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Central Bank of Nigeria (CBN) has revoked the operating licenses of forty-six (46) Microfinance Banks with effect from July 1, 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020,” the statement read. The CBN said the revocation was approved after the affected institutions […]
Continue ReadingCentral Bank of Nigeria (CBN) on Friday revoked the licenses of 4,173 Bureaux De Change (BDC) Operators, accusing the affected institutions of failing to observe regulatory provisions. The move is part of efforts to restore confidence in the nation’s foreign exchange market, according to the apex bank. See below the full list of the affected […]
Continue ReadingCentral Bank of Nigeria (CBN), on Friday, revoked the licences of 4,173 Bureau De Change operators over their failure to meet regulatory guidelines. The apex bank disclosed this in a statement by its acting Director, Corporate Communications, Sidi Hakama. This means there will now be 1,517 operational BDCs from the initial 5,690. In the CBN […]
Continue ReadingNigerian President, Muhammadu Buhari, on Friday, approved the restoration of the leases on four Oil Mining Licences OMLs 123, 124, 126 and 137 to the Nigerian National Petroleum Corporation. The Department of Petroleum Resources (DPR) had on March 30, 2021, revoked the licences belonging to the federation. Garba Shehu, Senior Special Assistant to the President […]
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