central Bank of Nigeria (CBN) has taken a decisive action by revoking the operating licenses of 132 Micro-Finance Banks, 4 Primary Mortgage Banks and 3 Finance Companies across the country.
The revocation exercise was officially announced in the Federal Government’s gazette, specifically in No. 93, volume 110, May 22, 2023 edition, which was published on the Central Bank of Nigeria’s website.
The revocation of these financial institutions’ licenses was primarily attributed to their failure to engage in the type of business for which their licenses were issued within Nigeria for a continuous period of 6 months.
We have taken a moment to review the actions of the Apex Bank with respect to this latest move and the impact it would have in the financial space as well making general recommendations on the expectations from financial institutions.
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