The Central Bank of Nigeria (CBN) recently announced the closure of 31 banks in Lagos as part of a larger effort to strengthen the banking sector in Nigeria. This action was taken as a result of the banks’ inability to meet minimum regulatory requirements, and the CBN has emphasized that the closures are necessary to protect depositors and maintain stability in the financial system.
The CBN’s decision to close these banks is part of a broader effort to clean up the banking sector in Nigeria and ensure that banks comply with regulatory standards. In addition to closing these 31 banks in Lagos, the CBN also announced the closure of 72 microfinance banks across the country, bringing the total number of banks closed to 103.
While the closure of these banks may be disruptive in the short term, it is expected to have a positive impact on the Nigerian banking sector in the long term. By removing banks that are unable to meet regulatory requirements, the CBN is sending a clear message that it will not tolerate non-compliance and that banks must operate within the law. This, in turn, is likely to strengthen confidence in the Nigerian banking sector and attract more foreign investment.
In addition to closing banks that fail to meet regulatory requirements, the CBN has also taken other measures to strengthen the banking sector in Nigeria. For example, the CBN has established a credit registry to improve access to credit for small and medium-sized enterprises, and it has also introduced new regulations aimed at promoting transparency and accountability in the banking sector.
Overall, while the closure of these 31 banks in Lagos may be seen as a harsh measure, it is likely to have a positive impact on the Nigerian banking sector in the long term. By ensuring that banks comply with regulatory standards, the CBN is helping to promote stability and growth in the financial sector, which is essential for the overall health of the Nigerian economy.
LIST OF MICROFINANCE BANKS CLOSED BY THE CBN

