The Central Bank of Nigeria (CBN) yesterday revoked operating licenses of 46 Microfinance Banks (MfBs) over weak asset positions. The licences withdrawals took immediate effect, and in line with CBN’s powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. Following the revocation of the licenses of the MfBs, the Nigeria Deposit Insurance Corporation (NDIC), was also appointed as the official liquidator, pursuant to Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act 2023..........................READ MORE