CBN Closes 31 Banks in Lagos and 72 Microfinance Banks Nationwide- See List

The Central Bank of Nigeria (CBN) recently announced the closure of 31 banks in Lagos as part of a larger effort to strengthen the banking sector in Nigeria. This action was taken as a result of the banks’ inability to meet minimum regulatory requirements, and the CBN has emphasized that the closures are necessary to protect depositors and maintain stability in the financial system.

The CBN’s decision to close these banks is part of a broader effort to clean up the banking sector in Nigeria and ensure that banks comply with regulatory standards. In addition to closing these 31 banks in Lagos, the CBN also announced the closure of 72 microfinance banks across the country, bringing the total number of banks closed to 103.

While the closure of these banks may be disruptive in the short term, it is expected to have a positive impact on the Nigerian banking sector in the long term. By removing banks that are unable to meet regulatory requirements, the CBN is sending a clear message that it will not tolerate non-compliance and that banks must operate within the law. This, in turn, is likely to strengthen confidence in the Nigerian banking sector and attract more foreign investment

In addition to closing banks that fail to meet regulatory requirements, the CBN has also taken other measures to strengthen the banking sector in Nigeria. For example, the CBN has established a credit registry to improve access to credit for small and medium-sized enterprises, and it has also introduced new regulations aimed at promoting transparency and accountability in the banking sector.

Overall, while the closure of these 31 banks in Lagos may be seen as a harsh measure, it is likely to have a positive impact on the Nigerian banking sector in the long term. By ensuring that banks comply with regulatory standards, the CBN is helping to promote stability and growth in the financial sector, which is essential for the overall health of the Nigerian economy

