OFFICIAL NOISEMAKR: CBN

<h2 style="text-align: left;"> Forty-two microfinance banks in Nigeria have lost their licences. This comes after the microfinance banks were iquidated by the Central Bank of Nigeria. </h2><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGYhZ_i6du3Qh1T9Y8PtEoK43eByzF2SDL7XcE8bQBqwzmhyV0-wVLHnpjTZkLF4XdKhOlTZsdX75m4deIXyerV-DXFNyMNjqqkmtsDKbDdRYXOoJdiEYvGi5b-nOimkinHvpVgKCBCHln/s450/cbn.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="350" data-original-width="450" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGYhZ_i6du3Qh1T9Y8PtEoK43eByzF2SDL7XcE8bQBqwzmhyV0-wVLHnpjTZkLF4XdKhOlTZsdX75m4deIXyerV-DXFNyMNjqqkmtsDKbDdRYXOoJdiEYvGi5b-nOimkinHvpVgKCBCHln/s320/cbn.jpg" width="320" /></a></div> The Nigeria Deposit Insurance Corporation, NDIC, disclosed this in a statement, saying it would promptly commence the verification of claims of depositors of the affected banks from Monday, December 21.  The NDIC also said it had begun the process of paying insured depositors of the liquidated banks across the country.<div align="center" style="color: green; margin: 0px; padding: 0px;"><div class="clear" style="margin: 0px; padding: 0px;"></div><div class="clear" style="margin: 0px; padding: 0px;"></div></div>The affected banks include Hedgeworth MFB, Utako, Abuja; Future Growth MFB, Utako, Abuja;  Bagwai MFB, Bagwai LGA, Kano; Ere City MFB, Oriade LGA, Osun State; Cafon MFB, Garki II, Abuja; Akcofed MFB, Uyo, Akwa-Ibom State; Gufax MFB, Uyo, Akwa Ibom State, Partnership  MFB, Onitsha, Anambra State;  ICB MFB, Ilah, Delta State; Onima MFB, Ezinihite Mbaise LGA, Imo State; and Hometrust (NATIONS) MFB, Nkwere, Imo State. Others are Ringim MFB, Ringim, Jigawa State; Bigthana MFB, Ali Akilu Road, Kaduna; Rogo MFB, Rogo LGA, Kano State; Makoda MFB, Makoda LGA, Kano; Takai MFB, Takai LGA, Kano State; Bebeji MFB, Bebeji  L.G.A., Kano State; Ajingi MFB, Ajingi LGA,Kano State; Garko MFB, Garko, Kano; Kangiwa MFB, Kangiwa LGA, Kebbi State; Augie MFB, Augie LGA, Kebbi State; Mopa MFB, Mopa, Kogi State; Solid Base MFB, Ijumu  LGA, Kogi State; Ultimate Benefit MFB, Lokoja, Kogi State; Ovidi MFB, Okene, Kogi State; Kirfi MFB, Kirfi LGA, Bauchi; Credit  Express MFB, Kakawa Street, Lagos; King Solomon MFB, Western Avenue, Iponri, Lagos; Riggs MFB, Victoria Island, Lagos; Billionaire Blue Bricks MFB, Ajah, Lagos; Susu MFB, Yaba, Lagos; Wealthstream MFB, Apapa, Lagos; Aguda Titun MFB, Ogba, Lagos and Sapphire MFB, Uyo, Akwa Ibom State. The rest are Metro MFB, Ogba, Ikeja, Lagos, Mountain Top MFB, Trade Fair Complex, Lagos; Unyogba MFB, Ofu LGA, Kogi State; Wapo MFB, Okene, Kogi State; Ibogun MFB, Ifo LGA, Ogun State;  Korede MFB, Igbotako, Ondo State;  Ahetou  MFB, Ogba/Egbema/Ndoni LGA, Rivers State and Fufore MFB, Yola, Adamawa State. The NDIC statement said, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 Microfinance Banks (MFBs) have been revoked by the Central Bank of Nigeria (CBN) effective from 12th of November, 2020.“The Nigeria Deposit Insurance Corporation (NDIC), the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and paying their insured depositors.“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.”The statement added that for further clarification or any assistance, eligible depositors should contact the representatives of the director, Claims Resolution Department of the NDIC in any of the centres/zonal offices in Abuja, Lagos, Enugu, Benin, Kano, Ilorin, Bauchi, Sokoto, Yola and Port Harcourt.<div class="clear" style="color: green; font-family: Verdana, Arial, sans-serif; font-size: 14px; margin: 0px; padding: 0px;"></div><div class="clear" style="color: green; font-family: Verdana, Arial, sans-serif; font-size: 14px; margin: 0px; padding: 0px;"></div>

