34 Primary Mortgage Banks Confirmed by CBN

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The Central Bank of Nigeria has listed only 34 firms as licensed primary mortgage banks in Nigeria.

According to the list released by the regulator on Monday, 50 per cent of the banks are operating in Lagos.





From its records as of  the end of September,  the CBN said 18 of the PMBs were in Lagos; 7 in Abuja; 2 in Akwa Ibom State; while Oyo, Delta, Ogun, Kebbi, Jigawa, Abia and Osun have 1 each.


In September, the CBN gave a notification to revoke the operating licenses of 182 other financial institutions in the country, of which six PMBs were included.

One hundred and fifty four of the affected institutions are microfinance banks while the remaining 22 are finance companies.

The CBN said sixty-two (62) of the microfinance banks had already closed shop; seventy-four (74) became insolvent; twelve (12) were terminally distressed; while six (6) voluntarily liquidated.

The CBN listed the primary mortgage banks for revocation as Accord Savings and Loans Limited in Lagos that failed to recapitalize; and Ahocol Savings and Loans Limited in Anambra (state government-owned) that closed shop.

Other mortgage banks for revocation are Trans-Atlantic Savings and Loans Limited in Bayelsa (also state government-owned) that became insolvent; Royal Savings and Loans Limited in Delta State also closed shop; Amex Savings and Loans Limited in Lagos that failed to recapitalize; and Supreme Savings and Loans Limited in Lagos that closed shop.

The CBN disclosed that eight (8) finance companies voluntary liquidated; thirteen (13) failed to recapitalise; while one (1) became insolvent.




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