CBN Withdraws Licences of 46 Microfinance Banks Over Regulatory Violations

CBN Withdraws Licences of 46 Microfinance Banks Over Regulatory Violations
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CBN Withdraws Licences of 46 Microfinance Banks Over Regulatory Violations

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country over multiple regulatory violations.

The apex bank said the action, which took effect on July 1, 2026, followed the approval of the CBN Governor, Olayemi Cardoso, and is aimed at strengthening the stability of the financial system while protecting depositors.

In a statement issued on Wednesday, the CBN explained that the affected institutions failed to meet the regulatory requirements necessary to continue operating as licensed financial institutions.

According to the bank, the affected microfinance banks were found to have committed serious infractions, including having insufficient assets to meet liabilities, unauthorised closure of operations, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining licences, and failure to maintain the minimum capital requirements unimpaired by losses.

The CBN noted that the revocation is part of its ongoing efforts to sanitise the financial sector by enforcing strict compliance with prudential standards and ensuring that only financially sound institutions remain in operation.

“The revocation of these licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with existing laws and regulatory requirements,” the statement said.

The latest move underscores the CBN’s intensified regulatory enforcement against weak and non-compliant financial institutions, reinforcing its commitment to maintaining public confidence in Nigeria’s banking system.

Although the apex bank has yet to disclose details of the affected banks’ deposit liabilities or customer reimbursement arrangements, industry analysts say the action sends a clear message that regulatory compliance remains a non-negotiable requirement for all licensed financial institutions in Nigeria.

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Customs Unveils 3,852 Successful Recruits, Adopts Annual Employment Exercise The Nigeria Customs Service (NCS) has announced the release of the final list of 3,852 successful candidates for its 2024/2025 recruitment exercise and unveiled plans to institutionalise annual recruitment to ensure continuous manpower renewal. Speaking at a press briefing, the Comptroller-General of Customs, Bashir Adewale Adeniyi, said the successful applicants were selected across three entry cadres, with 1,275 recruited into the Superintendent Cadre, 367 into the Inspectorate Cadre, and 2,210 into the Customs Assistant Cadre. Adeniyi said the publication of the final list marks the successful conclusion of the recruitment exercise, which commenced in December 2024. He apologised for the delay in completing the exercise, attributing it to the unprecedented number of applications received and the Service’s determination to conduct a transparent, credible and merit-driven recruitment process. According to the Customs boss, the Service received 573,680 applications for just 3,852 available positions, making the exercise one of the most competitive in the agency’s history. He explained that all applications underwent rigorous screening procedures, including computer-based examinations, verification of credentials against the National Identity database, and additional checks where inconsistencies were detected. He noted that candidates who made the final list would still undergo physical and medical examinations before receiving final approval from the Nigeria Customs Service Board. Adeniyi disclosed that the overall success rate was 0.67 per cent, meaning only one out of every 148 applicants secured a place in the exercise. Breaking down the figures, he said the Superintendent Cadre attracted 276,995 applications for 1,275 vacancies, representing one successful applicant out of every 217 candidates. The Inspectorate Cadre recorded 128,604 applications for 367 positions, making it the most competitive category with one successful candidate for every 350 applicants, while the Customs Assistant Cadre received 168,081 applications for 2,210 vacancies, translating to one successful applicant for every 76 candidates. He encouraged unsuccessful applicants not to be discouraged, stressing that many met the required qualifications but could not be accommodated because of the limited vacancies and intense competition. The Comptroller-General said the recruitment reflected the Federal Character principle, with all 36 states and the Federal Capital Territory represented. Each state was allocated 105 slots, comprising 35 positions in the Superintendent Cadre, 10 in the Inspectorate Cadre and 60 in the Customs Assistant Cadre, while the FCT received 72 slots under the approved allocation formula. On gender representation, Adeniyi revealed that women accounted for 839 successful candidates, representing 21.8 per cent of the total intake, slightly higher than their 21.2 per cent share of the total applications received. He added that female applicants recorded a marginally higher success rate than their male counterparts, particularly in the Inspectorate and Customs Assistant cadres, reaffirming the Service’s commitment to encouraging greater female participation in future recruitment, especially in operational and enforcement roles. According to him, the exercise also produced a youthful workforce, with a median age of 26 years and nearly three-quarters of the successful candidates below the age of 30. He said the youthful intake would strengthen the Service’s capacity to embrace modern customs administration driven by technology, data analytics and automated risk management. Adeniyi further announced that the Nigeria Customs Service would now conduct recruitment exercises annually instead of waiting several years between recruitment cycles. He disclosed that the 2026 recruitment exercise would commence later this year, expressing confidence that future recruitment would be completed within a single calendar year, from advertisement to the publication of the final list. According to him, the digital systems, screening architecture and verification processes developed during the current exercise would significantly shorten future recruitment timelines. He explained that the annual recruitment policy would enable the Service to plan its workforce more effectively, promptly replace retiring personnel and provide qualified Nigerians with predictable employment opportunities. The Comptroller-General advised successful candidates to rely only on official Nigeria Customs Service communication channels for further instructions, reiterating that recruitment into the Service remains completely free. He urged members of the public to report anyone demanding money in exchange for employment, describing such individuals as fraudsters. Congratulating the successful candidates, Adeniyi reminded them that they earned their positions through a rigorous and highly competitive process and urged them to uphold the professionalism, discipline and integrity expected of officers of the Nigeria Customs Service. He also assured unsuccessful applicants that another opportunity would be available later this year under the newly introduced annual recruitment programme.

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