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of more than 132 Microfinance banks, including four primary mortgage banks and three finance companies in Nigeria have been revoked by the Central Bank of Nigeria, this is according to the Official Gazette of Nigeria, obtained from CBN’s website on Tuesday.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
BREAKING: Dangote Refinery Set to Dominate Global Oil Production with Massive Capacity Boost
In a stunning development that’s sending ripples through the global energy market, the Dangote Refinery in Nigeria is dramatically expanding its production capacity.
Originally designed to process 650,000 barrels of crude oil per day, the refinery is now slated to reach a staggering 1.4 million barrels per day, making it, by far, the largest refinery in the world.
This ambitious expansion marks a significant milestone for the African continent and promises to reshape the landscape of oil refining.
The increased capacity is expected to:
***Boost Nigeria’s Economy
***Generate substantial revenue and create numerous jobs.
***Reduce Reliance on Imports
***Significantly decrease Nigeria’s dependence on imported refined petroleum products, saving billions of dollars
***Impact Global Oil Supply
***Contribute significantly to the global supply of refined products, potentially influencing prices and market dynamics
***Catalyze Industrial Growth
***Spur further industrial development and investment in related sectors.
The announcement has been met with excitement and anticipation, as the world watches the Dangote Refinery solidify its position as a key player in the global energy arena.
Business
Dangote denies owning truck that killed eight in Ondo accident
Dangote Group has denied owning the truck that crushed a pregnant woman, a child, and six others to death in an accident in Akungba-Akoko, Akoko South-West Local Government Area of Ondo State.
The company issued the clarification in a statement on its X account on Wednesday.
The statement followed reports that a cement-laden truck suffered brake failure and rammed into traders and other road users.
Reacting, Dangote Group said the truck involved in the tragic incident does not belong to the group or any of its subsidiaries.
It added that vehicle registration records confirm the truck is owned and operated by an independent logistics company with no affiliation to Dangote Group.
“Dangote Group has refuted reports circulating on social media and in some online platforms linking it to a truck involved in a road accident in Akungba-Akoko, Akoko South-West Local Government Area of Ondo State.
“The company wishes to make it categorically clear that the truck involved in the unfortunate incident does not belong to Dangote Group or any of its subsidiaries.
“Verified vehicle registration details confirm that the truck with Plate No. JJJ 365 XB is owned and operated by an independent logistics company with no affiliation to Dangote Group,” the statement reads.
Business
How to Market and Sell Real Estate in Nigeria as a New Agent
Marketing is the heart of every real estate business. Without marketing, no one knows who you are or what you sell.
By Dennis Isong
When Tunde got his real estate license, he thought the deals would start rolling in immediately.
He imagined himself closing sales, posing for Instagram photos with happy clients, and earning commissions that would make his friends jealous. But three months later, he hadn’t sold a single plot of land.
He was frustrated, tired of hearing “I’ll get back to you,” and wondering if real estate was even for him.
If this story sounds familiar, don’t worry—you’re not alone. Many new agents in Nigeria experience the same reality.
The truth is that learning how to market and sell real estate in Nigeria as a new agent takes patience, strategy, and the right kind of exposure.
Nigeria’s property market is dynamic, competitive, and full of opportunities, but only those who understand how to position themselves can thrive.
This article will show you practical steps to not only survive but also grow as a new real estate agent in Nigeria.
1. Understanding the Nigerian Real Estate Market
Before diving into sales and marketing strategies, every new agent must first understand the market they are operating in.
Nigeria’s real estate market is not a one-size-fits-all environment.
Lagos, Abuja, Port Harcourt, and other cities all have their own rhythm and buyer behavior.
Lagos, for instance, is known for its fast-paced property transactions and high demand for both residential and commercial properties. Abuja, on the other hand, attracts more high-end and government-influenced deals.
As a new agent, your first task is to understand your local market thoroughly. Who are the people buying and selling? What kind of properties move faster? What are the trending areas?
For example, in Lagos, areas like Ibeju-Lekki, Ajah, and Epe are currently in high demand due to ongoing infrastructure development and the influx of investors.
