The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) across the country for failing to comply with key regulatory requirements, in one of the regulator’s most sweeping enforcement actions in recent years.The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the revocation took effect from July 1, 2026.According to the CBN, the action was approved by its Governor, Olayemi Cardoso, in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020, as part of efforts to safeguard the financial system, protect depositors and ensure strict compliance with regulatory standards.
The CBN said the affected institutions failed to meet one or more of the conditions required to retain their operating licences.
“According to the revocation order, the action became necessary because of one or more of the following circumstances: insufficient assets to meet liabilities, closure of operations without the approval of the CBN, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” the statement said.
It added: “The revocation of the 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 current laws and regulatory requirements.”
The affected microfinance banks are:
Minji-Se Churchill MFB (Rivers)
Merchant MFB (Abia)
Janmaa MFB (Kwara)
Busu MFB (Niger)
Gold MFB (Lagos)
Zain MFB (formerly Dawakin Tofa MFB) (Kano)
Bompai MFB (Kano)
Ajwa MFB (Kano)
Now Now Digital MFB (Kano)
Crystabel Microfinance Bank (Bayelsa)
Chanelle MFB (Lagos)
Abia SME MFB (Abia)
Kamba MFB (Kebbi)
Iwade MFB (Ogun)
Winview MFB (Abuja)
Zuru MFB (Kebbi)
Minjibir MFB (Kano)
Shanono MFB (Kano)
Sumaila MFB (Kano)
Rimin Gado MFB (Kano)
Mwaghavul MFB (Plateau)
Sycamore MFB (Kano)
TOFA MFB (Kano)
Safegate MFB (Lagos)
Creekline MFB (Delta)
Bestar MFB (Oyo)
Livingspring MFB (Cross River)
Apple MFB (Ogun)
Stanford MFB (Uyo, Akwa Ibom)
Frontline MFB (Anambra)
Zafec MFB (Kaduna)
Supreme MFB (Lagos)
Bejin-Doko MFB (Niger)
Kanopoly MFB (Kano)
Bellbank MFB (formerly Tsanyawa MFB) (Kano)
Yeneng MFB (Plateau)
Creditville MFB (Lagos)
MBAG MFB (Lagos)
Straight Sahara MFB (Benue)
Our Pass MFB (Ondo)
VERDANT MFB (Lagos)
Basawa MFB (Kaduna)
Casha MFB (Abuja)
Esteem MFB (Kano)
Enterpreneur MFB (Lagos)
Avantus MFB (Osun)
The CBN reiterated its commitment to promoting a safe, sound and resilient financial system, stressing that it would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s banking sector.
The latest enforcement action follows the banking recapitalisation programme introduced by the apex bank in March 2024, which gave financial institutions until March 31, 2026, to meet new minimum capital requirements.
Earlier this year, the CBN disclosed that 30 banks had successfully met the new capital threshold, while institutions that failed to comply continued to face regulatory sanctions.
With the revocation now in effect, the 46 affected institutions have lost their legal authority to operate as licensed microfinance banks in Nigeria.

Five Nigerians who were detained at the MACA Prison in Abidjan, Côte d’Ivoire, since August 2025 have returned home following the intervention of the Federal Government, the Ministry of Foreign Affairs has announced.
The returnees were received on arrival at the Nnamdi Azikiwe International Airport, Abuja, by the Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, alongside the Director-General of the National Orientation Agency, Mallam Lanre Issa-Onilu, and other government officials.
According to the ministry, six young men from Sokoto State had travelled by road to Abidjan for trading but were arrested and detained without charge or trial. They were identified as Aliyu Malami, Nasiru Umar, Shamsu Abubakar, Sa’adu Bello, Lyman Mohammed and Usama Murtala.
Following sustained diplomatic engagement by the Ministry of Foreign Affairs and the Nigerian Mission in Côte d’Ivoire, the detainees were released.
However, one of them, Usama Murtala, fell seriously ill while in prison due to inadequate medical care. He died on June 24, 2026, at a critical care hospital, a day after his release. He was buried on June 25 in accordance with Islamic rites after consultations with his family.
“There was no charge sheet. There was no trial. They were simply detained and taken to prison,” Odumegwu-Ojukwu said.
She explained that Nigerian authorities were not notified of the detention, delaying diplomatic intervention.
The minister added that the detainees neither spoke French nor had access to legal representation.
“They could not speak English in an environment where French was spoken. They never really stood a chance,” she said.
Describing Usama’s death as a stark reminder of the dangers faced by Nigerians abroad, particularly those undertaking irregular migration, Odumegwu-Ojukwu said many Nigerians imprisoned overseas are vulnerable young people seeking better opportunities but often become trapped in judicial systems they do not understand.
She disclosed that the Federal Government would pursue Usama’s case with the Ivorian authorities and seek compensation for his family.
The minister also cautioned Nigerians against embarking on risky journeys abroad, noting that many citizens imprisoned overseas were intercepted while transiting through foreign countries.
She said the government’s intervention was in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda and its Citizen Diplomacy initiative.
Odumegwu-Ojukwu appealed to the Sokoto State Government to provide rehabilitation and skills acquisition programmes for the five returnees, revealing that the Federal Government had formally requested the state to support their reintegration.
“They have endured severe pain, trauma and hardship, and deserve support to rebuild their lives and reintegrate into society,” she said.
Speaking on behalf of the returnees, Aliyu Malami said he travelled to Côte d’Ivoire for business but ended up spending several months in detention under difficult conditions.
He said the language barrier prevented them from explaining their situation to the authorities and expressed gratitude to the Federal Government for securing their release.
Malami added that he intends to rebuild his life and return to legitimate business.
The Ministry of Foreign Affairs, the National Emergency Management Agency and other government agencies provided relief packages to the returnees, who are expected to reunite with their families in Sokoto on Wednesday.

