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List of Microfinance Banks CBN revoked their licenses

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Few days ago the CBN revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country.

 

According to the apex bank, the financial institutions “failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”

 

See below the full list of the affected banks and financial institutions:

 

S/N Name Of Institution

1. ATLAS MICROFINANCE BANK

2. BLUEWHALES MICROFINANCE BANK

3. EVEREST MICROFINANCE BANK

4.IGANGAN MICROFINANCE BANK

5. MAINSAIL MICROFINANCE BANK

6. MERIT MICROFINANCE BANK

7. MINNA MICROFINANCE BANK

8. MUSHARAKA MICROFINANCE BANK

9. NOPOV MICROFINANCE BANK

10.OHON MICROFINANCE BANK

11. PREMIUM MICROFINANCE BANK

12. ROYAL MICROFINANCE BANK

13.STATESMAN MICROFINANCE BANK

14.SUISSE MICROFINANCE BANK

15. VIBRANT MICROFINANCE BANK

16. VIRTUE MICROFINANCE BANK

17. ZAMARE MICROFINANCE BANK

18. NORTH CAPITAL MICROFINANCE BANK

19. CHIDERA MICROFINANCE BANK

20. EXCELLENT MICROFINANCE BANK

21. NI’IMA MICROFINANCE BANK

22.COSMOPOLITAN MICROFINANCE BANK

23. PROGRESSIVE LINK MICROFINANCE BANK

24. TRUST ONE (FOMERLY DESMONARCHY)

25. EKUOMBE MICROFINANCE BANK

26.FIRST INDEX MICROFINANCE BANK

27. OLA MICROFINANCE BANK

28. ULI MICROFINANCE BANK

29. VERDANT MICROFINANCE BANK

30. AGULERI MICROFINANCE BANK LIMITED

31. APEKS MICROFINANCE BANK LIMITED

32.FAHIMTA MICROFINANCE BANK LIMITED

33. MANNY MICROFINANCE BANK LIMITED

34. REALITY MICROFINANCE BANK LIMITED

35. SURBPOLITAN MICROFINANCE BANK LIMITED

36. ONYX MICROFINANCE BANK LIMITED

37. OSINA MICROFINANCE BANK LIMITED

38. OLOFIN-OWENA MICROFINANCE BANK LIMITED

39. ZIKADO MICROFINANCE BANK LIMITED

40. PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED

41. PENIEL MICROFINANCE BANK LIMITED

42. TARABA MICROFINANCE BANK LIMITED

43. BRASS MICROFINANCE BANK LIMITED

44.MICHIKA MICROFINANCE BANK LIMITED

45. NDIAGU MICROFINANCE BANK LIMITED

46. NORTHBRIDGE MICROFINANCE BANK LIMITED

47. FCT MICROFINANCE BANK LIMITED

48. OMU-ARAN MICROFINANCE BANK LIMITED

49. CHERISH MICROFINANCE BANK LIMITED

50. BIPC MICROFINANCE BANK LIMITED

51. DANELS GLOBAL MICROFINANCE BANK LIMITED

52. BANCORP MICROFINANCE BANK LIMITED

53. MANNA MICROFINANCE BANK LIMITED

54. MONEYWISE MICROFINANCE BANK LIMITED

55. MERCURY MICROFINANCE BANK LIMITED

56. NEW AGE MICROFINANCE BANK LIMITED

57. PEARL MICROFINANCE BANK LIMITED

58. ZAWADI MICROFINANCE BANK LIMITED

59. SEED CAPITAL MICROFINANCE BANK LIMITED

60. EDUEK MICROFINANCE BANK LIMITED

61. EKSU MICROFINANCE BANK LIMITED

62. DAKINGARI MICROFINANCE BANK LIMITED

63. OGOJA MICROFINANCE BANK LIMITED

