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
Auto
Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner
Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner
Ultimate winner of the forthcoming NAPE Charity Golf Tournament holding in Abuja will drive home Chery Tiggo 8 Pro, a superlative sport utility vehicle.
Carloha Nigeria, one of the major sponsors of the event, disclosed this in a statement issued in Lagos.
The golf tournament is scheduled to take place at the prestigious IBB Golf & Country Club, Abuja, on October 26, 2024.
Carloha, franchise holder and assembler of Chery vehicles in Nigeria, said its sponsorship of the tournament was part of its commitment to fostering sports development in the country.
Part of the statement read, “Chery is offering its flagship SUV, the Tiggo 8 Pro as the ultimate prize for any player who achieves a hole-in-one during the tournament.
“This event promises to be an unforgettable experience for golf enthusiasts and those passionate about positively impacting our community.”
It specifically noted that the highlight of the tournament would be the incredible hole-in-one winning feat attracting a prize of Chery Tiggo 8 Pro generously provided by Carloha without insurance premium coverage for the tournament.
This prize is said to underscore Chery’s support for sporting initiatives in Nigeria and reflect the brand’s passion for nurturing talent and promoting community engagement through sports.
Director of Sales for Carloha Nigeria, Mr. Joseph Omokhapue, said, “We are glad to be one of the major partners in the NAPE Charity Golf Tournament, and offering an amazing prize for the hole-in-one with Tiggo 8 Pro represents Chery’s dedication to supporting sports in Nigeria, as well as enhancing the excitement and competitiveness of the tournament, making it an event to remember.
“More importantly, this gesture is one of the many ways Carloha is contributing to the underprivileged in our society by associating with the NAPE Charity Golf Tournament.”
By participating in this prestigious event, Golfers have the chance to showcase their skills and also contribute to a worthy cause.
Proceeds from the tournament would go towards supporting local charities, creating a lasting impact on the lives of those in need, the statement added.
The Tiggo 8 Pro, according to the firm, is renowned for its luxury, cutting-edge technology, stylish design, dynamic performance, and it perfectly embodies Chery’s dedication to excellence for on and off-road experience.
The Tiggo 8 Pro features an elegant, high-tech electronic gearshift system that provides effortless and precise control, enhancing safety performance and ease of operation, adeptly tailored for the diverse terrains of Nigeria.
It urged golfers and sports enthusiasts to get ready to swing for success at the NAPE Charity Golf Tournament.
“We look forward to seeing you at the IBB Golf Country Club as we come together to make a difference, promote sports development in Nigeria, and celebrate the Chery brand,” it stated.
As part of its commitment to make vehicle ownership easy and affordable for all, Carloha Nigeria offers a remarkable 6-year warranty/200,000 kilometers, 6-year free service on all Chery vehicles, a flexible auto financing solution with the best price for all vehicles, and 24/7 services and parts support nationwide.
This ensures that owners can enjoy their Tiggo 8 Pro with confidence, knowing they have reliable support and service from Chery for years to come.
Auto
NNPC to establish 40 new CNG stations nationwide
NNPC to establish 40 new CNG stations nationwide
The Nigerian National Petroleum Company (NNPC) has acquired equipment to establish 40 new Compressed Natural Gas (CNG) stations across the country, as part of efforts to expand CNG infrastructure.
This comes as the Federal Government aims to set up 100 CNG stations within six months.
Oluwagbemi Michael, Director of the Presidential CNG Initiative, revealed the plans during an event in Ogun State.
He noted that 12 CNG stations were set up in the past year, six in Abuja and six in Lagos, with further expansion underway.
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This move follows concerns over the limited availability of CNG stations, which has slowed the adoption of CNG as an alternative to petrol.
Michael highlighted ongoing investments in infrastructure, including a recent N122bn funding for private companies involved in CNG distribution.
He also mentioned the government’s plan to distribute one million CNG conversion kits to commercial drivers, which is expected to increase demand and attract more investors to the sector.
Additionally, existing petrol stations are being upgraded to include CNG refuelling points, with 40 such upgrades planned by the NNPC.
NNPC to establish 40 new CNG stations nationwide
Business
MTN threatens to shut down services without tariff hike
MTN threatens to shut down services without tariff hike
MTN Nigeria has warned of a potential shutdown if tariffs are not increased to address the rising operational costs that are threatening the profitability of the telecommunications sector.
During a tour of MTN’s facilities in Ibeju-Lekki, Lagos, MTN’s CEO, Karl Toriola, said the telecom sector has been facing significant financial losses and urgent measures are needed to reverse the trend.
Toriola pointed out that MTN, which currently has around 78 million subscribers, is operating on reserves accumulated over the past two decades, a situation he described as unsustainable.
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The company’s operating costs, especially diesel prices needed to power its base transceiver stations, have surged, adding pressure to its financial performance, he added.
The CEO stressed the importance of returning the telecom industry to profitability, warning that without a tariff hike, MTN might be forced to shut down operations.
“There should be no delusion; if the tariff doesn’t go up, we will shut down,” he said.
He noted that MTN, once one of the largest corporate taxpayers in Nigeria, has seen a decline in its tax contributions due to the financial challenges the sector is facing.
MTN threatens to shut down services without tariff hike
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