Business
CBN revokes licences of 139 microfinance, mortgage banks (Full list)
CBN revokes licences of 139 microfinance, mortgage banks (Full list)
The Central Bank of Nigeria (CBN) has revoked the operating licences of 132 microfinance banks, three finance companies and four primary mortgage banks.
Governor of the CBN, Godwin Emefiele, announced the revocation of the licences of the institutions on Monday, an official gazette of the Federal Government said.
Emefiele revoked the licences in exercise of the powers conferred on CBN under section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020, Act No. 5.
The gazette stated that the revocation list was published in accordance with the BOFIA 2020, Act No 5.
“The respective firms have ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months,” the document read.
“The firms have failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”
Microfinance Banks Licences Revoked
Atlas Microfinance Bank
Bluewhales Microfinance Bank
Everest Microfinance Bank
Igangan Microfinance Bank
Mainsail Microfinance Bank
Merit Microfinance Bank
Minna Microfinance Bank
Musharaka Microfinance Bank
Nopov Microfinance Bank
Ohon Microfinance Bank
Premium Microfinance Bank
Royal Microfinance Bank
Statesman Microfinance Bank
Suisse Microfinance Bank
Vibrant Microfinance Bank
Virtue Microfinance Bank
Zamare Microfinance Bank
North Capital Microfinance Bank
Chidera Microfinance Bank
Excellent Microfinance Bank
Ni’ima Microfinance Bank
Cosmopolitan Microfinance Bank
Progressive Link Microfinance Bank
Trust One Fomerly Desmonarchy
Ekuombe Microfinance Bank
First Index Microfinance Bank
Ola Microfinance Bank
Uli Microfinance Bank
Verdant Microfinance Bank
Aguleri Microfinance Bank Limited
Apeks Microfinance Bank Limited
Fahimta Microfinance Bank Limited
Manny Microfinance Bank Limited
Reality Microfinance Bank Limited
Surbpolitan Microfinance Bank Limited
Onyx Microfinance Bank Limited
Osina Microfinance Bank Limited
Olofin-Owena Microfinance Bank Limited
Zikado Microfinance Bank Limited
Prudential Cooperative Microfinance Bank Limited
Peniel Microfinance Bank Limited
Taraba Microfinance Bank Limited
Brass Microfinance Bank Limited
Michika Microfinance Bank Limited
Ndiagu Microfinance Bank Limited
Northbridge Microfinance Bank Limited
FCT Microfinance Bank Limited
Omu-Aran Microfinance Bank Limited
Cherish Microfinance Bank Limited
Bipc Microfinance Bank Limited
Danels Global Microfinance Bank Limited
Bancorp Microfinance Bank Limited
Manna Microfinance Bank Limited
Moneywise Microfinance Bank Limited
Mercury Microfinance Bank Limited
New Age Microfinance Bank Limited
Pearl Microfinance Bank Limited
Zawadi Microfinance Bank Limited
Seed Capital Microfinance Bank Limited
Eduek Microfinance Bank Limited
Eksu Microfinance Bank Limited
Dakingari Microfinance Bank Limited
Ogoja Microfinance Bank Limited
Nwabosi Microfinance Bank Limited
Nuture Microfinance Bank Limited
Active Point Microfinance Bank Limited
Amoye Microfinance Bank Limited
Boluwaduro Microfinance Bank Limited
Iyede Microfinance Bank Limited
Mayfair Microfinance Bank Limited
Calabar Microfinance Bank Limited
Ighomo Microfinance Bank Limited
Hackman Microfinance Bank Limited
Idese Microfinance Bank Limited
Bridgeway Microfinance Bank Limited
Grassroot Microfinance Bank Limited
Surelife Microfinance Bank Limited
Tijarah Microfinance Bank Limited
Ic-Global Microfinance Bank Limited
Ejiamatu Microfinance Bank Limited
Briyth Covenant Microfinance Bank Limited
Nanka Microfinance Bank Limited
Cub Microfinance Bank Limited
BFL Microfinance Bank Limited
Umunne Microfinance Bank Limited
Oroke Microfinance Bank
Alkaleri Microfinance Bank Limited
Crowned Eagle Microfinance Bank Limited
Unifa Microfinance Bank Limited
Dadinkowa Microfinance Bank Limited
Ifesowapo Microfinance Bank Limited
Oaf Microfinance Bank Limited
Bama Microfinance Bank Limited
Ngala Microfinance Bank Limited
Iwoama Microfinance Bank Limited
Kada Microfinance Bank Limited
Keffi Microfinance Bank Limited
Nut-Endwell Microfinance Bank Limited
First Multiple Microfinance Bank Limited
SBDC Microfinance Bank Limited
Oros Capital Microfinance Bank Limited
Ozizza Microfinance Bank Limited
Primera Credit Microfinance Bank Limited
Ifeanyichukwu Microfinance Bank Limited
Ihioma Microfinance Bank Limited
Josad Microfinance Bank Limited
Akpo Microfinance Bank Limited
Aiyepe Microfinance Bank Limited
ABC Microfinance Bank Limited
Star Microfinance Bank Limited
Purple Money Microfinance Bank Limited
Utuh Microfinance Bank Limited
Stallion Microfinance Bank Limited
Kjl Microfinance Bank Limited
Credit Afrique Microfinance Bank Limited
Cowries Microfinance Bank Limited
Lawebod Microfinance Bank Limited
Mabinas Microfinance Bank Limited
Business Support Microfinance Bank Limited
Ogbe-Ahiara Microfinance Bank Limited
Olofin Microfinance Bank Limited
Obosi Microfinance Bank Limited
Fiyinfolu Microfinance Bank Limited
Bishopgate Microfinance Bank Limited
Awka Microfinance Bank Limited
Zigate Microfinance Bank Limited
Esan Microfinance Bank Limited
Enugu-Ukwu Microfinance Bank Limited
Echo Microfinance Bank Limited
Ally Microfinance Bank Limited
Network Microfinance Bank Limited
Awgbu Microfinance Bank Limited
Finance Companies Licences Revoked
HHL Invest and Trust Limited
TFS Finance Limited
Treasures and Trust Limited
PMBs Licences Revoked
Resort Savings and Loans
Safetrust Mortgage Bank
Adamawa Savings and Loans
Kogi Savings and Loans
Business
FIRS, LIRS establish joint tax audit/investigation team
FIRS, LIRS establish joint tax audit/investigation team
The Federal Inland Revenue Service (FIRS) and the Lagos Inland Revenue Service have agreed to establish a joint audit and investigation team aimed at encouraging exchange of information.
