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of more than 132 Microfinance banks, including four primary mortgage banks and three finance companies in Nigeria have been revoked by the Central Bank of Nigeria, this is according to the Official Gazette of Nigeria, obtained from CBN’s website on Tuesday.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
Are The Ministers of industry Leaving Manufacturers To Face Challenges?
” Nigeria deserves regulation that safeguards public health while preserving livelihoods, investment, and respect for due process,” said Oyerinde.
By OCHEFA
• Collage: MAN President Francis Meshioye; John Owan Enoh, Minister of State for Industry; and Minister of Industry, Jumoke Oduwole.
This concerns the National Agency for Food and Drug Administration and Control (NAFDAC) ‘s recent ban on spirit drinks in sachets and small bottles under 200ml.
Since the issue arose, industry stakeholders have been negotiating directly with the regulator, without their ministers’ involvement, despite their oversight over policies affecting operators.
Industry groups like MAN, NECA, FOBTOB, and others have engaged with NAFDAC and lawmakers independently, without consulting the sector’s ministerial officials who could have intervened and coordinated with higher authorities, including the Minister of Health.
Currently, there is confusion caused by government officials.
NAFDAC claims its ban is authorised by the Nigerian Senate and supported by the Federal Ministry of Health to protect public health, especially children and young adults.
Conversely, the Office of the Secretary to the Government of the Federation (OSGF), led by Senator George Akume, states that the ban requires their approval as the final authority.
Before the December 25, 2025, ban, NAFDAC Director-General Prof Mojisola Christianah Adeyeye stated that manufacturers had a six-year moratorium to reconfigure their products.

• Different brands of sachets alcohol
In December 2018, NAFDAC, the Federal Ministry of Health, and FCCPC signed a five-year MoU with AFBTE and DIBAN to phase out sachet and small-volume alcohol packaging by January 31, 2024.
The moratorium, initiated in 2021, was extended to December 2025 to allow industry players to clear stock and reconfigure production.
NAFDAC insists that the current Senate resolution aligns with the original agreement and Nigeria’s commitment to the WHO Global Strategy to Reduce Harmful Alcohol Use, which Nigeria has supported since 2010.
NAFDAC recently presented a survey report backing the ban on the production and consumption of alcoholic drinks sold in sachets and Polyethylene Terephthalate bottles among minors and underage persons.
NAFDAC recently made a public presentation of the alcohol consumption survey.
This was in response to the MAN, NECA, FOBTOB, among other industrial stakeholders querying its recent ban on sachet alcohol in packet sizes and PET bottles.
NAFDAC Director-General, Prof. Mojisola Adeyeye, said during the presentation of the survey reports that the study was conducted in collaboration with the Distillers and Blenders Association of Nigeria and carried out by Research and Data Solutions Ltd, Abuja, surveyed 1,788 respondents across six states between June and August 2021.
“Rivers and Lagos State lead in the consumption of alcoholic drinks sold in sachets and Polyethene Terephthalate bottles among minors and underage persons”, she said.
The agency said that the report examined access to alcohol and drinking frequency among minors (below 13 years), underage (13–17 years), and adults (18 years and above).”
Alcohol remains “one of the most widely used substances of abuse among youths” and noted that “the availability and easy access to alcohol have been identified as a contributory factor to the increasing alcohol consumption among minors.”54.3 percent of minors and underage respondents obtained alcohol by themselves.
Nearly half (49.9 per cent) purchased drinks in sachets or PET bottles, with Rivers State recording the highest rates—68.0 percent for sachets and 64.5 percent for PET bottles.
“Meshioye urges the government to prevail on the regulator to suspend the ban, because, “When manufacturing thrives, Nigeria thrives..when manufacturing wins, government wins.”
Lagos followed with 52.3 percent and 47.7 percent, respectively, while Kaduna recorded 38.6 percent sachet and 28.4 percent PET bottle consumption.
“The proportion of drinks procured in sachets was higher among males (51.4 percent) compared to females (41.5 percent), and more in rural (50.1 percent) compared to urban (45.3 percent) locations.”
The report also revealed that minors and underage respondents also accessed alcohol from friends and relatives (49.9 percent), social gatherings (45.9 per cent), and parents’ homes (21.7 percent).
It said that among those who bought alcohol themselves, 47.2 percent of minors and 48.8 percent of underage respondents procured drinks in sachets, while 41.2 percent of minors and 47.2 percent of the PET bottles.
On consumption frequency, 63.2 percent of minors and 54.0 percent of underage persons were occasional drinkers, but 9.3 percent of minors and 25.2 percent of underages respondent reported drinking daily.
Albeit, the OSGF, in a joint statement with the NSA, declared the NAFDAC ban ” Null and Void.”
The leadership of the Manufacturers Association of Nigeria (MAN), however accused the NAFDAC of having misled the Senate to approve the ban on sachet alcohol and PET bottles.
Francis Meshioye, the President of the association, and Segun Ajayi-Kadir, Director -General of MAN, emphasised that NAFDAC didn’t provide the Senate with empirical data showing the negative impacts of alcohol on children.