LIST OF MICROFINANCE BANKS CLOSED BY THE CBN

S/N NAME OF MICROFINANCE BANK LOCATION

1 AFAM MICROFINANCE BANK RIVERS

2 AGBELO MICROFINANCE BANK EDO

3 AJASE MICROFINANCE BANK KWARA

4 AKPO-COE MICROFINANCE BANK
RIVERS

5 ALLIANCE MICROFINANCE BANK ABUJA

6 ALLOVER MICROFINANCE BANK LAGOS

7 ALSTAR MICROFINANCE BANK LAGOS

8 AMAZING GRACE MICROFINANCE BANK OGUN

9 APEX GOLDEN MICROFINANCE BANK LAGOS

10 ASABARI MICROFINANCE BANK OYO
11 ASCENT MICROFINANCE BANK OGUN

12 ATTANWAMBIRI MICROFINANCE BANK IMO

13 BEULAH MICROFINANCE BANK LAGOS

14 BIRAIDU MICROFINANCE BANK KOGI

15 BIRNIN KUDU MICROFINANCE BANK JIGAWA

16 BONNY MICROFINANCE BANK RIVERS

17 BROADBASE MICROFINANCE BANK DELTA

18 CAPITAL BASE MICROFINANCE BANK ADAMAWA

19 CASHJET MICROFINANCE BANK DELTA

20 CHAT MICROFINANCE BANK KADUNA

21 CLASSIC MICROFINANCE BANK OGUN

22 COMMON BENEFIT MICROFINANCE BANK LAGOS

23 CUTTING EDGE MICROFINANCE BANK EDO

24 DIVINE MICROFINANCE BANK RIVERS

25 DOGON DAJI MICROFINANCE BANK SOKOT

26 DYNAMIC MICROFINANCE BANK LAGOS

27 EBEM-OHA MICROFINANCE BANK ABIA

27 EBENATOR MICROFINANCE BANK IMO

29 ETITI MICROFINANCE BANK IMO

30 EVO MICROFINANCE BANK RIVERS

31 EZIMUZO MICROFINANCE BANK ANAMBRA

32 FESTAC 77 MICROFINANCE BANK LAGOS

33 FREEDOM MICROFINANCE BANK KANO

34 GITICOM MICROFINANCE BANK RIVERS

35 HAZONWAO MICROFINANCE BANK LAGOS

36 HILLTOP MICROFINANCE BANK EKITI

37 HOMELAND MICROFINANCE BANK BAYELSA

38 IC MICROFINANCE BANK LAGOS

39 IDEAL TRUST MICROFINANCE BANK ANAMBRA

40 IFONYIN MICROFINANCE BANK OGUN

41 IHITTE MICROFINANCE BANK IMO

42 IKWUANO MICROFINANCE BANK ABIA

43 INTEGRATED MICROFINANCE BANK LAGOS

44 IPE MICROFINANCE BANK ONDO

45 JEGA MICROFINANCE BANK KEBBI

46 KBS MICROFINANCE BANK LAGOS

47 KERANA MICROFINANCE BANK PLATEAU

48 KFC MICROFINANCE BANK LAGOS

49 MARMARA MICROFINANCE BANK TARABA

50 MIC MICROFINANCE BANK LAGOS

51 MOORGATE MICROFINANCE BANK LAGOS

52 MUNICIPAL MICROFINANCE BANK ABUJA

53 NGAS MICROFINANCE BANK PLATEAU

54 OLOMI MICROFINANCE BANK OYO

55 OLOMOYOYO MICROFINANCE BANK OYO

56 OMNI MICROFINANCE BANK LAGOS

57 OPENGATE MICROFINANCE BANK ABUJA

58 OWENA MICROFINANCE BANK OSUN

59 PET MICROFINANCE BANK RIVERS

60 PRIME MICROFINANCE BANK A/IBOM

61 SAMINAKA MICROFINANCE BANK KADUNA

62 TRINITY MICROFINANCE BANK A/IBOM

63 TRISTAR MICROFINANCE BANK ENUGU

64 UDEZUKA MICROFINANCE BANK ANAMBRA

65 UFUMA MICROFINANCE BANK ANAMBRA

66 UMUNZE MICROFINANCE BANK ANAMBRA

67 URUALLA MICROFINANCE BANK IMO

68 UTUGWANG MICROFINANCE BANK CROSS RIVER

69 ACME TRUST MICROFINANCE BANK LAGOS

70 ADIF MICROFINANCE BANK LAGOS

71 ASAGA-UKWU MICROFINANCE BANK ABIA

72 BRISTOL MICROFINANCE BANK LAGOS

73 CENTURY MICROFINANCE BANK LAGOS

74 CIRCULAR MICROFINANCE BANK EDO

75 CUBIC MICROFINANCE BANK EDO

76 DANMUSA MICROFINANCE BANK KATSINA

77 EKWEMA MICROFINANCE BANK IMO

78 EMBRACE MICROFINANCE BANK BAYELSA

79 EMEVOR MICROFINANCE BANK DELTA

80 FUND EXPRESS MICROFINANCE BANK LAGOS

81 GALAXY MICROFINANCE BANK LAGOS

82 GAMJI MICROFINANCE BANK KEBBI

83 HARBOUR MICROFINANCE BANK ANAMBRA

84 IMPACT MICROFINANCE BANK LAGOS

85 IMPERIAL MICROFINANCE BANK LAGOS

86 INVESTMENT MICROFINANCE BANK ABIA

87 ITELE MICROFINANCE BANK OGUN

88 LALUPON MICROFINANCE BANK OYO

89 MCB MICROFINANCE BANK LAGOS

90 MILESTONE MICROFINANCE BANK LAGOS

91 MUSTASONS MICROFINANCE BANK LAGOS

92 NEW GATE MICROFINANCE BANK LAGOS

93 NEXUS MICROFINANCE BANK NIGER

94 OBIOMA MICROFINANCE BANK ABIA

95 OWHOWHA MICROFINANCE BANK DELTA

96 PRIMATE MICROFINANCE BANK LAGOS

97 SHIMAZ MICROFINANCE BANK OSUN

98 SOUTH WEST IKOYI MICROFINANCE BANK LAGOS

99 STANDEX MICROFINANCE BANK ANAMBRA

100 TOUCHSTONE MICROFINANCE BANK LAGOS

101 UNIQUE MICROFINANCE BANK LAGOS

102 VENTURE SUPPORT MICROFINANCE BANK LAGOS

103 WIZETRADE MICROFINANCE BANK LAGOS