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
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Auto
Jetour X90 Plus Combines Power, Luxury, Family-Friendly Space in One Package
Jetour X90 Plus Combines Power, Luxury, Family-Friendly Space in one Package
As demand grows for spacious, feature-rich and value-driven SUVs in Nigeria, the Jetour X90 Plus is carving out a strong reputation as a premium family vehicle that seamlessly combines luxury, advanced safety technology and impressive performance.
Designed to meet the needs of modern families and ambitious professionals, the seven-seater SUV delivers a compelling blend of comfort, practicality and innovation, making it one of the standout contenders in Nigeria’s highly competitive mid-size SUV market.
The Jetour X90 Plus offers an appealing mix of generous cabin space, refined styling and cutting-edge technology, positioning it as a vehicle built for both daily commuting and long-distance travel.
Its growing presence in the Nigerian market is further strengthened by an extensive dealership network comprising Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, Tab Autos Limited, R. T. Briscoe Motors and Mandilas Autos, according to a statement by Jetour Nigeria Mobility Services.
The SUV’s bold exterior is defined by a prominent hexagonal grille, sleek LED headlamps and a commanding road presence that projects confidence and sophistication.
Under the hood, the X90 Plus is available with two turbocharged powertrains.
The 1.6-litre turbo engine generates 197 horsepower and 290Nm of torque, while the 2.0-litre turbocharged variant delivers a more robust 254 horsepower and 390Nm of torque.
Both engines are mated to a seven-speed dual-clutch transmission and front-wheel-drive system, ensuring responsive performance, fuel efficiency and smooth handling across varying road conditions.
Measuring 4,858mm in length, 1,925mm in width and 1,780mm in height, the SUV translates its substantial dimensions into a remarkably spacious interior.
The seven-seat cabin features premium materials, soft-touch finishes and elegant wood accents, while generous headroom and legroom across all three rows provide comfort for every occupant.
A panoramic sunroof further enhances the airy and luxurious feel of the interior.
Technology is at the heart of the driving experience, with a 12.3-inch LCD touchscreen infotainment system supporting phone mirroring, Bluetooth connectivity, voice control and wireless charging.
The climate control system is managed through a digital touchscreen interface and includes automatic rear and roof-mounted air vents, as well as an air purification function.
Occupant comfort is enhanced by power-adjustable front seats equipped with heating, ventilation, memory settings and lumbar support, while an eight-speaker Sony sound system provides a premium audio experience.
Safety remains one of the vehicle’s strongest selling points. The X90 Plus comes equipped with multiple airbags, Vehicle Stability Control, Advanced Emergency Braking, Hill-Start Assist, Hill-Descent Control, an Electronic Parking Brake with Auto Hold and a high-mounted stop lamp.
The SUV also features an array of advanced driver-assistance technologies, including a 360-degree camera with 2D and 3D viewing options, forward collision warning, parking sensors, radar monitoring and lane departure warning, all designed to improve safety and driver confidence.
Additional convenience features include smart keyless entry, push-button start, electronic gear selection, multiple drive modes, cruise control, automatic tailgate operation and advanced LED lighting systems.
Jetour Nigeria says the X90 Plus is supported by a comprehensive aftersales programme that includes warranty coverage, trained technicians and readily available spare parts, reinforcing the brand’s commitment to reliability, customer satisfaction and long-term ownership value.
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Business
Dangote Refinery Announces New Petrol Price as Crude Oil Eases
Dangote Refinery Announces New Petrol Price as Crude Oil Eases
The Dangote Petroleum Refinery has announced a ₦75 reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, lowering the rate from ₦1,250 to ₦1,175 per litre in a move expected to influence Nigeria’s downstream fuel market.
In a notice issued to fuel marketers, the refinery said the adjustment takes effect from midnight on June 16, 2026, and applies to all outstanding but yet-to-be-loaded gantry volumes, which will be repriced at the new rate. The company also reduced its coastal petrol price per metric tonne from ₦1,595,790 to ₦1,495,215, reflecting a broader downward review across its pricing structure.
The refinery explained that the decision was influenced by the easing of geopolitical tensions in the Middle East, which had previously driven up global energy costs and caused volatility in the international oil market. It added that improved diplomatic engagements around key global shipping routes, including the Strait of Hormuz, have helped stabilize crude oil movement and pricing.
The international oil market had experienced significant pressure in recent months following tensions between major global powers, which pushed crude prices above $120 per barrel at the peak of the crisis. However, with renewed diplomatic discussions and easing tensions, crude prices have begun to stabilize, recently trading around the $80 per barrel range, offering some relief to refining and import costs globally.
