By Yusuf Danjuma Yunusa

The Central Bank of Nigeria, CBN, has revoked the operating licences of 46 microfinance banks nationwide, effective July 1, 2026, citing failure to meet regulatory and prudential requirements.

The apex bank announced the action through an official press statement released on its Instagram channel and confirmed by acting Director of Corporate Communications, Hakama Sidi-Ali. The CBN said the revocation was approved by Governor Olayemi Cardoso under Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020.

In the statement, the CBN listed five reasons for the closures: “insufficient assets, unauthorized closure, inactivity, failure to commence operations within twelve months, and inadequate capital.” It said the action was “necessary for safeguarding the financial system and protecting depositors” and reaffirmed the bank’s “ongoing commitment to a safe, sound, and resilient banking environment.”

A Hausa-language briefing shared by Ayau News also reported that the licences were cancelled “as a response to non-compliance with established banking standards, with the stated goal of strengthening the overall banking system and protecting depositors.”

The 46 closures are part of a broader regulatory cleanup that began in May 2023, when the CBN revoked licences of 179 microfinance banks and 4 primary mortgage banks. At the time, the CBN said the affected institutions were either “inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six months in contravention of the Banks & Other Financial Institution Act, BOFIA, 2020”.

Under the Purchase and Assumption, P&A, model, 89 new institutions were subsequently licensed to acquire the assets and liabilities of defunct banks and have since commenced operations under new names. 0964

The Nigeria Deposit Insurance Corporation, NDIC, said it has commenced the final phase of liquidating 89 defunct MFBs and PMBs whose licences were revoked in 2023. 0964

“As part of the process of concluding the liquidation in line with the provisions of our enabling Act and other applicable laws, the NDIC, in its capacity as liquidator, will approach various judicial divisions of the Federal High Court to obtain orders dissolving the defunct banks and releasing the Corporation as liquidator,” the NDIC stated. 0964

The NDIC said the P&A arrangement has “ensured uninterrupted access to banking services in the affected communities, as acquiring institutions have fully taken over the operations of the defunct banks”. Lagos accounts for the highest number of banks undergoing wind-down with 27, followed by Osun with 7 and Anambra with 6. 0964

The CBN stressed that depositors of the closed banks remain covered by NDIC insurance. The resolution framework is designed to “bring closure to the resolution process while ensuring depositors’ interests remain protected, and the financial system remains stable.”

The CBN said the full list of the 46 affected microfinance banks is available in the PDF linked in its official statement. post-795963149691756479817

Source: CBN

By Yusuf Danjuma Yunusa

The Independent National Electoral Commission has restored the Nigeria Democratic Congress’ access to its candidate nomination portal, allowing the party to upload the names of its National Leader, Senator Seriake Dickson and presidential candidate, Peter Obi, despite the ongoing legal battle over the party’s status.

Dickson disclosed the development in a post on his X account on Tuesday.

He described it as a positive step after the party filed a notice of appeal and an application for stay of execution against last week’s judgment of the Federal High Court in Lokoja.

He said the appeal and accompanying applications had been served on the electoral commission with a covering letter urging it to act in accordance with the law.

According to him, the NDC remains a duly registered political party and has validly conducted its primaries under INEC’s supervision.

“Today, the NDC has filed an appeal against the ruling as well as a stay of execution/injunction, which has been served with a covering letter to the INEC chairman and his team to do what is right according to law and what is legally sensible.

“The Nigeria Democratic Congress has come to stay and remains a duly registered party in Nigeria which has participated in all the political processes so far.

“Nomination processes have already been concluded and, in the eyes of the law, candidates have already emerged from the party for all offices across the country in primaries observed, monitored and recorded by INEC.

“What is left is the administrative process of submitting the names to INEC, and we have been granted access to the portal to upload our qualified candidates,” he said.

Dickson disclosed that his name and that of the party’s presidential candidate had already been uploaded to the commission’s portal.

“My name and that of the presidential candidate have been uploaded to the INEC portal, while that of the vice presidential candidate will be done tomorrow upon completion of the deposition. The process is also ongoing for other candidates,” he stated.

The Senator urged party members not to panic, noting that there was still sufficient time to complete the nomination process within INEC’s timetable.

“In accordance with the INEC timetable, which we have religiously abided by, we have between now and the 11th of next month to upload all National Assembly candidates, while those of governors and State Houses of Assembly will end on the 17th of July.

“So there is enough time for all candidates’ names to be submitted to INEC and there is no reason for anyone to panic,” he added.

The former Bayelsa State governor also appealed to unsuccessful aspirants to support the party, saying reconciliation efforts had commenced.

“The reconciliation processes have started and we expect them to reach everyone. We assure them that all those who expressed interest will be carried along in the party’s campaigns, committees and structures because they constitute the grassroots strength and the backbone of our party,” he said.

Dickson thanked INEC Chairman, Prof. Joash Amupitan, for what he described as the commission’s professionalism and urged the judiciary to determine the appeal in accordance with the law.

“We thank INEC, led by Professor Joash Amupitan, for their professionalism so far, and we expect them to continue on this path.
“Having filed and served our appeal and the accompanying applications, the ball is now in the court of the judiciary, and we expect the judiciary to do what is right under the law,” he said.

The development comes days after the NDC filed an appeal challenging the Federal High Court judgment that sparked uncertainty over the party’s registration, insisting the judgment neither dissolved nor deregistered the party.

The opposition party has maintained that it remains legally recognised pending the determination of its appeal.

By Yusuf Danjuma Yunusa

The presidential candidate of the Africa Action Congress, Omoyele Sowore, was granted N200 million bail on Tuesday by Justice Mohammed Umar of the Federal High Court, Abuja Division.

In his ruling, Justice Umar ordered Mr Sowore to produce two sureties. One must be a traditional ruler from his community, while the other must own landed property in Abuja.

The judge directed the prosecution to verify the sureties.

The judge also ordered Mr Sowore to deposit his passport with the deputy chief registrar of the court pending the determination of the case.

He adjourned the case until Monday to commence the defence.

The State Security Service is prosecuting Mr Sowore for allegedly making false claims against President Bola Tinubu by referring to him as “a criminal” in a post on X and Facebook.