64. NWABOSI MICROFINANCE BANK LIMITED

65. NUTURE MICROFINANCE BANK LIMITED

66.ACTIVE POINT MICROFINANCE BANK LIMITED

67. AMOYE MICROFINANCE BANK LIMITED

68. BOLUWADURO MICROFINANCE BANK LIMITED

69. IYEDE MICROFINANCE BANK LIMITED

70. MAYFAIR MICROFINANCE BANK LIMITED

71.CALABAR MICROFINANCE BANK LIMITED

72. IGHOMO MICROFINANCE BANK LIMTED

73. HACKMAN MICROFINANCE BANK LIMITED

74. IDESE MICROFINANCE BANK LIMITED

75. BRIDGEWAY MICROFINANCE BANK LIMITED

76. GRASSROOT MICROFINANCE BANK LIMITED

77. SURELIFE MICROFINANCE BANK LIMITED

78. TIJARAH MICROFINANCE BANK LIMITED

79. IC-GLOBAL MICROFINANCE BANK LIMITED

80. EJIAMATU MICROFINANCE BANK LIMITED

81. BRIYTH COVENANT MICROFINANCE BANK LIMITED

82. NANKA MICROFINANCE BANK LIMITED

83. CUB MICROFINANCE BANK LIMITED

84. BFL MICROFINANCE BANK LIMITED

85. UMUNNE MICROFINANCE BANK LIMITED

86. OROKE MICROFINANCE BANK

87. ALKALERI MICROFINANCE BANK LIMITED

88. CROWNED EAGLE MICROFINANCE BANK

89. UNIFA MICROFINANCE BANK LIMITED

90. DADINKOWA MICROFINANCE BANK LIMITED

91.IFESOWAPO MICROFINANCE BANK LIMITED

92. OAF MICROFINANCE BANK LIMITED

93. BAMA MICROFINANCE BANK LIMITED

94. NGALA MICROFINANCE BANK LIMITED

95. IWOAMA MICROFINANCE BANK LIMITED

96. KADA MICROFINANCE BANK LIMITED

97. KEFFI MICROFINANCE BANK LIMITED

98. NUT-ENDWELL MICROFINANCE BANK LIMITED

99.FIRST MULTIPLE MICROFINANCE BANK LIMITED

100. SBDC MICROFINANCE BANK LIMITED

101. OROS CAPITAL MICROFINANCE BANK LIMITED

102. OZIZZA MICROFINANCE BANK LIMITED

103. PRIMERA CREDIT MICROFINANCE BANK LIMITED

104. IFEANYICHUKWU MICROFINANCE BANK LIMITED

106. IHIOMA MICROFINANCE BANK LIMITED

107. JOSAD MICROFINANCE BANK LIMITED

108. AKPO MICROFINANCE BANK LIMITED

109. AIYEPE MICROFINANCE BANK LIMITED

110. ABC MICROFINANCE BANK LIMITED

111. STAR MICROFINANCE BANK LIMITED

112. PURPLE MONEY MICROFINANCE BANK LIMITED

113. UTUH MICROFINANCE BANK LIMITED

114. STALLION MICROFINANCE BANK LIMITED

115. KJL MICROFINANCE BANK LIMITED

116. CREDIT AFRIQUE MICROFINANCE BANK LIMITED

117. COWRIES MICROFINANCE BANK LIMITED

117. LAWEBOD MICROFINANCE BANK LIMITED

118. MABINAS MICROFINANCE BANK LIMITED

119. BUSINESS SUPPORT MICROFINANCE BANK LIMITED

120. OGBE-AHIARA MICROFINANCE BANK LIMITED

121. OLOFIN MICROFINANCE BANK LIMITED

122. OBOSI MICROFINANCE BANK LIMITED

123. FIYINFOLU MICROFINANCE BANK LIMITED

124. BISHOPGATE MICROFINANCE BANK LIMITED

125. AWKA MICROFINANCE BANK

126. ZIGATE MICROFINANCE BANK LIMITED

127. ESAN MICROFINANCE BANK LIMITEDE

128. ENUGU-UKWU MICROFINANCE BANK LIMITED

129. ECHO MICROFINANCE BANK LIMITED

130. ALLY MICROFINANCE BANK LIMITED

131. NETWORK MICROFINANCE BANK LIMITED

132. AWGBU MICROFINANCE BANK LIMITED

 

