CBN closes 31 banks in Lagos, other failed microfinance banks in other parts of the country (Full List)

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CBN Governor - Godwin Emefiele

List of 103 failed banks as CBN closes 31 in Lagos

Over the years, the Central Bank of Nigeria (CBN) has shut down 103 microfinance banks in various parts of the country.

It is believed that the decision to close the banks was part of the CBN’s efforts to clean up the financial sector and eliminate non-performing banks that pose a risk to depositors’ funds.

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The 103 closed microfinance banks are located throughout the nation.

CBN initiates such measures when it is discovered that commercial or microfinance banks are operating below regulatory standards and are unable to meet the necessary conditions to continue operations.

The Nigeria Deposit Insurance Corporation is responsible for protecting the funds of depositors against loss.

Location of failed microfinance institutions

The breakdown reveals that Lagos had the highest number of closed microfinance banks, with 31 banks shut down, followed by Abia (4), Abuja (3), Adamawa (1), Akwa Ibom (2), Anambra (7), Bayelsa (2), Cross River (1), Delta (3).

Others are Edo (3), Ekiti (1), Enugu (1), Imo (6), Jigawa (1), Kaduna (2), Katsina (1), Kebbi (2), Kogi (1), Ogun (4), Ondo (1), Osun (1), Oyo (4), Plateau (2), Rivers (5), Sokoto (1), and Taraba (1).

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The list of Microfinance banks shut by CBN

Alliance Microfinance Bank – Abuja

Udezuka Microfinance Bank – Anambra

Ufuma Microfinance Bank – Anambra

Umunze Microfinance Bank – Anambra

Ideal Trust Microfinance Bank – Anambra

Ezimuzo Microfinance Bank – Anambra

Harbour Microfinance Bank – Anambra

Trinity Microfinance Bank – Akwa Ibom

Prime Microfinance Bank – Akwa Ibom

Urualla Microfinance Bank – Imo

Attanwambiri Microfinance Bank – Imo

Beulah Microfinance Bank – Lagos

Allover Microfinance Bank – Lagos

Alstar Microfinance Bank – Lagos

Apex Golden Microfinance Bank – Lagos

Ascent Microfinance Bank – Ogun

Amazing Grace Microfinance Bank – Ogun

Classic Microfinance Bank – Ogun

Common Benefit Microfinance Bank – Lagos

Cutting Edge Microfinance Bank – Edo

Giticom Microfinance Bank – Rivers

Divine Microfinance Bank – Rivers

Bonny Microfinance Bank – Rivers

Afam Microfinance Bank – Rivers

Akpo-Coe Microfinance Bank – Rivers

Pet Microfinance Bank – Rivers

Saminaka Microfinance Bank – Kaduna

Chat Microfinance Bank – Kaduna

Jega Microfinance Bank – Kebbi

Gamji Microfinance Bank – Kebbi

Kerana Microfinance Bank – Plateau

Ngas Microfinance Bank – Plateau

Tristar Microfinance Bank – Enugu

Impact Microfinance Bank – Lagos

Integrated Microfinance Bank – Lagos

Omni Microfinance Bank – Lagos

Moorgate Microfinance Bank – Lagos

Milestone Microfinance Bank – Lagos

Galaxy Microfinance Bank – Lagos

Fund Express Microfinance Bank – Lagos

Century Microfinance Bank – Lagos

Lalupon Microfinance Bank – Oyo

Olomi Microfinance Bank – Oyo

Olomoyoyo Microfinance Bank – Oyo

Asabari Microfinance Bank – Oyo

Biraidu Microfinance Bank – Kogi

Birnin Kudu Microfinance Bank – Jigawa

Freedom Microfinance Bank – Kano

Ubugu Microfinance Bank – Delta

Emevor Microfinance Bank – Delta

Broadbase Microfinance Bank – Delta

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