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FULL LIST: CBN revokes licences of 46 microfinance banks

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The Central Bank of Nigeria (CBN) has released the names of the 46 microfinance banks whose operating licences were revoked for failing to meet the regulatory requirements for continued operation.

The apex bank disclosed on Wednesday that the revocation was carried out in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the CBN, the licences were revoked because the affected microfinance banks had insufficient assets to meet their liabilities, closed operations without regulatory approval, or became inactive and ceased financial intermediation.

The revocations were also attributed to the banks’ failure to commence operations within 12 months of obtaining their licences and failure to maintain the minimum capital funds unimpaired by losses.

READ ALSO: CBN revokes licences of 46 microfinance banks

Revocation list

On the list of 46 microfinance banks whose licences were revoked, Kano State accounted for the highest number, with 13 banks, followed by Lagos with 8.

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Also, Abia, the Federal Capital Territory (Abuja), Kaduna, Kebbi, Niger, Ogun, Plateau, recorded two banks each, while Anambra, Akwa Ibom, Bayelsa, Benue, Cross River, Delta, Kwara, Ondo, Osun, Oyo, and Rivers had one bank each.

By category, 25 of the affected institutions were Tier 2 microfinance banks, 18 were Tier 1 microfinance banks, and three were State microfinance banks.

The regulator said the license revocation forms part of its ongoing efforts to strengthen oversight of the financial system and ensure that licensed financial institutions comply with extant laws and prudential regulations.

Here are the microfinance banks whose licenses were revoked:

S/N Microfinance Bank Category State
1 Minji-Se Churchill MFB Tier 1 Rivers
2 Merchant MFB Tier 2 Abia
3 Janmaa MFB Tier 1 Kwara
4 Busu MFB Tier 2 Niger
5 Gold MFB Tier 1 Lagos
6 Zain MFB (formerly Dawakin Tofa MFB) Tier 2 Kano
7 Bompai MFB Tier 1 Kano
8 Ajwa MFB (formerly Gezawa MFB) Tier 2 Kano
9 NOW NOW DIGITAL MFB Tier 2 Kano
10 Crystabel Microfinance Bank Tier 1 Bayelsa
11 Chanelle MFB State Lagos
12 Abia SME MFB Tier 1 Abia
13 Kamba MFB Tier 2 Kebbi
14 Iwade MFB Tier 2 Ogun
15 Winview MFB Tier 1 Abuja (FCT)
16 Zuru MFB Tier 2 Kebbi
17 Minjibir MFB Tier 1 Kano
18 Shanono MFB Tier 2 Kano
19 Sumaila MFB Tier 2 Kano
20 Rimin Gado MFB Tier 2 Kano
21 Mwaghavul MFB State Plateau
22 Sycamore MFB Tier 2 Kano
23 TOFA MFB Tier 2 Kano
24 Safegate MFB Tier 1 Lagos
25 Creekline MFB Tier 2 Delta
26 Bestar MFB Tier 1 Oyo
27 Livingspring MFB Tier 1 Cross River
28 Apple MFB Tier 2 Ogun
29 Stanford MFB State Uyo*
30 Frontline MFB Tier 2 Anambra
31 Zafec MFB Tier 2 Kaduna
32 Supreme MFB Tier 1 Lagos
33 Bejin-Doko MFB Tier 2 Niger
34 Kanopoly MFB Tier 1 Kano
35 Bellbank MFB (formerly Tsanyawa MFB) Tier 2 Kano
36 Yeneng MFB Tier 2 Plateau
37 Creditville MFB Tier 1 Lagos
38 MBAG MFB Tier 1 Lagos
39 STRAIGHT SAHARA MFB Tier 1 Benue
40 OURPASS MFB Tier 2 Ondo
41 VERDANT MFB Tier 1 Lagos
42 BASAWA MFB Tier 2 Kaduna
43 CASHA MFB Tier 2 Abuja (FCT)
44 ESTEEM MFB Tier 2 Kano
45 ENTERPRENEUR MFB Lagos
46 AVANTUS MFB Tier 2 Osun

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Business

31 firms win 37 oil, gas blocks in Nigeria’s 2025 Licensing Round

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Thirty-one companies have emerged winners of 37 oil and gas blocks in Nigeria’s 2025 Licensing Round following the conclusion of the commercial bid conference held in Abuja on Tuesday.

