Do not patronise these micro-finance banks, CBN warns

THE Central Bank of Nigeria (CBN) has revoked the operating licenses of 42 micro-finance banks.

This was made known in a statement by the Nigeria Deposit Insurance Corporation  (NDIC), on its website on Friday.

According to the statement, the banks’ licenses were revoked beginning from November 12th, 2020.



    “This is to inform the depositors, creditors, shareholders and the general public that the operating licenses of the under listed Forty-Two (42) Microfinance Banks (MFBs) have been revoked by the Central Bank of Nigeria (CBN) effective 12th November, 2020,” NDIC said.

    NDIC called on all the depositors at the banks to avail themselves to its officials at any of the closed banks for data verification of their claims which will begin from Monday December 21, 2020.

    “The Nigeria Deposit Insurance Corporation (NDIC), the official Liquidator of the banks whose licenses were recently revoked, is in the process of closing the listed banks and pay their insured Depositors. We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December 2020 till Thursday, 24th December, 2020.”

    The affected banks are:

    1. Hedgeworth MFB, Utako, Abuja;
    2. Future Growth MFB, Utako, Abuja;
    3. Bagwai MFB, Bagwai LGA, Kano;
    4. Ere City MFB, Oriade LGA, Osun State;
    5. Cafon MFB, Garki II, Abuja;
    6. Akcofed MFB, Uyo, Akwa-Ibom State;
    7. Gufax MFB, Uyo, Akwa Ibom State;
    8. Partnership MFB, Onitsha, Anambra State;
    9. ICB MFB, Ilah, Delta State;
    10. Onima MFB, Ezinihite Mbaise LGA, Imo State;
    11. Hometrust (NATIONS) MFB, Nkwere, Imo State;
    12. Ringim MFB, Ringim, Jigawa State;
    13. Bigthana MFB, Ali Akilu Road, Kaduna;
    14. Rogo MFB, Rogo LGA, Kano State;
    15. Makoda MFB, Makoda LGA, Kano;
    16. Takai MFB, Takai LGA, Kano State;
    17. Bebeji MFB, Bebeji L.G.A., Kano State;
    18. Ajingi MFB, Ajingi LGA, Kano State;
    19. Garko MFB, Garko, Kano;
    20. Kangiwa MFB, Kangiwa LGA, Kebbi State;
    21. Augie MFB, Augie LGA, Kebbi State;
    22. Mopa MFB, Mopa, Kogi State;
    23. Solid Base MFB, Ijumu LGA, Kogi State;
    24. Ultimate Benefit MFB, Lokoja, Kogi State;
    25. Ovidi MFB, Okene, Kogi State;
    26. Kirfi MFB, Kirfi LGA, Bauchi;
    27. Credit Express MFB, Kakawa Street, Lagos;
    28. King Solomon MFB, Western Avenue, Iponri, Lagos;
    29. Riggs MFB, Victoria Island, Lagos;
    30. Billionaire Blue Bricks MFB, Ajah, Lagos;
    31. Susu MFB, Yaba, Lagos;
    32. Wealthstream MFB, Apapa, Lagos;
    33. Aguda Titan MFB, Ogba, Lagos;
    34. Sapphire MFB, Uyo, Akwa Ibom State.
    35. Metro MFB, Ogba, Ikeja, Lagos;
    36. Mountain Top MFB, Trade Fair Complex, Lagos;
    37. Unyogba MFB, Ofu LGA, Kogi State;
    38. Wapo MFB, Okene, Kogi State;
    39. Ibogun MFB, Ifo LGA, Ogun State;
    40. Korede MFB, Igbotako, Ondo State;
    41. Ahetou MFB, Ogba/Egbema/Ndoni LGA, Rivers State;
    42. Fufore MFB, Yola, Adamawa State.

    You can reach out to me on Twitter via: vincent_ufuoma

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation


    Please enter your comment!
    Please enter your name here

    Support the ICIR

    We need your support to produce excellent journalism at all times.

    - Advertisement


    - Advertisement