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 SOKOTO
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
