Business
JUST IN: CBN Revokes Operating Licenses of More Than132 MFBs, others (FULL LIST)

The licenses of more than 132 Microfinance banks, including four primary mortgage banks and three finance companies in Nigeria have been revoked by the Central Bank of Nigeria, this is according to the Official Gazette of Nigeria, obtained from CBN’s website on Tuesday.
According to CBN, the licenses of the financial institutions and companies were revoked because they ceased to carry on their business in Nigeria for a period of six months.
The country’s apex bank said that the institutions and companies failed to fulfil or comply with the conditions with which their licenses were given, adding that the revocation of the institution’s and companies’ licenses is in line with the provision of the Banks and Other Financial Institutions Act, BOFIA 2020, Section 12, Act No.5.
See full list:
1. ATLAS MICROFINANCE BANK 2. BLUEWHALES MICROFINANCE BANK 3. EVEREST MICROFINANCE BANK 4. IGANGAN MICROFINANCE BANK 5. MAINSAIL MICROFINANCE BANK 6. MERIT MICROFINANCE BANK 7. MINNA MICROFINANCE BANK 8. MUSHARAKA MICROFINANCE BANK 9. NOPOV MICROFINANCE BANK 10. OHON MICROFINANCE BANK 11. PREMIUM MICROFINANCE BANK 12. ROYAL MICROFINANCE BANK 13. STATESMAN MICROFINANCE BANK 14. SUISSE MICROFINANCE BANK 15. VIBRANT MICROFINANCE BANK 16. VIRTUE MICROFINANCE BANK 17. ZAMARE MICROFINANCE BANK 18. NORTH CAPITAL MICROFINANCE BANK 19. CHIDERA MICROFINANCE BANK 20. EXCELLENT MICROFINANCE BANK 21. NI’IMA MICROFINANCE BANK 22. COSMOPOLITAN MICROFINANCE BANK 23. PROGRESSIVE LINK MICROFINANCE BANK 24. TRUST ONE (FOMERLY DESMONARCHY) 25. EKUOMBE MICROFINANCE BANK 26. FIRST INDEX MICROFINANCE BANK 27. OLA MICROFINANCE BANK 28. ULI MICROFINANCE BANK 29. VERDANT MICROFINANCE BANK 30. AGULERI MICROFINANCE BANK LIMITED 31. APEKS MICROFINANCE BANK LIMITED 32. FAHIMTA MICROFINANCE BANK LIMITED, MANNY MICROFINANCE BANK LIMITED 34. REALITY MICROFINANCE BANK LIMITED 35. SURBPOLITAN MICROFINANCE BANK LIMITED 36. ONYX MICROFINANCE BANK LIMITED 37. OSINA MICROFINANCE BANK LIMITED 38. OLOFIN-OWENA MICROFINANCE BANK LIMITED 39. ZIKADO MICROFINANCE BANK LIMITED 40. PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED 41. PENIEL MICROFINANCE BANK LIMITED 42. TARABA MICROFINANCE BANK LIMITED 43. BRASS MICROFINANCE BANK LIMITED 44. MICHIKA MICROFINANCE BANK LIMITED 45. NDIAGU MICROFINANCE BANK LIMITED 46. NORTHBRIDGE MICROFINANCE BANK LIMITED 47. FCT MICROFINANCE BANK LIMITED 48. OMU-ARAN MICROFINANCE BANK LIMITED 49. CHERISH MICROFINANCE BANK LIMITED 50. BIPC MICROFINANCE BANK LIMITED 51. DANELS GLOBAL MICROFINANCE BANK LIMITED 52. BANCORP MICROFINANCE BANK LIMITED 53. MANNA MICROFINANCE BANK LIMITED 54. MONEYWISE MICROFINANCE BANK LIMITED 55. MERCURY MICROFINANCE BANK LIMITED 56. NEW AGE MICROFINANCE BANK LIMITED 57. PEARL MICROFINANCE BANK LIMITED 58. ZAWADI MICROFINANCE