Breaking News

CBN grants 121 MFBs provisional approval

Central Bank of Nigeria, CBN, Thursrday, said it has granted provisional approval for new licences to 121 out of the 224 micro-finance Banks, MFBs, which licences were recently revoked, subject to the fulfillment of some specific requirements within three months.

According to a statement released by the apex bank, “those granted these provisional approvals are those that had made fresh injection of capital and made significant loan recovery, as confirmed by a recent capital verification exercise.

“The list of the affected MFBs will be published in selected papers on Friday 22nd and Monday 25th October, 2010, respectively.

“The requirements for the grant of new operating licence to the 121 MFBs include the capitalisation of prior deposits for shares and the new capital injection to bring the shareholders’ fund unimpaired by losses to the prescribed minimum of N20 million, good corporate governance, sound risk management system and strong internal controls to forestall avoidable losses.”

By Omoh Gabriel


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.