Already, they have signed a Memorandum of Understanding (MoU) to this effect.
This is contained in a communique signed by Ayodele Subair, Executive Chairman, LIRS, and Muhammad Nami, Executive Chairman, FIRS on Wednesday.
The general public, taxpayers and tax practitioners are charged to provide full support and cooperation to both agencies for the overall benefit of all stakeholders.
According to the MoU, the overall objective of the joint tax audit would be to improve tax administration by reducing tax compliance cost, thereby enabling ease of doing business in the country.
Executive Chairman of LIRS, Subair said while the importance of the agreement was to foster greater collaboration between the two agencies, “there is no reason to debate the above as it has been established that tax compliance and good governance are expected to co-exist as the indivisible social contract that binds citizens and governments anywhere in the world.
“Therefore, citizens and governments are expected to fulfil their end of the bargain in achieving a balance.”
According to the FIRS Executive Chairman, Nami, ‘’the cooperation would enable the two authorities to work as a team in sharing relevant information that would assist both parties in their tax administration and enforcement.”
He added, “We will carry out a joint audit and investigation as a team; we will also conduct an automatic exchange of information for gathering data for the purpose of tax administration.”
The communique said while the notice was issued for the information and guidance of the general public, taxpayers and tax practitioners in line with the MoU.
The collaboration is expected to improve tax administration with a view to enhancing tax revenue generation, creation of a robust database and improve on the country’s tax-to-GDP ratio.
Members of the public are assured that employees of both parties will abide by the Code of Conduct and Ethical compliance to ensure that the implementation of the MOU does not impact negatively on the taxpayers.
Business
Uber, Bolt drivers insist on N2,000 minimum fare per trip
Uber, Bolt drivers insist on N2,000 minimum fare per trip
Drivers of Uber and Bolt have insisted on riders paying a minimum fare of N2,000 per trip.
This follows the hike in the pump price of petrol from N184 per litre to about N500 after the removal of fuel subsidy.
The drivers under the aegis of Amalgamated Union of App-Based Transport Workers of Nigeria (AUATWN) also said they would not back down on their protest against the Federal Government’s removal of fuel subsidy until their demands are granted.
The union which rose from its national emergency meeting in Lagos on Wednesday said it would continue with its nationwide protest on Thursday (today).
The union said its members across the country would participate in the industrial action.
It said the demand for a 200 per cent increase in the fare per trip was justifiable after the fuel price hike.
The union’s National President Damola Adeniran, was quoted in a statement by Media and Publicity Committee Chairman, Jossy Olawale, that AUATWN members were beginning to run at a loss.
“We have overtimes been subjected to hardship, oppression and cowed in the name of wanting to survive as unemployed graduates who humbly undertake driving job,” he said.
Adeniran said Bolt had started blocking the account of members of the excos of the union over the protest.
The union leader asked for more equitable payment for AUATWN’s workers.
He said, “As a union, we have the right to protest and protect the right of our members for better welfare, as a result which we cannot be punished while undertaking this lawful path.”
The union leader said the demands of AUATWN’s members remained unchanged: increase in fares by 200 per cent and reduction of commission by 50 per cent, among others.
Uber, Bolt drivers insist on N2,000 minimum fare per trip
Business
Shettima to lead discussions on subsidy removal palliatives
Shettima to lead discussions on subsidy removal palliatives
Vice-President Kashim Shettima will coordinate discussions on governments’ interventions to mitigate the impact of fuel subsidy removal on the people.
Already, President Bola Tinubu has directed the VP-led National Economic Council to begin the process.
This was disclosed on Wednesday by Governor Dapo Abiodun of Ogun State while briefing State House reporters after leading some major oil marketers on a visit to the President at the Presidential Villa, Abuja.
The governor said the marketers were in the presidential villa to express solidarity with the president for his bold decision to end subsidy payment on Premium Motor Spirit (PMS) popularly known as petrol.
He said the President’s action showed his determination and courage to remove the hemorrhage that had bedevilled the country for decades.
The governor said while there would be some discomfort on the part of the people, the move would eventually pay off as there can be no gains without pains.
He said with the policy in place, the country would be saving over N6 trillion annually.
Abiodun noted that fuel prices had escalated in some neighbouring countries because of the increase in pump price in Nigeria.
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