BANK LIMITED 59. SEED CAPITAL MICROFINANCE BANK LIMITED 60. EDUEK MICROFINANCE BANK LIMITED 61. EKSU MICROFINANCE BANK LIMITED 62. DAKINGARI MICROFINANCE BANK LIMITED 63. OGOJA MICROFINANCE BANK LIMITED 64. NWABOSI MICROFINANCE BANK LIMITED 65. NUTURE MICROFINANCE BANK LIMITED 66. ACTIVE POINT MICROFINANCE BANK LIMITED, AMOYE MICROFINANCE BANK LIMITED 68. BOLUWADURO MICROFINANCE BANK LIMITED 69. IYEDE MICROFINANCE BANK LIMITED 70. MAYFAIR MICROFINANCE BANK LIMITED 71. CALABAR MICROFINANCE BANK LIMITED 72. IGHOMO MICROFINANCE BANK LIMTED 73. HACKMAN MICROFINANCE BANK LIMITED 74. IDESE MICROFINANCE BANK LIMITED 75. BRIDGEWAY MICROFINANCE BANK LIMITED 76. GRASSROOT MICROFINANCE BANK LIMITED 77. SURELIFE MICROFINANCE BANK LIMITED 78. TIJARAH MICROFINANCE BANK LIMITED 79. IC-GLOBAL MICROFINANCE BANK LIMITED 80. EJIAMATU MICROFINANCE BANK LIMITED 81. BRIYTH COVENANT MICROFINANCE BANK LIMITED 82. NANKA MICROFINANCE BANK LIMITED 83. CUB MICROFINANCE BANK LIMITED 84. BFL MICROFINANCE BANK LIMITED 85. UMUNNE MICROFINANCE BANK LIMITED 86. OROKE MICROFINANCE BANK 87. ALKALERI MICROFINANCE BANK LIMITED 88. CROWNED EAGLE MICROFINANCE BANK LIMITED 89. UNIFA MICROFINANCE BANK LIMITED 90. DADINKOWA MICROFINANCE BANK LIMITED 91. IFESOWAPO MICROFINANCE BANK LIMITED 92. OAF MICROFINANCE BANK LIMITED 93. BAMA MICROFINANCE BANK LIMITED 94. NGALA MICROFINANCE BANK LIMITED 95. IWOAMA MICROFINANCE BANK LIMITED 96. KADA MICROFINANCE BANK LIMITED 97. KEFFI MICROFINANCE BANK LIMITED 98. NUT-ENDWELL MICROFINANCE BANK LIMITED 99. FIRST MULTIPLE MICROFINANCE BANK LIMITED 100. SBDC MICROFINANCE BANK LIMITED 101. OROS CAPITAL MICROFINANCE BANK LIMITED, OZIZZA MICROFINANCE BANK LIMITED B 465 103. PRIMERA CREDIT MICROFINANCE BANK LIMITED 104. IFEANYICHUKWU MICROFINANCE BANK LIMITED 105. IHIOMA MICROFINANCE BANK LIMITED 106. JOSAD MICROFINANCE BANK LIMITED 107. AKPO MICROFINANCE BANK LIMITED 108. AIYEPE MICROFINANCE BANK LIMITED 109. ABC MICROFINANCE BANK LIMITED 110. STAR MICROFINANCE BANK LIMITED 111. PURPLE MONEY MICROFINANCE BANK LIMITED 112. UTUH MICROFINANCE BANK LIMITED 113. STALLION MICROFINANCE BANK LIMITED 114. KJL MICROFINANCE BANK LIMITED 115. CREDIT AFRIQUE MICROFINANCE BANK LIMITED 116. COWRIES MICROFINANCE BANK LIMITED 117. LAWEBOD MICROFINANCE BANK LIMITED 118. MABINAS MICROFINANCE BANK LIMITED 119. BUSINESS SUPPORT MICROFINANCE BANK LIMITED 120. OGBE-AHIARA MICROFINANCE BANK LIMITED 121. OLOFIN MICROFINANCE BANK LIMITED 122. OBOSI MICROFINANCE BANK LIMITED 123. FIYINFOLU MICROFINANCE BANK LIMITED 124. BISHOPGATE MICROFINANCE BANK LIMITED 125. AWKA MICROFINANCE BANK LIMITED, ZIGATE MICROFINANCE BANK LIMITED 127. ESAN MICROFINANCE BANK LIMITED 128. ENUGU-UKWU MICROFINANCE BANK LIMITED 129. ECHO MICROFINANCE BANK LIMITED 130. ALLY MICROFINANCE BANK LIMITED 131. NETWORK MICROFINANCE BANK LIMITED 132. AWGBU MICROFINANCE BANK LIMITED.
