CBN Approves 34 Primary Mortgage Banks

By Paul Mbagwu

The Central Bank of Nigeria (CBN) has published the list of thirty-four (34) entities 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 17 of the PMBs were in Lagos; eight in Abuja; two in Akwa Ibom State; while Oyo, Delta, Ogun, Kebbi, Jigawa, Abia and Osun have one each.

In September, the CBN gave a notification to revoke the operating licences 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 62 of the microfinance banks had already closed shop; 74 became insolvent; 12 were terminally distressed; while six voluntarily liquidated.

The CBN disclosed that eight finance companies voluntary liquidated; 13 failed to recapitalise; while one became insolvent.

According to the apex bank, the affected institutions are from different states of the federation.

List of Primary Mortgage Banks (PMBS) As At September 30, 2018