Former Minister of Science and Technology, Uche Nnaji, was reportedly arrested on Wednesday at the Akanu Ibiam International Airport, Enugu, while preparing to board a chartered flight to Abuja.

According to Premium Times, sources at the airport said Nnaji was taken into custody and is expected to be handed over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for questioning over allegations of certificate forgery.

The reported arrest comes weeks after the Federal High Court reportedly granted the ICPC permission to arrest and investigate Nnaji over the allegations. The court also authorised the anti-graft agency to declare him wanted through newspapers, social media platforms and other media outlets after the commission alleged that he repeatedly failed to honour invitations for questioning.

According to the ICPC, its application to the court followed Nnaji’s alleged refusal to appear before investigators despite several invitations related to the forgery allegations.

The case stems from a two-year investigation published by Premium Times in October last year, which alleged that Nnaji submitted forged University of Nigeria and National Youth Service Corps (NYSC) certificates during his ministerial screening and confirmation process in 2023.

The publication alleged that the documents were presented to President Bola Ahmed Tinubu, the Nigerian Senate, the Office of the Secretary to the Government of the Federation, and the Department of State Services (DSS).

According to the report, Nnaji later acknowledged that the University of Nigeria did not issue him the degree certificate in question, a development the newspaper said corroborated its investigation.

The former minister had previously denied the existence of the court order authorising his arrest, describing the publication as a “media trial.”

However, on June 18, he reportedly filed an appeal before the Court of Appeal seeking to set aside the arrest order.

As of the time of filing this report, the ICPC had not issued an official statement confirming the reported arrest, while Nnaji’s legal team had yet to publicly respond to the latest development.

Innoson Vehicle Manufacturing Company (IVM) has dismissed as false and misleading reports claiming that its Founder and Chairman, Chief Dr. Innocent Chukwuma, CON, is dead, insisting that the renowned industrialist is alive and actively leading the company.

In a statement issued on Tuesday, the company’s management described the report as baseless and urged the public to disregard it and rely only on information released through IVM’s official communication channels.

“We wish to unequivocally state that this claim is false, misleading and entirely without factual basis. Chief Dr. Innocent Chukwuma, CON, is alive, well and continues to provide leadership as the Chairman of Innoson Vehicle Manufacturing Company Ltd.,” the statement said.

The company explained that the false report appeared to have mistaken its chairman for another individual with the same name, noting that the distinction had previously been clarified by independent fact-checking organisations.

“The publication appears to have confused our Chairman with another individual who bore the same name but was an entirely different person,” it stated.

IVM urged customers, business partners, dealers, financial institutions, government agencies and the general public to ignore the publication.

The company also disclosed that it had commenced legal action against the publisher, demanding an immediate retraction, a public apology and an end to the circulation of the false report.

“Our legal representatives have formally written to the publisher demanding an immediate retraction, a public apology and the cessation of the dissemination of the false information. We remain committed to pursuing all lawful measures necessary to protect the reputation of our Chairman and safeguard the integrity of our Company,” it added.

Reaffirming its commitment to Nigeria’s industrial development, IVM said it remains focused on producing world-class vehicles and delivering quality products and services despite the misinformation.

The company also thanked Nigerians, customers and business partners for their continued support and confidence, describing their trust as the foundation of its growth and success.

Governors elected under The All Progressives Congress (APC) have reviewed outcome of the party’s primaries and resolved to meet with Prof Netanwe Yilwatda, Chairman of the party, and other leaders.

Governor Hope Uzodimma of Imo and Chairman of the Progressives Governors’ Forum (PGF), said the resolution was reached at the forum’s meeting which ended at the early hours of Tuesday in Abuja.

The News Agency of Nigeria (NAN) reports that the PGF is an umbrella body of all serving APC governors.

Uzodimma while addressing newsmen at the end of the meeting said that the governors also resolved to work to ensure that Nigerians were better off.

He said that the meeting reviewed the outcome of the party’s primaries across the federation, the recent Ekiti governorship election and various by elections in which the APC came out in ”flying colours”.

“We have resolved to work towards solving the problems and challenges facing our democratic space and ensuring that our people are better off.

“We also resolved to meet with the leadership of the party to plan the coming 2027 presidential and National Assembly elections. We are ready and good to go,” he said.

The PGF chairman added that the forum further resolved to continue to work with the APC leadership to support and strengthen it and prepare it for future elections.

The meeting was attended by governors of Ekiti, Zamfara, Taraba, Lagos, Sokoto, Kano, Kaduna, Gombe, Kebbi, Akwa Ibom and Borno States among others.(NAN)