CBN Revokes Licences of 46 Microfinance Banks (FULL LIST)

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) across the country, citing insolvency, regulatory breaches and failure to comply with prudential guidelines.

The apex bank announced that the licence revocations take effect from July 1, 2026, following the approval of CBN Governor Olayemi Cardoso, describing the move as part of ongoing efforts to strengthen Nigeria’s financial sector, protect depositors and ensure that licensed institutions operate in line with existing laws.

The decision was disclosed in a statement issued on Wednesday by the Acting Director of the Corporate Communications Department, Hakama Sidi-Ali.

According to the CBN, the action was taken under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, which empower the regulator to revoke the licences of financial institutions that fail to meet statutory and regulatory requirements.

The apex bank explained that the affected institutions committed one or more serious regulatory infractions uncovered during routine supervisory examinations and ongoing regulatory oversight.

Among the reasons cited for the licence withdrawals were insufficient assets to meet liabilities, meaning some of the banks had become financially insolvent and were no longer able to fulfil their obligations to customers and creditors.

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The CBN also revealed that several of the affected institutions had stopped carrying out banking activities without obtaining the required regulatory approval, while others had remained inactive for prolonged periods and no longer performed their primary role of providing financial intermediation.

In addition, some of the microfinance banks failed to commence operations within 12 months after receiving their operating licences, contrary to the regulatory conditions governing the sector.

The regulator further stated that a number of the institutions failed to maintain the minimum capital requirements prescribed for licensed microfinance banks, with accumulated losses significantly eroding their shareholders’ funds and rendering them incapable of operating safely.

According to the CBN, the decision aligns with its revised regulatory and supervisory framework for microfinance banks, which permits licence revocation where institutions become insolvent, abandon operations, fail to comply with prudential standards or repeatedly violate regulatory directives.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement read.

The Central Bank of Nigeria reiterated its commitment to maintaining a safe, resilient and transparent financial system through effective supervision, early regulatory intervention and strict enforcement of banking regulations.

It stressed that institutions that fail to meet prescribed operational and financial standards would continue to face appropriate supervisory and enforcement actions aimed at sustaining public confidence in Nigeria’s banking industry.

The latest development reflects the intensified regulatory reforms introduced under Governor Cardoso’s administration, which has focused on improving corporate governance, strengthening risk management, enhancing regulatory compliance and restoring confidence across the country’s financial system.

Following the revocation, the Nigeria Deposit Insurance Corporation (NDIC) is expected to commence the liquidation process for the affected banks in accordance with the law. The corporation will oversee the payment of insured deposits to eligible customers, recover assets where necessary and ensure an orderly resolution process for the failed institutions.

Full List of the 46 Microfinance Banks Whose Licences Were Revoked by the CBN

The affected institutions are:

1. Minji-Se Churchill Microfinance Bank – Rivers State (Tier 1)
2. Merchant Microfinance Bank – Abia State (Tier 2)
3. Janmaa Microfinance Bank – Kwara State (Tier 1)
4. Busu Microfinance Bank – Niger State (Tier 2)
5. Gold Microfinance Bank – Lagos State (Tier 1)
6. Zain Microfinance Bank (formerly Dawakin Tofa MFB) – Kano State (Tier 2)
7. Bompai Microfinance Bank – Kano State (Tier 1)
8. Ajwa Microfinance Bank – Kano State (Tier 2)
9. Now Now Digital Microfinance Bank – Kano State (Tier 2)
10. Crystabel Microfinance Bank – Bayelsa State (Tier 1)
11. Chanelle Microfinance Bank – Lagos State (State-based)
12. Abia SME Microfinance Bank – Abia State (Tier 1)
13. Kamba Microfinance Bank – Kebbi State (Tier 2)
14. Iwade Microfinance Bank – Ogun State (Tier 2)
15. Winview Microfinance Bank – Abuja (Tier 1)
16. Zuru Microfinance Bank – Kebbi State (Tier 2)
17. Minjibir Microfinance Bank – Kano State (Tier 1)
18. Shanono Microfinance Bank – Kano State (Tier 2)
19. Sumaila Microfinance Bank – Kano State (Tier 2)
20. Rimin Gado Microfinance Bank – Kano State (Tier 2)
21. Mwaghavul Microfinance Bank – Plateau State (State-based)
22. Sycamore Microfinance Bank – Kano State (Tier 2)
23. TOFA Microfinance Bank – Kano State (Tier 2)
24. Safegate Microfinance Bank – Lagos State (Tier 1)
25. Creekline Microfinance Bank – Delta State (Tier 2)
26. Bestar Microfinance Bank – Oyo State (Tier 1)
27. Livingspring Microfinance Bank – Cross River State (Tier 1)
28. Apple Microfinance Bank – Ogun State (Tier 2)
29. Stanford Microfinance Bank – Uyo, Akwa Ibom State (State-based)
30. Frontline Microfinance Bank – Anambra State (Tier 2)
31. Zafec Microfinance Bank – Kaduna State (Tier 2)
32. Supreme Microfinance Bank – Lagos State (Tier 1)
33. Bejin-Doko Microfinance Bank – Niger State (Tier 2)
34. Kanopoly Microfinance Bank – Kano State (Tier 1)
35. Bellbank Microfinance Bank (formerly Tsanyawa MFB) – Kano State (Tier 2)
36. Yeneng Microfinance Bank – Plateau State (Tier 2)
37. Creditville Microfinance Bank – Lagos State (Tier 1)
38. MBAG Microfinance Bank – Lagos State (Tier 1)
39. Straight Sahara Microfinance Bank – Benue State (Tier 1)
40. Our Pass Microfinance Bank – Ondo State (Tier 2)
41. Verdant Microfinance Bank – Lagos State (Tier 1)
42. Basawa Microfinance Bank – Kaduna State (Tier 2)
43. Casha Microfinance Bank – Abuja (Tier 2)
44. Esteem Microfinance Bank – Kano State (Tier 2)
45. Enterpreneur Microfinance Bank – Lagos State (Tier 1)
46. Avantus Microfinance Bank – Osun State (Tier 2)

Industry experts say the latest action demonstrates the CBN’s resolve to enforce prudential standards and ensure that only financially healthy and well-governed institutions remain licensed to operate in Nigeria. Customers of the affected banks are advised to monitor further announcements from the CBN and the NDIC regarding the liquidation process and the payment of insured deposits.

CBN Revokes Licences of 46 Microfinance Banks (FULL LIST)

Lagos Makes History as NRC Grants Permanent Rail Licence to Run Train  Services

Lagos State has become the first state government in Nigeria to receive a permanent licence to operate railway services after the Nigerian Railway Corporation (NRC) formally authorised it to run both passenger and freight operations under the Lagos Rail Mass Transit (LRMT) Red Line, marking a major milestone in the country’s rail sector reforms.

The NRC on Tuesday presented the permanent operating licence to the Lagos State Government, officially authorising it to operate the Red Line under the existing Track Sharing Agreement.

The approval makes Lagos the first sub-national government in Nigeria to obtain a permanent licence to operate the full complement of railway services, covering both passenger and freight transportation.

Presenting the licence, the Managing Director of the NRC, Dr. Kayode Opeifa, described the development as a watershed moment in the nation’s railway industry, saying it signalled a transition from the era when the NRC was the country’s sole rail operator to a regulated system that accommodates multiple operators.

According to him, the permanent licence empowers the Lagos Metropolitan Area Transport Authority (LAMATA) to continue operating on the shared rail corridor while also giving the Lagos State Government the legal backing to develop and operate other rail systems in line with global best practices.

Opeifa recalled that the journey began in April 2012 when former President Goodluck Jonathan approved the transfer of two federal rail tracks to Lagos State for the development of the LRMT Red Line, a project that has since become one of Nigeria’s most significant urban transport initiatives.
He noted that passenger services on the Red Line commenced on October 15, 2024, following its inauguration by President Bola Tinubu, adding that the NRC played a key role in the project’s success through technical collaboration and personnel training.

