Business
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
ByteDance, the Chinese parent company of TikTok, says it has no intention of selling the social media platform.
“Foreign media reports that ByteDance is exploring the sale of TikTok are untrue,” the company wrote in a statement on Toutiao, a news aggregation app that it owns.
“ByteDance doesn’t have any plan to sell TikTok.”
The statement was in response to an article by The Information on Thursday saying “ByteDance is exploring scenarios for selling TikTok’s US business without the algorithm that recommends videos to TikTok users”.
The development followed after the US passed a law to force ByteDance to sell the hugely popular video app or be banned in America.
The sell-or-ban measure was signed into law by US President Joe Biden on Wednesday.
The bill, passed by the senate on Tuesday, follows concerns among US lawmakers that China could access Americans’ data or use the app for surveillance.
In March, the house of representatives passed a bill to ban TikTok unless the app parts ways with ByteDance.
The lawmakers voted — 352 in favour of the proposed law and 65 against it — in a rare moment of bipartisan unity.
In 2022, the US house of representatives ordered its staff to delete TikTok from any house-issued mobile devices.
TikTok recently said it would challenge in court the “unconstitutional” law.
A financial data and media company, Bloomberg, has ranked the Dangote Refinery above the top 10 biggest refineries in Europe.
According to data compiled by the business news platform, the refinery has more capacity than many European ones.
The $20bn-worth refinery located in Lekki-Epe Expressway, Lagos State, can refine 650,000 barrels of petroleum products per day.
The report sighted by newsmen on Thursday stated that this is over 246,00bpd capacity, more than Shell’s Pernis Refinery, which is located in the Netherlands.
It added that the Pernis Refinery, which has an installed capacity of 404,000bpd, is the biggest in Europe. The BP Rotterdam Refinery in the Netherlands has a capacity of 380,000.
Bloomberg also reported that the GOI Energy ISAB Refinery in Italy was built with a refining capacity of 360,000bpd.
Also, the TotalEnergies Antwerp refining facility in Belgium can refine 338,000bpd.
Others listed in the report were the Orlen Plock Refinery in Poland with 327,000bpd; Shell’s Rheinland in Germany with 327,000bpd; Miro Refinery in Germany with 310,000 capacity; and the ExxonMobil Anterwep Refinery in Belgium with 307,000 capacity.
It added that the Saras Sarroch Refinery in Italy had 300,000 capacity; the ExxonMobil Fawley in England had 270,000bpd capacity.
The Bloomberg report described the Dangote Refinery as a ‘game changer’ and said it was taking advantage of cheaper US oil imports for as much as a third of its feedstock as it started up.
According to analysts, the refinery has been shipping products in recent weeks while readying two units to enable petrol output, which will deliver a long-promised transformation of the fuel market in Nigeria and the region.
“Dangote is going to influence Atlantic Basin gasoline markets this summer and for the rest of the year,” an oil expert, Alan Gelder, told Bloomberg.
According to the average estimate of analysts at WoodMac, FGE, and Citac, the refinery is running at about 300,000 barrels a day, nearly half its nameplate capacity.
The complex has started shipping jet fuel, diesel, and naphtha as it widens to a full slate of products.
Reuters recently reported that the Dangote oil refinery could end a decades-long petrol trade from Europe to Africa, worth $17 billion a year.
Reuters, quoting analysts and traders, said the Dangote refinery was heaping pressure on European refineries already at risk of closure from heightened competition, adding that the refinery would be the largest in Africa and Europe when it reaches full capacity.
About a third of Europe’s 1.33mbpd average petrol exports in 2023 went to West Africa, a bigger chunk than any other region, with most of those exports ending up in Nigeria, Reuters said, quoting Kpler data.
Dangote Refinery has begun selling diesel into the Nigerian market, crashing the pump price from N1,600 to N940 in less than a month.
The federal government (FG) says it has approved the commencement of flight services from Abuja to London by Air Peace.
Festus Keyamo, minister of aviation and aerospace development, spoke on Channels television on Thursday.
Keyamo said he gave the approval for Air Peace to add Abuja to its London route on April 24.
“Just yesterday (Wednesday), I approved Air Peace for the Abuja-London route, not only Lagos-London route,” the minister said.
“British Airways also come to Abuja.
“So, let Air Peace block that path and start a war. It’s all for the good of Nigerians.”
Speaking on the British government’s refusal to grant operation access to Heathrow Airport, Keyamo said the federal government agreed to operate the Gatwick Airport.
He said Air Peace or any interested local airline should be operating to Heathrow Airport and not Gatwick.
The minister said the Gatwick Airport is only a low-hanging fruit and a starting point.
Keyamo said he has been reviewing the bilateral air service agreement (BASA) between the United Kingdom (UK) and Nigeria and some decisions would be made after the exercise.
On March 30, 2024, Air Peace began direct flight operations from Lagos to Gatwick Airport in London.
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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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