The CBN Governor, Godwin Emefiele, revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria
has revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country.
According to the gazette, the licences of the financial institutions were revoked because they ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months. The four primary mortgage banks whose licences were revoked are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.The finance companies whose licences were revoked include HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited.
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