“Business is based on data and logic. Not sentiment. Data is key. Bring your data. Alcohol is not produced for children.It is clearly written on the sachet that it is for people 18+; the companies producing them have done the campaigns; they have NAFDAC numbers. So NAFDAC should do its job.
They misled the Senate by not giving enough information to the lawmakers,” said Ajayi – Kadir.
Meshioye urges the government to prevail on the regulator to suspend the ban, because, “When manufacturing thrives, Nigeria thrives..when manufacturing wins, government wins.”
Corroborating with MAN, the Nigeria Employers’ Consultative Association (NECA) strongly condemned the ban, calling it a “serious regulatory misstep” that threatens jobs, investments, and Nigeria’s regulatory credibility.
NECA Director General Wale-Smatt Oyerinde, expressed dismay that the enforcement is already disrupting legitimate businesses, jeopardising thousands of jobs across the wines and spirits value chain—including manufacturing, packaging, distribution, retail, and agriculture—and eroding investor confidence amid economic challenges such as high operating costs and currency pressures.
While affirming strong support for protecting minors, removing unsafe products, and advancing public health, NECA argued that the current blanket approach is flawed.
It disproportionately affects compliant, NAFDAC-registered manufacturers whose products underwent rigorous testing, registration, and revalidation processes.
These products comply with international alcohol-by-volume (ABV) standards for spirits, with clear labelling and warnings restricting consumption to adults over 18.
Oyerinde stressed that underage access stems from enforcement gaps at the retail level—such as weak age verification and monitoring—rather than packaging formats.
He advocated for smarter, evidence-based measures, including stricter retailer licensing, compliance checks, public education on responsible drinking, and intensified crackdowns on illicit narcotics and unregistered substances, which pose greater dangers to youth.
“Nigeria deserves regulation that safeguards public health while preserving livelihoods, investment, and respect for due process,” said Oyerinde, emphasising, “Policies ignoring science, economic realities, and regulatory coherence risk causing more harm than good..”
Business
President Tinubu Extends Ban on Raw Shea Nut Exports by One Year to Boost Local Processing
President Bola Ahmed Tinubu has approved a one-year extension of the ban on the export of raw shea nuts, effective from February 26, 2026, to February 25, 2027.
The decision, announced in a State House press release by Special Adviser to the President on Information and Strategy, Bayo Onanuga, reinforces the administration’s focus on industrial growth, domestic value addition, and the broader goals of the Renewed Hope Agenda.
The extended ban is designed to strengthen Nigeria’s processing capabilities for shea nuts, improve livelihoods in shea-producing communities across the Savanna belt, and shift exports toward higher-value products such as shea butter.
Processed shea butter, valued for its moisturising, anti-inflammatory, and antioxidant properties, serves as a key ingredient in cosmetics, skincare, hair products, and edible oils—and commands prices 10 to 20 times higher than raw nuts.
To support effective implementation, President Tinubu has directed the Ministers of the Federal Ministry of Industry, Trade and Investment, in collaboration with the Presidential Food Security Coordination Unit (PFSCU), to develop and coordinate a unified, evidence-based national framework.
This framework will align industrialisation, trade, and investment strategies across the entire shea nut value chain.
The President has also endorsed the export framework developed by the Nigerian Commodity Exchange (NCX) and ordered the immediate withdrawal of all existing waivers that previously permitted direct exports of raw shea nuts.
Going forward, any excess or surplus raw shea nuts must be exported exclusively through the NCX in line with its approved guidelines.
In a related measure to enhance local capacity, President Tinubu directed the Federal Ministry of Finance to establish access to a dedicated Non-Oil Export Stimulation Support (NESS) Window.
This facility will enable the Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism aimed at bolstering production and processing capabilities in the sector.
The Federal Government reiterated its commitment to policies that drive inclusive economic growth, promote local manufacturing, and position Nigeria as a stronger, more competitive player in global agricultural value chains.
Business
CBN Cuts Interest Rate to 26.5% on disinflation
The committee’s decision was premised on a balanced evaluation of risk to the outlook, which suggests that the ongoing disinflation trajectory would continue, largely supported by the transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply.”
The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR), the benchmark interest rate by 50 basis points from 27 percent to 26.5 percent.
The Governor of the CBN, Mr. Olayemi Cardoso, disclosed this at the end of the 304th meeting of the Monetary Policy Committee (MPC) held yesterday in Abuja.
The bank also retained the standing facilities corridor at +50 to -450 basis points and kept the Cash Reserve Requirements, CRR unchanged (deposit money banks 45%, merchant banks 16%, and 75% for non TSA public sector deposits).
Cardoso explained, “The committee’s decision was premised on a balanced evaluation of risk to the outlook, which suggests that the ongoing disinflation trajectory would continue, largely supported by the transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply.”
He added that the committee took into account the sustained deceleration of the year-on-year, headline inflation in January 2026 marking the 11th consecutive month of decline.
“This downward trajectory in inflation was driven mainly by the continued effects of the contractionary monetary policy, stability in the foreign exchange market, robust capital inflows and improvement in the balance of payments,” he said.
According to him, the momentum was further reinforced by relative stability in the prices of petroleum products and improved food supply conditions, especially staples.
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