The Central Bank of Nigeria on Wednesday expressed its plan to revoke the operating licences of some182 financial services institutions in the country.
The apex bank in a list published on its proposed plan indicated that the affected institutions comprised 154 microfinance banks (MFBs); six primary mortgage banks; and the remaining 22, finance companies.
It stated further that 62 of the MFBs had ceased from doing banking business while 74 became insolvent; 12 were terminally distressed; and six voluntarily liquidated.
The CBN listed the primary mortgage banks’ licences for revocation as Accord Savings and Loans Limited in Lagos that failed to recapitalise; and Ahocol Savings and Loans Limited in Anambra (state government-owned) that closed shop.
It listed other mortgage banks for revocation as including, Trans Atlantic Savings and Loans Limited in Bayelsa (state government-owned) that became insolvent; Royal Savings and Loans Limited in Delta State that also closed shop; Amex Savings and Loans Limited in Lagos that failed to recapitalise; and Supreme Savings and Loans Limited also in Lagos that closed shop.
The CBN disclosed that eight finance companies voluntary liquidated; 13 failed to recapitalise; while one became insolvent.
According to the apex bank, the affected institutions are located in different states of the country.