Knowing this helps you target the right clients instead of marketing blindly.Also, familiarize yourself with property documentation, government policies, and titles like Certificate of Occupancy, Deed of Assignment, and Survey Plan.
Many new agents lose clients simply because they can’t confidently explain the meaning of these documents.
Knowledge gives you authority, and authority builds trust—a key ingredient for every real estate sale.
Understanding the Nigerian real estate market is like learning the traffic pattern of Lagos.
Once you know where the shortcuts and hold-ups are, you move faster and smarter.
2. Building Your Brand and Credibility
In real estate, people don’t just buy properties—they buy trust. And as a new agent, trust doesn’t come automatically. You have to earn it through consistency, authenticity, and visible professionalism.
Start by creating a strong personal brand.
This doesn’t mean expensive marketing campaigns or flashy suits; it means positioning yourself as reliable and knowledgeable.
Use your social media pages to educate, not just advertise.
Share tips on property buying, warn people about scams, and celebrate your clients’ successes.
Over time, your audience begins to see you as a genuine guide, not just a salesman.
Many new agents make the mistake of posting only “land for sale” flyers without building any real connection.
The Nigerian audience is more likely to buy from people they know, like, and trust.
So, while others are shouting “Buy now before the price increases,” you should focus on telling stories—stories about people who invested early, stories about community development, or even your personal journey as a realtor.
Additionally, ensure you have a clean online presence.
Create a professional WhatsApp display, have a neat profile picture, and use a consistent business name across platforms.
When someone Googles you or your business, they should see something credible.
Offline branding matters too. Attend networking events, property exhibitions, and seminars.
Hand out your business cards professionally.
Dress neatly and speak confidently. Every impression counts because in this business, one good connection can lead to multiple referrals.
Building credibility also means associating yourself with reputable real estate companies or developers.
When clients know you represent a trusted brand, it strengthens your position.
Remember, in Nigeria’s competitive market, people may forget your name, but they will never forget how you made them feel.
Your professionalism, honesty, and humility are the real marketing tools that attract clients again and again.
3. Mastering Marketing: Online and Offline
Marketing is the heart of every real estate business. Without marketing, no one knows who you are or what you sell.
As a new agent, mastering both online and offline marketing strategies is what will set you apart from others.
Let’s start with online marketing. The internet has become the biggest real estate marketplace in Nigeria.
Platforms like Instagram, Facebook, TikTok, and YouTube are no longer just for entertainment—they are where deals happen.
If you understand how to market and sell real estate in Nigeria as a new agent, you must learn to use these platforms effectively.
Create engaging content. Instead of simply posting “Land for sale at Ibeju-Lekki,” show the location in a short video.
Talk about nearby developments, show access roads, and explain why the land is a good investment.
Nigerians love visuals; when they see what you are talking about, they connect better.
Consistency is key. Post regularly, respond to messages quickly, and build conversations.
Attend local community events, visit estates under development, and meet with landowners or developers. Sometimes, the best deals come from word-of-mouth or face-to-face meetings
Don’t be afraid to go live on Instagram or Facebook to answer people’s property questions.
It might feel awkward at first, but every live session builds visibility.
You can also run paid ads on social media to reach a wider audience, especially Nigerians in the diaspora who are constantly searching for reliable property agents in Lagos, Abuja, and other cities.
Ensure your ads are well-targeted and have clear calls to action.However, online marketing alone is not enough.
The Nigerian real estate market still thrives on personal connections and trust built offline.
Attend local community events, visit estates under development, and meet with landowners or developers. Sometimes, the best deals come from word-of-mouth or face-to-face meetings.
Offline marketing could also mean printing flyers, putting up banners in strategic locations, or collaborating with local businesses.
For example, you can partner with surveyors, lawyers, or building contractors who can refer clients to you.
The more people you connect with, the wider your sales network becomes.
Ultimately, effective marketing is about visibility and communication. You must always be in front of people’s minds, both online and offline.
The day they decide to buy, you should be the first person they remember.
4. Learning the Art of Selling
Selling real estate is not just about showing land or houses—it’s about understanding human psychology.
Every buyer has a reason behind their decision, whether it’s security, investment, comfort, or prestige.
