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CBN restores MFB’s licence

UGHELLI—CHAIRMAN, IC Global Micro Finance Bank, Chief Joe Arausi, Tuesday, said the bank’s licence, which was revoked by the Central Bank of Nigeria, CBN, last week, had been re-instated by the apex bank and assured customers of the bank of a better service.

Arausi, who addressed customers of the bank in Ughelli, Oleh, Ozoro, Kwale, Warri and Patani, said the bank was one of the strongest Micro Finance Banks in the country, adding that the license of the bank was revoked in error by the apex bank.

Allaying customers’ fear over the purported withdrawal of the bank’s operational license by the CBN, he advised them against panic withdrawals.

He reiterated that the bank has the required capital base.

Arausi said the bank had been given a clean bill of health by the CBN, adding that the bank has been in operation for over 20 years.

He held that they have obeyed the rules of regulatory bodies, saying “we were surprised by the report since we have not found any reason to justify the closure of the bank”.

According to him, the IC Global was among 36 out of the 240 banks given the go ahead to continue with their normal operations few days ago, pointing out that verification of its records revealed that IC Global’s closure was done in error.

Apologizing to the customers for the set backs they may have encountered in their businesses and their homes over the last couple of weeks, he said the Ughelli branch would resume full operation tomorrow, 14th October 2010 in the area.

He said: “We have come to Ughelli to stay, to do our business and do our customers’ businesses.”


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