CBN to rescind the licenses of 182 financial institutions.   

27 September 2018 : 182 financial institutions in the nation are on the verge of losing their licenses, as declared by the Central Bank of Nigeria on Wednesday.


These 154 affected institutions include microfinance banks; primary mortgage banks; and finance companies.


According to CBN, 62 microfinance banks have already shut down; 74 went bankrupt; 12 were terminally battered; while six voluntarily liquidated.


The primary mortgage banks which are up for revocation are Accord Savings and Loans Limited in Lagos as they failed to recapitalise; and Ahocol Savings and Loans Limited in Anambra (state government-owned) that closed shop.


Other mortgage banks whose licenses will be rescinded are Trans Atlantic Savings and Loans Limited in Bayelsa (state government-owned) who also went bankrupt; Royal Savings and Loans Limited in Delta State also closed shop; Amex Savings and Loans Limited in Lagos failed to recapitalise; and lastly, Supreme Savings and Loans Limited in Lagos that also closed shop.


Eight finance companies voluntary liquidated; 13 failed to recapitalise; while one went bankrupt. The affected institutions belong to different states of the federation.


Reporting for EasyKobo on Thursday , 27 September 2018 in Lagos, Nigeria


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