CBN Closes 31 Banks in Lagos and 72 Microfinance Banks Nationwide

The Central Bank of Nigeria (CBN) recently announced the closure of 31 banks in Lagos as part of a larger effort to strengthen the banking sector in Nigeria. This action was taken as a result of the banks’ inability to meet minimum regulatory requirements, and the CBN has emphasized that the closures are necessary to protect depositors and maintain stability in the financial system.

The CBN’s decision to close these banks is part of a broader effort to clean up the banking sector in Nigeria and ensure that banks comply with regulatory standards. In addition to closing these 31 banks in Lagos, the CBN also announced the closure of 72 microfinance banks across the country, bringing the total number of banks closed to 103.

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While the closure of these banks may be disruptive in the short term, it is expected to have a positive impact on the Nigerian banking sector in the long term. By removing banks that are unable to meet regulatory requirements, the CBN is sending a clear message that it will not tolerate non-compliance and that banks must operate within the law. This, in turn, is likely to strengthen confidence in the Nigerian banking sector and attract more foreign investment.

In addition to closing banks that fail to meet regulatory requirements, the CBN has also taken other measures to strengthen the banking sector in Nigeria. For example, the CBN has established a credit registry to improve access to credit for small and medium-sized enterprises, and it has also introduced new regulations aimed at promoting transparency and accountability in the banking sector.

Overall, while the closure of these 31 banks in Lagos may be seen as a harsh measure, it is likely to have a positive impact on the Nigerian banking sector in the long term. By ensuring that banks comply with regulatory standards, the CBN is helping to promote stability and growth in the financial sector, which is essential for the overall health of the Nigerian economy.