SCHEDULE II

LIST OF FINANCE COMPANIES LICENCES REVOKED/

S/N        Name Of Institution

1. HHL Invest & Trust Limited

TFS Finance Limited

Treasures & Trust Limited

       SCHEDULE  III

  1. LIST OF PRIMARY MORTGAGE BANKS LICENCES REVOKED

    S/N        Name Of Institution

    RESORT SAVINGS & LOANS

    SAFETRUST MORTGAGE BANK

    ADAMAWA SAVINGS & LOANS

    KOGI SAVINGS & LOANS

Business

Late Tax Payments Attract New Interest Rates From October 1

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The federal government says late tax payments will attract new interest rates from October 1, 2026.

 

According to a statement by the ministry of finance, the new rates are linked to market interest rates and will be set for each calendar month.

Under the order, interest on tax payable in naira will be charged at the Central Bank of Nigeria (CBN’s) monetary policy rate (MPR) plus one percentage point, compared with the previous five-percentage-point spread.

However, the ministry said the rate would not fall below the yield on 364-day treasury bills.

This means that since the MPR is 23 percent, taxpayers who pay late would be charged 24 percent interest on the delayed tax, subject to the 364-day treasury bill yield floor.

For tax payable in foreign currency, the statement said the interest rate will be the secured overnight financing rate (SOFR) plus 6 percentage points. The SOFR stands at 22.12 percent for the 30-day average and 22.59 percent for the 90-day average as of September 24, 2026.

The ministry said the new rates would provide taxpayers with greater certainty over the cost of late payment, which it said has been linked more closely to prevailing market rates.

Speaking on the move, Taiwo Oyedele, minister of finance and coordinating minister of the economy, said the new framework would ensure that delaying tax payments does not become a cheaper source of credit than borrowing from the market.

“Tax that is due belongs to the public. When it is paid late, Government may have to borrow to fill the gap, and the cost falls on everyone,” Oyedele said.

“This Order ties the cost of late payment to real market rates, so that delaying tax does not become a cheaper form of credit than the market itself.”

The ministry said under the order, one interest rate would apply for each calendar month and would be determined on the last business day of the preceding month.

“The Nigeria Revenue Service (NRS) is required to publish the applicable rate on its website by the third business day of every month,” the statement added.

The ministry said interest would be calculated as simple interest on a daily basis, from the date the tax becomes due until payment is made.

For foreign-currency tax, the ministry said SOFR would apply as the international benchmark for US dollar rates, noting that if the SOFR is discontinued, its official successor rate would apply.

Oyedele said the arrangement would also provide a uniform basis for taxpayers dealing with federal, state and FCT tax authorities.

“Just as important is certainty. Every taxpayer, whether dealing with the Nigeria Revenue Service or a State revenue service, will know the rate in advance, see it published every month, and be charged in the same way,” he said.

“Clear rules make compliance easier and support a fair, predictable tax system.”

The ministry said the order does not change the 10 percent penalty for late payment provided under section 65 of the Nigeria Tax Administration Act (NTAA), 2025.

“The relevant tax authorities may also waive interest or penalties where good cause is shown, in line with section 66 of the Act,” it said.

The ministry said the new rates would apply to interest arising from October 1, including interest on tax that became due before that date.

“Interest that arose before October 1 will not be affected to the extent that it was specifically provided for under the rules in force at the time,” the statement said.

The finance ministry said the order supersedes the 2017 notice on interest on unpaid taxes and other earlier notices on the subject.

The ministry said the framework applies to self-assessment taxpayers, the NRS, and state and Federal Capital Territory (FCT) internal revenue services.

The ministry advised taxpayers to file their returns and pay applicable taxes on time.

It also advised taxpayers with outstanding liabilities to settle them promptly or engage the relevant tax authority.