CBN News CBN Revokes Licences of 42 Microfinance Banks (Full List)

Forty-two microfinance banks in Nigeria have lost their licences. This comes after the microfinance banks were iquidated by the Central Ba...

<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiE1wfHN8GGYTPK30bT0Ws2k9UYd4hbfdD31Z8yEs7sbkmCWAUDmw__tKLRIUd-c80OzrOOm23TEvPNz7kyw22IPX5IuMdIr2Qz6yRrkrvk0H7Jj2wMW4E8-GwfIfSd_LVcpC13tHsXzogv/s800/FilePhoto-32.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="485" data-original-width="800" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiE1wfHN8GGYTPK30bT0Ws2k9UYd4hbfdD31Z8yEs7sbkmCWAUDmw__tKLRIUd-c80OzrOOm23TEvPNz7kyw22IPX5IuMdIr2Qz6yRrkrvk0H7Jj2wMW4E8-GwfIfSd_LVcpC13tHsXzogv/s320/FilePhoto-32.jpg" width="320" /></a></div> <p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;"> <h2 style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-align: left; text-rendering: optimizelegibility; vertical-align: baseline;">The Central Bank of Nigeria (CBN) has released guidelines for implementation of the proposed N75 billion Nigeria Youth Investment Fund (NYIF).</h2><p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;">CBN, in a statement by its Development Finance Department, stated that the fund was a built-in strategy to effectively respond to the challenge of youth employment in Nigeria.<p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;">The Fund, an initiative of the Ministry of Youth and Sports Development, is to be managed by NISRAL Microfinance Bank.<p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;">It stated that the major objective of the plan was to address fragmentation of youths initiatives that prevent assessment of impact.<p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;">`The Federal Executive Council on July 22, approved N75 billion for the establishment of the NYIF from 2020 to 2023.<p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;">“It will provide Nigeria youths with investment inputs required to build successful businesses that can become sustainable employers of labour and contributors to the country’s development.<p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;">“ The plan targets young people between 18 and 35 years and details the needed actions required to support business establishment, expansion and consequent employment creation for youths in critical economic and social sectors,” it stated.<p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;">The apex bank said that the fund was dedicated to investing in the innovative ideas, skills and talents of Nigerian youths.<p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;">It added that it would institutionally provide the youths with special window for accessing the funds, finances, business management skills and other inputs critical for sustainable enterprise development.<p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;">“The ministry is the lead implementation entity and is responsible for budgetary provisions and for funds mobilisation.<p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;">“The fund aims to financially empower youths to generate at least 500,000 jobs between 2020 and 2023,’’the apex bank said.<p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;">It added that part of the objectives of the fund was to improve access to finance for youths and youth-owned enterprises for national development.<p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;">“It will also generate much-needed employment opportunities to curb youths restiveness, boost their managerial capacity and develop their potential to become the future large corporate organisations,’’ it added<p style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;"> <p style="background-color: white; border: 0px; box-sizing: border-box; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px 0px 1.25em; padding: 0px; text-rendering: optimizelegibility; vertical-align: baseline;"><a href="https://thenewsguru.com/nigeria-news/cbn-releases-guidelines-for-n75bn-youth-investment-fund/" target="_blank">VIEW SOURCE</a>

CBN News CBN releases guidelines for N75bn youth investment fund

The Central Bank of Nigeria (CBN) has released guidelines for implementation of the proposed N75 billion Nigeria Youth Investment Fund (NYIF...

CBN Revokes Licences of 42 Microfinance Banks (Full List)

CBN releases guidelines for N75bn youth investment fund

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