S/N
NAME OF MICROFINANCE BANK
LOCATION

1
AFAM  MICROFINANCE BANK
RIVERS

2
AGBELO  MICROFINANCE BANK
EDO

3
AJASE  MICROFINANCE BANK
KWARA

4
AKPO-COE  MICROFINANCE BANK
RIVERS

5
ALLIANCE  MICROFINANCE BANK
ABUJA

6
ALLOVER  MICROFINANCE BANK
LAGOS

7
ALSTAR  MICROFINANCE BANK
LAGOS

8
AMAZING GRACE  MICROFINANCE BANK
OGUN

9
APEX  GOLDEN MICROFINANCE BANK
LAGOS

10
ASABARI  MICROFINANCE BANK
OYO

11
ASCENT  MICROFINANCE BANK
OGUN

12
ATTANWAMBIRI  MICROFINANCE BANK
IMO

13
BEULAH  MICROFINANCE BANK
LAGOS

14
BIRAIDU  MICROFINANCE BANK
KOGI

15
BIRNIN KUDU MICROFINANCE BANK
JIGAWA

16
BONNY MICROFINANCE BANK
RIVERS

17
BROADBASE MICROFINANCE BANK
DELTA

18
CAPITAL BASE MICROFINANCE BANK
ADAMAWA

19
CASHJET MICROFINANCE BANK
DELTA

20
CHAT MICROFINANCE BANK
KADUNA

21
CLASSIC MICROFINANCE BANK
OGUN

22
COMMON BENEFIT MICROFINANCE BANK
LAGOS

23
CUTTING EDGE MICROFINANCE BANK
EDO

24
DIVINE MICROFINANCE BANK
RIVERS

25
DOGON DAJI MICROFINANCE BANK
SOKOTO

26
DYNAMIC MICROFINANCE BANK
LAGOS

27
EBEM-OHA MICROFINANCE BANK
ABIA

27
EBENATOR MICROFINANCE BANK
IMO

29
ETITI MICROFINANCE BANK
IMO

30
EVO MICROFINANCE BANK
RIVERS

31
EZIMUZO MICROFINANCE BANK
ANAMBRA

32
FESTAC 77 MICROFINANCE BANK
LAGOS

33
FREEDOM MICROFINANCE BANK
KANO

34
GITICOM MICROFINANCE BANK
RIVERS

35
HAZONWAO MICROFINANCE BANK
LAGOS

36
HILLTOP MICROFINANCE BANK
EKITI

37
HOMELAND MICROFINANCE BANK
BAYELSA

38
IC MICROFINANCE BANK
LAGOS

39
IDEAL TRUST MICROFINANCE BANK
ANAMBRA

40
IFONYIN MICROFINANCE BANK
OGUN

41
IHITTE MICROFINANCE BANK
IMO

42
IKWUANO MICROFINANCE BANK
ABIA

43
INTEGRATED MICROFINANCE BANK
LAGOS

44
IPE MICROFINANCE BANK
ONDO

45
JEGA MICROFINANCE BANK
KEBBI

46
KBS MICROFINANCE BANK
LAGOS

47
KERANA MICROFINANCE BANK
PLATEAU

48
KFC MICROFINANCE BANK
LAGOS

49
MARMARA MICROFINANCE BANK
TARABA

50
MIC MICROFINANCE BANK
LAGOS

51
MOORGATE MICROFINANCE BANK
LAGOS

52
MUNICIPAL MICROFINANCE BANK
ABUJA

53
NGAS MICROFINANCE BANK
PLATEAU

54
OLOMI MICROFINANCE BANK
OYO

55
OLOMOYOYO MICROFINANCE BANK
OYO

56
OMNI MICROFINANCE BANK
LAGOS

57
OPENGATE MICROFINANCE BANK
ABUJA

58
OWENA MICROFINANCE BANK
OSUN

59
PET MICROFINANCE BANK
RIVERS

60
PRIME MICROFINANCE BANK
A/IBOM

61
SAMINAKA MICROFINANCE BANK
KADUNA

62
TRINITY MICROFINANCE BANK
A/IBOM

63
TRISTAR MICROFINANCE BANK
ENUGU

64
UDEZUKA MICROFINANCE BANK
ANAMBRA

65
UFUMA MICROFINANCE BANK
ANAMBRA

66
UMUNZE MICROFINANCE BANK
ANAMBRA

67
URUALLA MICROFINANCE BANK
IMO

68
UTUGWANG MICROFINANCE BANK
CROSS RIVER

69
ACME TRUST MICROFINANCE BANK
LAGOS

70
ADIF MICROFINANCE BANK
LAGOS

71
ASAGA-UKWU MICROFINANCE BANK
ABIA

72
BRISTOL MICROFINANCE BANK
LAGOS

73
CENTURY MICROFINANCE BANK
LAGOS

74
CIRCULAR MICROFINANCE BANK
EDO

75
CUBIC MICROFINANCE BANK
EDO

76
DANMUSA MICROFINANCE BANK
KATSINA

77
EKWEMA MICROFINANCE BANK
IMO

78
EMBRACE MICROFINANCE BANK
BAYELSA

79
EMEVOR MICROFINANCE BANK
DELTA

80
FUND EXPRESS MICROFINANCE BANK
LAGOS

81
GALAXY MICROFINANCE BANK
LAGOS

82
GAMJI MICROFINANCE BANK
KEBBI

83
HARBOUR MICROFINANCE BANK
ANAMBRA

84
IMPACT MICROFINANCE BANK
LAGOS

85
IMPERIAL MICROFINANCE BANK
LAGOS

86
INVESTMENT MICROFINANCE BANK
ABIA

87
ITELE MICROFINANCE BANK
OGUN

88
LALUPON MICROFINANCE BANK
OYO

89
MCB MICROFINANCE BANK
LAGOS

90
MILESTONE MICROFINANCE BANK
LAGOS

91
MUSTASONS MICROFINANCE BANK
LAGOS

92
NEW GATE MICROFINANCE BANK
LAGOS

93
NEXUS MICROFINANCE BANK
NIGER

94
OBIOMA MICROFINANCE BANK
ABIA

95
OWHOWHA MICROFINANCE BANK
DELTA

96
PRIMATE MICROFINANCE BANK
LAGOS

97
SHIMAZ MICROFINANCE BANK
OSUN

98
SOUTH WEST IKOYI MICROFINANCE BANK
LAGOS

99
STANDEX MICROFINANCE BANK
ANAMBRA

100
TOUCHSTONE MICROFINANCE BANK
LAGOS

101
UNIQUE MICROFINANCE BANK
LAGOS

102
VENTURE SUPPORT MICROFINANCE BANK
LAGOS

103
WIZETRADE MICROFINANCE BANK
LAGOS