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Adron Homes Unveils Premium Estate Plan in Ile-Ife Ahead of Olojo Festival

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Adron Homes and Properties is set to participate in the 11th Olojo Festival in Ile-Ife, Osun State, as the company deepens its engagement with the ancient city and unveils plans for a Premium Estate development within the Ile-Ife domain.

 

The 2026 edition of the renowned cultural festival, themed “Culture Preservation Through Sustainable Tourism,” is expected to bring together traditional rulers, government representatives, corporate organisations, cultural stakeholders, tourists and the media for a celebration of Yoruba heritage and the cultural significance of Ile-Ife.

Ahead of the festival, Adron Homes made a strong appearance at the press conference and unveiling of the 2026 edition with a delegation comprising key members of its Western operations.

 

 

The delegation included Ogundapo Odunola, Deputy Managing Director, Western Super-Cluster; Johnson Olugbenga, Assistant Managing Director, Western Galaxy 1; and Shobowale Taiwo, Deputy Sales Manager, Livingspring World.

Their presence reflected the company’s growing development interests in Ile-Ife and its commitment to initiatives that connect real estate development with cultural heritage and community growth.

Speaking at the event, Seyi Oyekunle, Director General, Media, Branding & Corporate Communication, Adron Group, who represented the Managing Director of Adron Homes and Properties, Mrs Adenike Ajobo, said the company’s participation in the Olojo Festival was driven by its belief that cultural preservation and sustainable development could work hand in hand.

Oyekunle described the theme of the festival as timely, noting that culture remains an important part of identity and history, while sustainable tourism can create opportunities for employment, investment, entrepreneurship and community development.

He described Olojo as more than an annual cultural celebration, saying it represents the enduring connection between the past, present and future of Ile-Ife and its place in Yoruba civilisation.

According to him, Adron Group’s vision extends beyond conventional real estate development.

“At Adron Group, we are in the business of real estate, but our purpose is much bigger than the development of properties. We build homes. We build cities. We build communities,” he said.

A major highlight of the company’s participation was the unveiling of plans for the Adron Homes Premium Estate within the Ile-Ife domain.

Oyekunle expressed appreciation to the Ooni of Ife, His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi, Ojaja II, for the confidence and approval granted to Adron Homes and Properties for the development.

He said the approval comes with a strong responsibility for the company to contribute meaningfully to the development of Ile-Ife while respecting the city’s rich historical and cultural heritage.

According to him, Adron Homes is prepared to deploy its experience, resources and development capacity towards delivering a project capable of creating value for residents and contributing to the growth of the community.

He described the Premium Estate as more than a property development, saying it presents an opportunity to attract investment, provide quality housing, stimulate local businesses and strengthen the connection between Ile-Ife and sons and daughters of Ifeland and Yorubaland across the world.

The Adron Group representative said the development could provide an avenue for people in the diaspora to reconnect with the Source by creating opportunities to “come home, invest home, build home and preserve home.”

He also called for greater development of Ile-Ife as a year-round tourism destination, stressing that the city’s tourism potential should extend beyond the annual Olojo Festival.

Oyekunle said sustainable tourism should translate into tangible economic opportunities for residents, particularly artisans, young people, entrepreneurs and operators within the hospitality sector.

He further urged young people to view Yoruba culture and heritage as potential sources of economic opportunity, noting that the sector could inspire careers and businesses across film, technology, fashion, music, arts and tourism.

 

The Olojo Festival press conference brought together traditional rulers, government representatives, corporate organisations, members of the Olojo Festival Committee, cultural stakeholders and media practitioners ahead of the 11th edition of the festival.

As Adron Homes prepares for its participation in the festival, the company’s Premium Estate plan adds a major real estate dimension to its engagement with Ile-Ife, reinforcing its vision of “Building Homes, Cities and Communities Across the Globe.”

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FG To Review Tax Laws

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The Federal Government has commenced a six-week review of the new tax laws to identify implementation gaps, address consequences that have emerged since their implementation and consider concerns raised by the organised private sector and other stakeholders.

 

The review will examine areas including Value Added Tax thresholds, withholding tax, capital gains treatment and multiple taxation.

