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.
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 |