NDIC Begins Payout as CBN Shuts 46 Microfinance Banks
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has begun the process of paying insured deposits to customers of 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN). The NDIC in a statement on Wednesday by Hawwau Gambo, Head, communication and public affairs, NDIC, says it has taken […]
CBN Revokes Licences of 46 Microfinance Banks
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks for failing to meet regulatory requirements, in a move aimed at strengthening the stability of Nigeria’s financial system. According to a statement on Wednesday by Hakama Sidi-Ali, Acting Director, CBN’s Corporate Communications Department, the revocation takes effect […]
CBN Orders Banks to Freeze Six Terrorism Finance Accounts
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has directed banks, payment service banks and other regulated financial institutions to immediately freeze the accounts and assets of six individuals and four Bureau de Change operators over alleged links to terrorism financingThe Central Bank of Nigeria (CBN) has directed banks, payment service banks and other […]
CBN Revokes Licences of Aso Savings, Others Over Regulatory Breaches
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc over persistent regulatory and capital deficiencies. The apex bank took the action under the powers granted by Section 12 of the Banks and Other Financial Institutions Act (BOFIA) […]