LIST OF MICROFINANCE BANKS CLOSED BY THE CBN

S/N	NAME OF MICROFINANCE BANK	LOCATION
1	AFAM MICROFINANCE BANK	RIVERS
2	AGBELO MICROFINANCE BANK	EDO
3	AJASE MICROFINANCE BANK	KWARA
4	AKPO-COE MICROFINANCE BANK	RIVERS
5	ALLIANCE MICROFINANCE BANK	ABUJA
6	ALLOVER MICROFINANCE BANK	LAGOS
7	ALSTAR MICROFINANCE BANK	LAGOS
8	AMAZING GRACE MICROFINANCE BANK	OGUN
9	APEX GOLDEN MICROFINANCE BANK	LAGOS
10	ASABARI MICROFINANCE BANK	OYO
11	ASCENT MICROFINANCE BANK	OGUN
12	ATTANWAMBIRI MICROFINANCE BANK	IMO
13	BEULAH MICROFINANCE BANK	LAGOS
14	BIRAIDU MICROFINANCE BANK	KOGI
15	BIRNIN KUDU MICROFINANCE BANK	JIGAWA
16	BONNY MICROFINANCE BANK	RIVERS
17	BROADBASE MICROFINANCE BANK	DELTA
18	CAPITAL BASE MICROFINANCE BANK	ADAMAWA
19	CASHJET MICROFINANCE BANK	DELTA
20	CHAT MICROFINANCE BANK	KADUNA
21	CLASSIC MICROFINANCE BANK	OGUN
22	COMMON BENEFIT MICROFINANCE BANK	LAGOS
23	CUTTING EDGE MICROFINANCE BANK	EDO
24	DIVINE MICROFINANCE BANK	RIVERS
25	DOGON DAJI MICROFINANCE BANK	SOKOTO
26	DYNAMIC MICROFINANCE BANK	LAGOS
27	EBEM-OHA MICROFINANCE BANK	ABIA
27	EBENATOR MICROFINANCE BANK	IMO
29	ETITI MICROFINANCE BANK	IMO
30	EVO MICROFINANCE BANK	RIVERS
31	EZIMUZO MICROFINANCE BANK	ANAMBRA
32	FESTAC 77 MICROFINANCE BANK	LAGOS
33	FREEDOM MICROFINANCE BANK	KANO
34	GITICOM MICROFINANCE BANK	RIVERS
35	HAZONWAO MICROFINANCE BANK	LAGOS
36	HILLTOP MICROFINANCE BANK	EKITI
37	HOMELAND MICROFINANCE BANK	BAYELSA
38	IC MICROFINANCE BANK	LAGOS
39	IDEAL TRUST MICROFINANCE BANK	ANAMBRA
40	IFONYIN MICROFINANCE BANK	OGUN
41	IHITTE MICROFINANCE BANK	IMO
42	IKWUANO MICROFINANCE BANK	ABIA
43	INTEGRATED MICROFINANCE BANK	LAGOS
44	IPE MICROFINANCE BANK	ONDO
45	JEGA MICROFINANCE BANK	KEBBI
46	KBS MICROFINANCE BANK	LAGOS
47	KERANA MICROFINANCE BANK	PLATEAU
48	KFC MICROFINANCE BANK	LAGOS
49	MARMARA MICROFINANCE BANK	TARABA
50	MIC MICROFINANCE BANK	LAGOS
51	MOORGATE MICROFINANCE BANK	LAGOS
52	MUNICIPAL MICROFINANCE BANK	ABUJA
53	NGAS MICROFINANCE BANK	PLATEAU
54	OLOMI MICROFINANCE BANK	OYO
55	OLOMOYOYO MICROFINANCE BANK	OYO
56	OMNI MICROFINANCE BANK	LAGOS
57	OPENGATE MICROFINANCE BANK	ABUJA
58	OWENA MICROFINANCE BANK	OSUN
59	PET MICROFINANCE BANK	RIVERS
60	PRIME MICROFINANCE BANK	A/IBOM
61	SAMINAKA MICROFINANCE BANK	KADUNA
62	TRINITY MICROFINANCE BANK	A/IBOM
63	TRISTAR MICROFINANCE BANK	ENUGU
64	UDEZUKA MICROFINANCE BANK	ANAMBRA
65	UFUMA MICROFINANCE BANK	ANAMBRA
66	UMUNZE MICROFINANCE BANK	ANAMBRA
67	URUALLA MICROFINANCE BANK	IMO
68	UTUGWANG MICROFINANCE BANK	CROSS RIVER
69	ACME TRUST MICROFINANCE BANK	LAGOS
70	ADIF MICROFINANCE BANK	LAGOS
71	ASAGA-UKWU MICROFINANCE BANK	ABIA
72	BRISTOL MICROFINANCE BANK	LAGOS
73	CENTURY MICROFINANCE BANK	LAGOS
74	CIRCULAR MICROFINANCE BANK	EDO
75	CUBIC MICROFINANCE BANK	EDO
76	DANMUSA MICROFINANCE BANK	KATSINA
77	EKWEMA MICROFINANCE BANK	IMO
78	EMBRACE MICROFINANCE BANK	BAYELSA
79	EMEVOR MICROFINANCE BANK	DELTA
80	FUND EXPRESS MICROFINANCE BANK	LAGOS
81	GALAXY MICROFINANCE BANK	LAGOS
82	GAMJI MICROFINANCE BANK	KEBBI
83	HARBOUR MICROFINANCE BANK	ANAMBRA
84	IMPACT MICROFINANCE BANK	LAGOS
85	IMPERIAL MICROFINANCE BANK	LAGOS
86	INVESTMENT MICROFINANCE BANK	ABIA
87	ITELE MICROFINANCE BANK	OGUN
88	LALUPON MICROFINANCE BANK	OYO
89	MCB MICROFINANCE BANK	LAGOS
90	MILESTONE MICROFINANCE BANK	LAGOS
91	MUSTASONS MICROFINANCE BANK	LAGOS
92	NEW GATE MICROFINANCE BANK	LAGOS
93	NEXUS MICROFINANCE BANK	NIGER
94	OBIOMA MICROFINANCE BANK	ABIA
95	OWHOWHA MICROFINANCE BANK	DELTA
96	PRIMATE MICROFINANCE BANK	LAGOS
97	SHIMAZ MICROFINANCE BANK	OSUN
98	SOUTH WEST IKOYI MICROFINANCE BANK	LAGOS
99	STANDEX MICROFINANCE BANK	ANAMBRA
100	TOUCHSTONE MICROFINANCE BANK	LAGOS
101	UNIQUE MICROFINANCE BANK	LAGOS
102	VENTURE SUPPORT MICROFINANCE BANK	LAGOS
103	WIZETRADE MICROFINANCE BANK	LAGOS