CBN revokes licenses for 47 finance houses, accredits 55

Channels Television  
Updated March 19, 2012

Licenses for 47 finance houses were revoked by the Central Bank of Nigeria, CBN, on Monday, the organisation confirmed, adding that it also accredited 55 others.

The bank released the information on its website today, in a list that showed the status of financed companies.

According to reports, Central Bank said it shut down the 47 finance houses due to the fact that they had either closed up shop and had ceased to operate. It also added that the newly accredited companies were reputable finance institutions, active in business.

The reports add that four more companies were undergoing restructuring and would join the number of accredited finance houses, bringing them to 59.

CBN is warning members of the public against doing any business with the 47 closed finance companies.