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CBN Shuts 83 Micro-finance Banks in Nigeria

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PostParadise on Tue 04 Mar 2014, 9:26 pm

CBN Shuts 83 Micro-finance Banks
The Central Bank of Nigeria (CBN) has approved the liquidation of 83 micro-finance banks, Alhaji Umaru Ibrahim, the Managing Director, Nigeria Deposit Insurance Corporation (NDIC), said on
Tuesday in Abuja.

Ibrahim, who made the disclosure when he appeared before the Senate Committee on Banking and Currency to defend NDIC’s 2014 budget, said the licences of the 83 banks had been revoked by CBN.
He said that the closure of the 83 micro- finance banks became necessary because it was discovered that some of them existed only on paper, while others were used to defraud Nigerians.

He added that there were up to 900 micro-finance banks operating in the country, out of which, 83 had been listed for liquidation.

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