The bidding process, held at the Transcorp Event Centre, attracted 143 companies, which submitted about 200 bids for 37 of the 50 oil and gas blocks offered by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The blocks span multiple terrains, including the Niger Delta onshore, shallow water and deep offshore areas, as well as the Benin, Anambra and Chad basins and the Benue Trough.

While 37 blocks received bids, the remaining 13 attracted no offers.

The NUPRC described the outcome as significant, noting that it is the first time Nigeria’s frontier basins—including the Benue Trough, Chad Basin, Anambra Basin and Benin Basin—have attracted such strong investor interest.

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Among the successful bidders are SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy Limited, Saratoga, Volante, Concept-Reel Petroleum Services Limited, Clinton Oil Field, Nuway Oaklane Limited, Ramec, Italia, Blueridge E&P, Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.

READ ALSO: PHOTO STORY: Firms begin commercial bidding for Nigeria’s deep offshore, shallow water oil assets

The commission said the companies will receive final awards only after paying the required signature bonuses and obtaining the approval of the Minister of Petroleum Resources, in line with the Petroleum Industry Act (PIA) 2021.

Speaking after the exercise, the NUPRC Chief Executive, Oritsemeyiwa Eyesan, thanked President Bola Tinubu for supporting the successful conduct of the licensing round.

She congratulated the successful bidders and urged them to promptly pay their signature bonuses and develop the awarded assets, warning that undeveloped assets could be withdrawn under the commission’s “drill or drop” policy.

The commercial bid conference was monitored by representatives of the Federal Ministry of Petroleum Resources, the Federal Ministry of Finance, the Nigeria Extractive Industries Transparency Initiative (NEITI) and other stakeholders to ensure transparency and compliance with applicable laws.


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Mutual Benefits Assurance Reaffirms Commitment to Workforce Wellbeing with “Sweat It Out!” Event

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Mutual Benefits Assurance Plc in partnership with Hallmark Health Services Limited (Hallmark HMO), has reaffirmed its commitment to employee wellbeing by hosting the Retail Aerobic Dance & Wellness Day 2026, a vibrant initiative designed to promote healthy living, preventive healthcare and workplace wellness among its Retail Team.

Held under the theme “Sweat It Out!”, the event brought together Retail Managers across Mutual Benefits for an engaging day of fitness, health education and preventive medical screening.

The programme featured an enlightening health talk on Cardiovascular Health delivered by medical professionals from Hallmark HMO, alongside complimentary health screenings, including blood pressure and other vital health checks. Participants also took part in an energetic aerobic dance session aimed at encouraging active lifestyles while fostering teamwork, camaraderie, and employee engagement.

Speaking at the event, Alexander Lawal, Chief Retail Officer, Mutual Benefits Assurance Plc, emphasised that employee wellbeing remains fundamental to the company’s long-term success.

“Our people are our greatest asset. As an organisation that exists to provide security and peace of mind to millions of Nigerians, we recognise that this responsibility begins with caring for our own employees. The Retail Aerobic Dance & Wellness Day reflects our commitment to creating a workplace where our people are healthy, motivated, resilient and equipped to deliver exceptional service to our customers.”

Lawal added that promoting healthy lifestyles among employees contributes to higher productivity, stronger collaboration and a culture of excellence across the organisation.

Also speaking on the significance of the event, Dr. (Mrs.) Dotun Adeogun, Chief Executive Officer of Hallmark HMO, noted that preventive healthcare and daily healthy habits are essential for avoiding lifestyle-related illnesses like heart disease. Mutual Benefits is commended for leading by example in prioritizing employee well-being and building a healthier workplace culture.

The event concluded with an exciting aerobic fitness session, interactive wellness activities and prize presentations, reinforcing the message that healthy employees are happier, more engaged and better positioned to drive organisational success.

The Retail Aerobic Dance & Wellness Day forms part of Mutual Benefits’ broader employee engagement and wellness initiatives aimed at fostering a high-performing workforce, while encouraging healthier lifestyles across the organisation.

Mutual Benefits Assurance Plc is one of Nigeria’s leading insurance companies, with over 30 years of experience in providing reliable and innovative Life and General Insurance solutions to individuals, families and businesses. With a customer-centric approach built on trust, reliability and service excellence, the company remains committed to protecting lives, preserving assets and creating lasting value for its stakeholders through accessible insurance solutions and responsible corporate citizenship.

The post Mutual Benefits Assurance Reaffirms Commitment to Workforce Wellbeing with “Sweat It Out!” Event appeared first on Business Today NG.

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