CBN Announces Closure of Nigerian Bank, Lists 4 Reasons for Licence Revocation
- The CBN has revoked the operating licence of Goldman Microfinance Bank due to the company’s failure to meet statutory requirements
- Reasons for the revocation cited by the apex bank include liquidation, inadequate assets, serious undercapitalisation and non-adherence to BOFIA provisions
- The CBN says it acted to safeguard depositor interests, ensure financial sector stability and to enforce compliance by licensed institutions
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has revoked the operating licence of Goldman Microfinance Bank Limited, effectively shutting down its operations for failing to meet regulatory requirements.
This was made known in a statement signed by Hakama Sidi-Ali, the Acting Director of Corporate Communications, on Tuesday, June 30, 2026.
Source: Twitter
The apex bank said the revocation was effective from May 21, 2026, and was approved by the CBN Governor, Olayemi Cardoso, in line with the provisions of Section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Part of the statement reads:
"The Central Bank of Nigeria (CBN) has revoked the operating licence of Goldman Microfinance Bank Limited with effect from May 21, 2026, in accordance with its powers under Section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
"The revocation was approved by the Governor of the Central Bank of Nigeria Olayemi Cardoso, following the bank's failure to meet the regulatory requirements for continued operation as a licensed financial institution"
Reasons behind the CBN's Decision to revoke Goldman Microfinance bank’s licence
The CBN cited four major reasons for this decision:
1. Liquidation and voluntary winding up: Goldman Microfinance Bank has gone into liquidation and voluntarily initiated proceedings for its own dissolution
2. Insufficient assets to meet liabilities: The bank’s assets are no longer adequate to cover its debts and financial obligations.
3. Critical undercapitalisation: The bank's capital adequacy ratio has fallen significantly below the minimum required by the CBN, indicating a severe lack of financial buffer.
4. Non-compliance with BOFIA provisions: Goldman Microfinance Bank has failed to adhere to sections 9 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Source: Getty Images
CBN explains the decision
The Central Bank of Nigeria stated that this move is a continuation of its commitment to ensuring a robust Nigerian financial system and upholding the highest standards of regulatory compliance by all licensed financial institutions.
According to the CBN, the primary objectives behind this revocation are to protect the interests of depositors, maintain the overall stability of the financial sector, and foster confidence in the banking system.
The apex bank reiterated its commitment to continuing such regulatory and supervisory actions as necessary to foster a secure, sound, and resilient financial environment.
Fintech shuts down operation
Earlier, Legit.ng reported that Nigerian fintech startup Thepeer is shutting its operations nearly two years after raising $2.1 million in a Seed round.
Chike Ononye (CEO) and Michael Okoh (CTO) also blamed the slow acceptance of wallets as a viable payment option, hence, causing the diversifying resources into enlightenment.
The Nigerian tech infrastructure startup that facilitates easy money transfers between companies raised a $2.1 million seed round in 2021.
Source: Legit.ng