Recall that President Bola Ahmed Tinubu last year signed into law four new tax bills passed by the National Assembly, describing the laws as pivotal to the success of his administration’s reforms and the country’s prosperity.

The bills were the Nigeria Tax Bill (Ease of Doing Business), which seeks to consolidate Nigeria’s fragmented tax laws into a harmonised statute; the Nigeria Tax Administration Bill, which establishes a uniform legal and operational framework for tax administration across the federal, state and local governments.

Others are the Nigeria Revenue Service (Establishment) Bill, which repeals the Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency, the Nigeria Revenue Service (NRS); and the Joint Revenue Board (Establishment) Bill, which provides a formal governance structure to facilitate cooperation between revenue authorities at all levels of government.

While inaugurating the Technical Subcommittee on Fiscal Policy and Tax Reforms in Abuja yesterday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said implementation of the new laws had exposed areas requiring clarification and further reforms.

“The real test begins when the law meets the economy, as businesses interpret it, administrators implement it, investors respond to it, and citizens experience it. Implementation inevitably reveals areas requiring clarification, refinement or further reform,” the minister said.

Oyedele said the government was shifting from fundamental tax reforms to continuous improvement, stressing that the review was not intended to reverse the 2025 reforms.

He said, “The Finance Bill 2027 should not be seen as just another annual legislative exercise. Our task is not to rewrite the 2025 reforms, but to preserve their fundamental principles while learning from implementation and responding to new economic realities.

“We must ask where implementation has revealed ambiguity, where unintended consequences have emerged, where compliance can be simplified, and where we can improve investment and competitiveness.”

The review will also cover fiscal policy and management, public financial management, debt, transparency, capital markets and cross-border capital flows.

According to Oyedele, the government received 134 submissions from across Nigeria’s geopolitical zones after inviting public input, alongside additional submissions made in hard copy.

Preliminary concerns raised by stakeholders included calls to clarify and simplify VAT thresholds, withholding tax and capital gains provisions.

Stakeholders also proposed stronger measures against multiple taxation and improved coordination among revenue authorities.

They called for greater digitalisation and data sharing to prevent taxpayers from repeatedly submitting information already available to government agencies.

Other proposals included stronger taxpayer rights, faster refunds, safeguards for small businesses and measures to improve investment and competitiveness in mining, renewable energy, healthcare and capital markets.

Oyedele urged the subcommittee to assess the economic impact of proposed changes, particularly on low-income households, workers and businesses.

“Every tax reform produces winners and losers; the question is whether a policy is fair, efficient and competitive, not whether it is popular with everyone,” he said.

He added, “A provision that raises revenue may impose a far greater cost on the wider economy. The government must optimise the whole economy, not merely achieve a single objective.”

The minister warned that complicated tax rules could increase compliance costs for businesses.

Beyond preparing recommendations for the Finance Bill 2027, the subcommittee will review the Deduction of Tax at Source Regulations 2024 and prepare revised withholding tax regulations.

It will also review the Companies Income Tax (Significant Economic Presence) Order 2020 and develop an updated framework aligned with the new tax laws and international practices.

The Permanent Secretary of the Federal Ministry of Finance chairs the subcommittee, while Chairman of the Tax Advisory Committee Albert Folorunsho serves as co-chair.

Members include representatives of the Federal Ministry of Justice, Nigeria Revenue Service, Joint Revenue Board, Nigeria Customs Service, Central Bank of Nigeria, Debt Management Office, Budget Office of the Federation and Nigerian Investment Promotion Commission.

Other members are drawn from the Small and Medium Enterprises Development Agency of Nigeria, Manufacturers Association of Nigeria, Nigerian Economic Summit Group, Nigerian Bar Association, Association of National Accountants of Nigeria, Chartered Institute of Taxation of Nigeria and Institute of Chartered Accountants of Nigeria.

Representatives of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture and the Big Four accounting firms — Deloitte, EY, KPMG and PwC — are also members.

The Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025 and Joint Revenue Board (Establishment) Act 2025 took full effect on January 1, 2026.

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