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The NRC boss explained that Lagos State was initially granted a temporary operating licence to enable the implementation of the Track Sharing Agreement while operational assessments were carried out. He said the successful completion of the evaluation process paved the way for the issuance of the permanent licence.
He commended the Lagos State Government for its sustained investment in rail infrastructure, rolling stock and mass transit, describing the achievement as a product of visionary leadership, political commitment and long-term planning.
Opeifa also urged other state governments to emulate Lagos by investing in rail transportation, stressing that expanding rail infrastructure across the country would ease road congestion, reduce logistics costs, improve passenger mobility, stimulate economic activities and accelerate national development.
He reaffirmed the NRC’s commitment to partnering with state governments and other stakeholders to build an integrated, safe and sustainable railway network across Nigeria.
Responding, LAMATA Managing Director, Engr. Abimbola Akinajo, described the permanent licence as the culmination of years of rigorous assessments and collaboration with the NRC.
She praised the corporation for its technical support throughout the process, saying LAMATA had benefited immensely from the partnership with the over 100-year-old railway institution.
Akinajo said the Lagos State Government had already procured three additional train sets in anticipation of the permanent licence. According to her, the new rolling stock will increase daily Red Line services from the current nine trips to 24.
She added that when fully operational, the Red Line is expected to transport more than 200,000 passengers daily, while reaffirming the state’s commitment to expanding rail transport as part of Governor Babajide Sanwo-Olu’s THEMES+ Agenda and its vision of an integrated intermodal transport system.
Background
The Lagos Rail Mass Transit Red Line is one of the flagship rail projects designed to tackle traffic congestion and improve urban mobility in Africa’s largest city. Built largely on an existing Nigerian Railway Corporation corridor, the line links Agbado to Oyingbo and forms part of Lagos State’s broader strategy to develop a modern, integrated public transportation system.
The permanent operating licence comes as the Federal Government continues to implement railway sector reforms aimed at encouraging greater participation by state governments and private operators. Industry stakeholders believe the move could accelerate investment in rail infrastructure and modernise transportation across the country.

Lagos Makes History as NRC Grants Permanent Rail Licence to Run Train  Services

FG Orders Fuel Marketers to Cut Petrol Prices, Warns Against Profiteering

The Federal Government has directed petroleum marketers to immediately reflect the recent drop in global crude oil prices by reducing the pump price of petrol, warning that Nigerians must not be exploited under the country’s deregulated downstream petroleum market.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the directive in Abuja on Monday while delivering the keynote address at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum.

He also tasked the NMDPRA to ensure that deregulation does not become a cover for excessive profiteering by marketers and fuel suppliers, stressing that the agency has a legal responsibility to protect consumers while promoting a competitive market.

The two-day forum has as its theme: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector.”

Lokpobiri said the recent easing of geopolitical tensions in the Middle East, particularly between Iran and the United States, had pushed global crude oil prices down from about $120 per barrel to around $72, creating expectations that petrol prices in Nigeria would also decline.

He, however, expressed concern that despite the significant fall in crude prices, refiners and marketers had continued to sell Premium Motor Spirit (PMS), popularly known as petrol, at high pump prices.

“Following the de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products. However, that has not yet happened,” the minister said.

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“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act.”

Lokpobiri further directed the NMDPRA to strengthen surveillance across filling stations to ensure motorists receive the exact quantity of fuel they pay for.

“Beyond allowing prices to be determined by market forces, the question is: what is the regulator doing to ensure that consumers receive the correct quantity of product? When someone pays for 10 litres of Premium Motor Spirit, they should receive exactly 10 litres, not less,” he said.

The minister added that despite the recent geopolitical tensions involving the United States and Iran, Nigeria did not experience fuel shortages, attributing the stability to the deregulation of the downstream petroleum sector and the growing contribution of domestic refineries.

The deregulation of Nigeria’s downstream petroleum sector gathered pace after the removal of petrol subsidy by President Bola Tinubu in May 2023. Since then, the prices of Premium Motor Spirit (PMS) have been determined largely by market forces, including international crude oil prices, foreign exchange rates and supply costs, resulting in frequent adjustments at filling stations across the country.

In recent weeks, global crude oil prices have dropped sharply following the easing of tensions in the Middle East, particularly after fears of a wider conflict involving Iran and the United States subsided. The decline in crude prices raised expectations among Nigerians that petrol pump prices would also fall, as marketers had previously increased prices when global oil prices surged.

However, many marketers have largely maintained existing pump prices despite the lower cost of crude oil, prompting criticism from consumers and labour groups. The Federal Government’s latest directive is aimed at ensuring that the benefits of lower international oil prices are passed on to Nigerians while preventing profiteering and sharp practices in the deregulated petroleum market.

FG Orders Fuel Marketers to Cut Petrol Prices, Warns Against Profiteering