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CBN Revokes Licences of 46 Microfinance Banks Over Regulatory Breaches

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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.”

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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

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Mahanga TV appoints former AREWA24 staff Zuwairiyah Girei as MD

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Mahanga TV, a Kano-based television station, has appointed former AREWA24 staff member Zuwairiyah Adamu Girei as its new Managing Director, bringing her more than 14 years of experience in Hausa-language television production and broadcasting to the organisation.

Girei was formally welcomed into her new role during a reception held at Mahanga TV’s premises in Kano on Monday, November 2, 2026, marking a new phase in the organisation’s growthe barely three months after its launch.

Speaking at the reception, Girei expressed excitement over her appointment, describing her experience at AREWA24 as a significant milestone in her professional journey.

She said she would draw on the knowledge and experience acquired during her time at the television station to strengthen Mahanga TV and drive it towards greater achievements.

“All the experience I have at AREWA24, I will bring here, and I think I will do extraordinary because I know what I have learnt there. I pray that we will see success beyond our expectations,” she said.

Outlining her vision for Mahanga TV, the new Managing Director said the organisation would look beyond Northern Nigeria and target audiences across Africa and the rest of the world.

She identified the large Hausa-speaking population as a major opportunity for the industry, noting that despite the challenges facing Hausa-language broadcasting, the sector has a substantial audience.

“We have over 60 million Hausa speakers in Nigeria, so I think we have a target audience we have to try to reach,” she said.

Girei said her leadership would focus on understanding audience expectations, introducing improvements and positioning Hausa productions for international recognition.

“Our thinking is pan-African; our thinking is the world. Our thinking is now how can Hausa film reach the Oscars. That is the thinking,” she said.

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Looking ahead to the next decade, she expressed her ambition to see Mahanga TV secure three to four Academy Awards, earn international recognition and become a household name among viewers across different age groups.

She said she envisioned a future where Mahanga TV would be the preferred television platform in homes, with both adults and children identifying with its programmes.

The Chief Executive Officer of Mahanga TV, Nuhu Abdullahi Balarabe, said Girei’s appointment was informed by the organisation’s rapid growth and the need for experienced leadership to sustain its progress.

Balarabe explained that he initially served as both Managing Director and CEO but decided to appoint a dedicated Managing Director to oversee the organisation’s daily operations and provide the leadership required to sustain its expanding activities.

He said the organisation needed someone who could provide consistent leadership and maintain its momentum as it continued to grow.

“She is well experienced, and I’m sure she will use that experience to take the organisation further from where it is,” he said.

Balarabe disclosed that Mahanga TV had recorded progress beyond its initial expectations within three months of launching, attributing the achievement to the dedication of its staff, consultants and advisers.

He said the organisation was expanding its content offerings through original productions and partnerships with independent producers to provide audiences with engaging programmes.

He also urged viewers to continue supporting the station and sharing feedback through its social media platforms and WhatsApp channel, assuring them that the organisation remained open to suggestions as it worked to improve its services.

Reaffirming the organisation’s broader ambition, Balarabe said Mahanga TV was committed to ensuring that Hausa stories, culture and experiences reached audiences across the world.

“We have a beautiful tale happening in Northern Nigeria, and I believe it is only we that can tell our own story. We want to make sure all our stories are told and they reach every part of the world,” he said.

Also speaking, Mahanga TV’s Creative Director and Brand Manager, Abdulbasit Abanikanda, described Girei’s appointment as a timely development that would strengthen the organisation’s management structure and provide better direction for its expanding workforce.

Abanikanda recalled that Mahanga TV started with a team of just three people but had since grown considerably, making the appointment of an experienced manager necessary to coordinate its activities.

He expressed confidence in Girei’s ability to advance the station’s creative vision, noting that her ambition of taking Hausa stories to audiences across the world aligned with the organisation’s objectives.

With Girei’s appointment, Mahanga TV aims to consolidate its early progress, strengthen its content production and expand the reach of Hausa storytelling, creating opportunities for Northern Nigeria’s stories, culture and creative talent to gain wider national and international recognition.

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Kano Governor Nominates Ex- Speaker, Spokesperson as Commissioners

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Kano State Governor, Abba Kabir Yusuf, has nominated his spokesperson, Sanusi Bature Dawakin Tofa, and a former Speaker of the State House of Assembly, Balarabe Sa’idu Gani, for appointment as commissioners.

The governor has forwarded their names to the Kano State House of Assembly for screening and confirmation.

The Assembly is expected to screen the nominees on Tuesday, November 3, 2026, at 10:00 a.m.

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In a statement issued on Monday, the Assembly’s spokesperson, Kamaluddeen Sani Shawai, said the legislature had received a formal communication from Governor Yusuf requesting the screening of the two nominees.

He added that the exercise would be conducted in accordance with the provisions of the Constitution of the Federal Republic of Nigeria.

Gani served as Speaker of the Kano State House of Assembly from 2003 to 2007, while Bature currently serves as the governor’s spokesperson.

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2027: Rep Abubakar Kabir Bichi holds strategic meeting with Kano lawmakers

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The Chairman, House of representatives committee on appropriations Hon. Abubakar Kabir Bichi, has convened a meeting of all APC State Assembly Members and 40 Candidates in the upcoming 2027 General elections, led by the Speaker of the Kano State House of Assembly, Rt. Hon. Jibril Ismail Falgore.

Crucial issues were discussed on how best to coordinate their campaigns programs to deliver the APC, President Bola Ahmed Tinubu and Governor Abba Kabir Yusuf in the forthcoming 2027 general elections.

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The meeting was held at his Bichi office, Sunday evening 1st November 2026.

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