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Since crude oil is the primary raw material for petrol production, changes in global prices directly affect refined product pricing across markets, including Nigeria.
The latest price adjustment positions the Dangote refinery as one of the most competitive suppliers in Nigeria’s deregulated downstream sector. Industry data from market tracking platforms indicate that petrol is currently being sold by some marketers at around ₦1,240 per litre, depending on logistics, location, and distribution costs.
The reduction is expected to gradually influence retail pump prices nationwide, although final consumer prices will still depend on transportation costs, dealer margins, and regional supply dynamics. Regulatory oversight is provided by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which continues to monitor pricing trends and market stability in the downstream sector. Major industry players such as NNPC Limited are also expected to adjust their pricing strategies in response to shifts in the refinery’s ex-depot rates.
The latest petrol price reduction in Nigeria is expected to bring moderate relief to consumers already grappling with fluctuating fuel costs. However, analysts note that despite lower ex-depot prices, retail fuel prices may vary across states due to logistics costs and supply chain factors. If global crude oil prices remain stable or continue to decline, further downward adjustments in fuel prices may be possible in the coming weeks.
Dangote Refinery Announces New Petrol Price as Crude Oil Eases
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Business
SERAP Takes NNPCL to Court Over Alleged ₦5.9bn Rebranding Expenditure
SERAP Takes NNPCL to Court Over Alleged ₦5.9bn Rebranding Expenditure
The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPCL) to court over an alleged ₦5.9 billion expenditure linked to the incorporation, transition and rebranding of the former Nigerian National Petroleum Corporation (NNPC) into NNPCL.
The lawsuit, filed at the Federal High Court in Abuja and marked FHC/ABJ/CS/1248/2026, seeks an order compelling NNPCL to provide a comprehensive account of how the funds were spent and whether all approvals and procurement procedures were properly followed.
According to SERAP, the disputed amount comprises about ₦2.9 billion reportedly spent on incorporation expenses from petroleum product proceeds and another ₦2.9 billion allegedly charged by the National Petroleum Investment Management Services (NAPIMS) to crude oil revenues for the transition process.
The rights group is asking the court to direct NNPCL to release a detailed reconciliation statement showing all financial transactions related to the expenditure. SERAP is also seeking information on contractors involved in the rebranding exercise, the services they rendered, and the amounts paid to them.
In addition, SERAP wants NNPCL to disclose the identities and official positions of government officials who approved and authorized the expenditure. The organization argues that Nigerians have a constitutional right to know how public resources were utilized during the transformation of NNPC into NNPCL.
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The suit was filed by SERAP’s legal team, including Oluwakemi Agunbiade, Kehinde Oyewumi and Andrew Nwankwo. According to the organization, transparency and accountability are essential in the management of public funds, particularly in the oil and gas sector, which remains one of Nigeria’s most important sources of revenue.
SERAP maintained that the public deserves answers regarding who approved the spending, who received the funds, and whether the expenditure represented value for money. The organization further argued that the alleged failure to account for the funds raises concerns about public trust and good governance.
The lawsuit also references concerns reportedly raised by the Senate Committee on Public Accounts, which questioned the size of the expenditure and reportedly called for further explanations and legislative scrutiny.
Before approaching the court, SERAP had written to President Bola Tinubu, urging him to direct anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to investigate the reported spending and identify those responsible for approving and receiving the funds.
According to SERAP, the matter goes beyond financial disclosure and touches on broader issues of accountability, transparency and responsible management of national resources. The organization contends that failure to provide details of the expenditure may be inconsistent with constitutional provisions designed to promote openness in public administration.
SERAP also cited Nigeria’s obligations under international anti-corruption frameworks, including the United Nations Convention Against Corruption (UNCAC) and the African Charter on Human and Peoples’ Rights, which emphasize transparency and accountability in the management of public resources.
The transformation of NNPC into NNPCL followed the implementation of the Petroleum Industry Act (PIA) 2021, which restructured the national oil company into a commercially oriented limited liability company wholly owned by the Federal Government. The transition was officially unveiled in July 2022 as part of efforts to reform Nigeria’s petroleum industry and improve operational efficiency.
As of the time of filing this report, no hearing date has been fixed for the case, while NNPCL has not publicly responded to the allegations contained in the lawsuit.
SERAP Takes NNPCL to Court Over Alleged ₦5.9bn Rebranding Expenditure
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