LIST OF FINANCE COMPANIES LICENCES REVOKED:
1. HHL Invest & Trust Limited 2. TFS Finance Limited 3. Treasures & Trust Limited
LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED
1. RESORT SAVINGS & LOANS 2. SAFETRUST MORTGAGE BANK 3. ADAMAWA SAVINGS & LOANS 4. KOGI SAVINGS & LOANS
Business
Elumelu Abruptly Ends UNGA Visit Following Afriland Tower Fire

The Chairman of Afriland Properties Plc, Mr. Tony Elumelu, has abruptly ended his trip to New York for the ongoing United Nations General Assembly (UNGA) following a devastating fire at Afriland Towers in Lagos that claimed the lives of several staff members.
In a statement released on Wednesday, Elumelu expressed profound sorrow over the incident, describing the loss as heartbreaking for the Afriland family.
He wrote, “I am shattered by yesterday’s devastating incident at Afriland Towers, that took the lives of our dear colleagues. No words can capture the magnitude of this loss – not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them.”
Elumelu revealed that he was en route to New York when he received news of the tragedy, prompting his immediate return to Lagos as a mark of respect to the departed staff.
“As we navigate this grief, I urge you all to reach out to those who are receiving care. In the coming days, we will convene colleagues in a memorial to honour the memories of the departed, as we provide support to their families,” he added.
He also thanked emergency responders, first aid workers, and members of the public for their swift and compassionate response to the disaster.
To honour the victims, a minute of silence will be observed at 12:00 noon on Wednesday across all companies within the Tony Elumelu Group.
Business
CBN Mandates Banks to Announce Successor MD Three Months Ahead
The CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.
In a circular signed by Dr Rita Sike, Director of Financial Policy and Regulation, and published on the CBN’s website, the bank stated that the new rules apply to Domestic Systemically Important Banks (DSIBs) – the largest lenders that are considered “too big to fail” because of their size and importance to Nigeria’s financial system.“
Consequently, and in line with good corporate governance practice, each DSIB is hereby required to: ensure it obtains regulatory approval for the appointment of a successor Managing Director not later than six months to the expiration of the tenor of the incumbent MD/CEO,” the circular stated.
Banks must also “publicly announce the appointment of the successor MD/CEO not later than three months to the planned exit of the incumbent MD/CEO.”
Whilst stating that the move is part of broader efforts to strengthen corporate governance and maintain confidence in the financial system, the CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.
Business
Nigeria is gradually regaining macroeconomic stability – CPPE
Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.

Dr Muda Yusuf, the Chief Executive Officer (CEO) ,Centre for the Promotion of Private Enterprise (CPPE), declared that Nigeria is gradually regaining macroeconomic stability.
He referenced the downward trend of headline inflation rate for the fifth consecutive month, reaching 20.12 percent in August 2025 from July’s 21.88 percent.
Dr Yusuf made the above comments in response to the data from the National Bureau of Statistics (NBS) for the period under review .
Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.
According to Yusuf the 20.12 percent recorded in August represents a notable 1.76 percentage point decline from July’s 21.88 per cent.
Month-on-month inflation also slowed sharply, with prices rising by just 0.74 percent in August compared to 1.99 per cent in July.
“However, consumer confidence remains fragile due to persistently high food prices and weak purchasing power. Despite this, consumer pessimism is gradually easing, suggesting that households are beginning to adjust their expectations as inflation slows.
“Several factors have contributed to the continued deceleration in inflation, including base effects from the unusually high inflation rates recorded in 2024, FX stabilisation and improved agricultural production from sub-national government interventions, which have helped boost food supply and contain price spikes,” he said.
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