Your job as a new agent is to identify that reason and help them achieve it.When meeting a potential buyer, don’t rush to talk about price.
Start by asking questions: “What exactly are you looking for?” “Are you buying to build or for investment?” “What’s your preferred location?” These questions make clients feel understood, and when they trust that you have their interest at heart, they’re more likely to buy from you.
Follow-up is another powerful sales skill many agents ignore.
In Nigeria, clients rarely buy immediately. They often need time to think, confirm from others, or compare prices.
That’s where follow-up messages come in. Send polite reminders, share updates, or send them new listings. But avoid being pushy; people hate being pressured.Your presentation also matters.
When showing a property, be enthusiastic but realistic. Avoid overpromising. If there are challenges like poor roads or pending government approval, mention them and provide solutions.
Clients appreciate honesty, and it often leads to referrals even if they don’t buy immediately.
Negotiation is another critical part of learning how to market and sell real estate in Nigeria as a new agent. Nigerians love to negotiate, so don’t take it personally when a client offers a ridiculously low price.
Stay calm, know your facts, and explain the value behind the price. For instance, you can say, “Yes, this property costs a bit more, but it’s already fenced and close to the expressway, which increases its resale value.”
Facts always win arguments.You should also learn to close deals effectively. Many agents lose clients at the point of decision because they hesitate to ask for commitment.
Once you sense serious interest, move the conversation toward payment or documentation. Confidence and clarity are signs of professionalism.
Every successful sale, no matter how small, is a big win. Celebrate it. Share your success stories (with permission), and use them as testimonials for your next clients.
In real estate, one sale done right can open doors to ten more.
5. Growing Beyond the First Sale
Selling your first property is an exciting milestone, but it’s only the beginning.
To truly succeed in Nigerian real estate, you must learn how to grow and sustain your business.
Start by building relationships, not just making sales. Stay in touch with your clients even after they’ve bought property.
Call them occasionally, send greetings during festive seasons, and keep them updated about new opportunities.
A happy client will always refer new buyers to you.
In fact, most top realtors in Nigeria get more than half of their business from referrals.
Invest in continuous learning. Attend real estate training, webinars, and workshops.
Read books on sales, marketing, and personal development.
The more you know, the more confident you become.
Nigeria’s property market keeps evolving—new laws, new technologies, new trends—so staying updated keeps you ahead.Technology is another tool for growth.
Use CRM (Customer Relationship Management) tools to organize your contacts and follow up systematically.
Use Google Maps to understand property locations, and use WhatsApp broadcast lists to share new listings.
These small efforts make a big difference.
Another aspect of growth is specialization.
Over time, identify your niche. You can focus on residential sales, luxury homes, commercial property, or land banking.
Specializing helps you build expertise and attract the right clients.
Finally, maintain integrity. In an industry full of scams and half-truths, honesty will set you apart.
Always verify your information before marketing a property.
If you don’t know something, say so and promise to find out.
Never compromise your name for quick profit.
As your reputation grows, so will your income. You’ll start getting calls from Nigerians in the diaspora, referrals from satisfied clients, and invitations from developers who want you on their team.
That’s when you’ll realize you’ve moved from being a new agent to a trusted professional.
Conclusion
Learning how to market and sell real estate in Nigeria as a new agent is not about luck or magic. It’s about consistency, knowledge, and the willingness to grow.
Every call you make, every post you share, every deal you close—no matter how small—takes you one step closer to becoming a top realtor.
Like Tunde in our story, every beginner faces challenges, but those who keep learning, adapting, and building relationships eventually find their place in the industry.
Real estate is not just about selling land or houses; it’s about connecting people to their dreams.
And when you do that with integrity and passion, success naturally follows.
So, whether you’re just starting out or trying to revive your career, remember to stay visible, stay credible, and never stop learning.
The market is big enough for everyone—but only those who play smart and stay consistent truly thrive.
• Dennis Isong is a Top Realtor in Lagos. He helps Nigerians in the diaspora own property in Lagos, Nigeria, stress-free. For inquiries, WhatsApp/Call +2348164741041.
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