SEE FULL LIST: CBN revokes licences of 139 microfinance and primary mortgage banks
The Central Bank of Nigeria (CBN) says it has revoked the operating licences of 132 microfinance banks, three finance companies, and four primary mortgage banks.
Godwin Emefiele, governor of the apex bank, revoked 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 noted 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 reads.
“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.”
Here’s a list of the affected institutions.
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
PRIMARY MORTGAGE BANKS LICENCES REVOKED
Resort Savings and Loans
Safetrust Mortgage Bank
Adamawa Savings and Loans
Kogi Savings and Loans
Falana faults NNPCL, says only president can fix petrol price
Femi Falana, human rights lawyer, says the Nigerian National Petroleum Company Limited (NNPCL) is not legally empowered to fix or adjust the price of petrol.
Falana said the power to fix the price of petrol lies with President Bola Tinubu since there is no substantive minister of petroleum resources.
On May 31, NNPCL said it has adjusted the price of petrol across its retail outlets.
Garba Deen Muhammad, the spokesperson of the corporation, cited “market realities” as the reason for the adjustment of the price.
BODEX BLOG had earlier reported that filling stations across the country increased pump prices from N185 to over N500 shortly after President Tinubu declared in his inauguration speech that “petrol subsidy is gone”.
Reacting to the development in an interview with Channels Television on Friday, Falana said it was against the law that NNPCL or the so-called “invisible market forces” were fixing the price of petrol.
“The NNPC has metamorphosed into a limited liability company. It is now NNPC Limited. To that extent, NNPCs like Total, Exxonmobil, and Shell operating in the oil industry cannot announce increases in the prices of petroleum products. That duty is vested in the government,” the senior advocate of Nigerian (SAN) said.
“Nobody has the right in Nigeria to fix the prices of petroleum products other than the government. You have a price control act and at that time the petroleum act, now PIA.
“You ask the NNPC where have you got the power to fix the price of petrol from N185 to N540, how? The invisible market forces cannot under the Nigerian constitution and under the PIA fix the prices of petroleum products.
“Under the current situation in which we have found ourselves since ministers have not been appointed, the president is running the country. Only the president can sọ decide the price for now.
You have the price control act, the PIA. There is no provision in our law for market forces to determine to prices of any product in the country.”
Like Nigeria, Angola cuts petrol subsidy to promote solid economic growth
Angola says it has decided to reduce its spending on petrol subsidy.
After the cabinet meeting on Thursday in Luanda, the country’s capital, Manuel Junior, minister of state for economic coordination, said the subsidy reduction will take effect from Friday.
He said this would lead to an increase in the price of petrol from the current 160 kwanzas (about $0.27) per litre, to 300 kwanzas (about $0.51) per litre.
The change in price represents an 87.5 percent rise, starting from 1.00 am, on Friday.
Subsidies on other petroleum products, such as diesel, cooking oil, and gasoil (a type of diesel), will remain unchanged, he said.
The minister said the removal of petrol subsidy is “a necessary measure to promote solid economic growth capable of addressing the serious problems facing the country”.
Junior said Angola’s expenditures on fuel subsidies amounted to $3.8 billion in 2022.
On her part, Vera Daves, minister of finance of Angola, said removing the petrol subsidy was a sovereign decision of the Angolan state and was not influenced by external pressure from the International Monetary Fund (IMF).
According to a government report obtained by Xinhua, Angola’s ministry of finance had put forth a proposal for a phased reduction of petrol subsidy beginning in the second quarter of 2023.
The report also recommended a gradual and progressive removal of the subsidy on diesel and illuminating oil prices, with the process projected to last until 2025.
Angola has the fourth-lowest petrol prices in the world ($0.28) after Libya, Iran, and Venezuela, according to data compiled by Globalpetrolprices.com.
According to a report released on May 11 by the Organisation of the Petroleum Exporting Countries (OPEC), Angola is Africa’s top crude oil producer, with production averaging 1.06 million barrels per day in April.
The country’s petrol subsidy cutback comes at a time when Nigeria, Africa’s major oil-producing country, is experiencing post-subsidy realities.
Ports to shutdown as maritime workers begin strike on Monday over poor welfare
Freight forwarders under the aegis of the Maritime Workers Union of Nigeria (MWUN) have threatened to embark on industrial action on Monday, June 5, 2023, over the poor welfare of shipping companies in the sector.
Speaking to journalists on Thursday, Adewale Adeyanju, president of MWUN, said the warning strike is due to the failure of the management of shipping companies to discuss and negotiate the welfare and condition of service of its members, despite several interventions.
While stakeholders have condemned the planned strike due to its potential impact on businesses, Adeyanju said there was no going back as several meetings have been held prior, hence the issuance of a seven-day ultimatum to the shipping companies.
He said after the first ultimatum was issued, the shipping firms were still nonchalant about discussing an amicable resolution.
“MWUN wishes to bring to the attention of the general public its bewilderment at the nonchalant attitude of shipping companies’ management to discuss and negotiate the welfare and condition of service of our members in the shipping industry,” he said.
“This is in spite of several interventions and meetings which sought an amicable resolution of the unresolved welfare issues of our members in the shipping sector culminating in the issuance of a further seven-day ultimatum after the expiration of the previous 14-day ultimatum issued.
“Related to the above, the minister of transportation, in a bid to ensure a peaceful industrial climate in the shipping, sector had directed the management of Nigerian Shippers Council (NCS) to spearhead a collective bargaining meeting between MWUN and all shipping companies in Nigeria.
“Unfortunately, despite several meetings called at the instance of the shippers’ council in their premises, the shipping companies’ representatives deliberately forestalled the negotiations process citing a lack of mandate from their respective principals insisting on maintaining status-quo.
“Consequently to the foregoing and the obvious unwillingness of the shipping employers to negotiate minimum standard and condition of service for our members in the shipping sector, MWUN is left with no option than to resuscitate the earlier-seven day ultimatum issued the shipping employers in the sector; and therefore withdraw the services of our members inclusive of our members in the dock, seafarers and Nigeria Port Authority (NPA) from all ports, jetties, terminals, and oil and gas platforms nationwide with effects from Monday, June 5, 2023.”
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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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