List of 224 Microfinance Banks whose licenses were revoked

The microfinance industry in Nigeria had been confronted with numerous challenges since the launch of the Microfinance Policy Framework in December, 2005. A significant number of the microfinance banks (MFBs) were deficient in their understanding of the microfinance concept and the methodology for delivery of microfinance services to the target groups. Many of them lost focus and began to compete with deposit money banks for customers and deposits, leaving their target market unattended, in spite of efforts of the regulatory authorities to put them back on track.Unfortunately, the impact of the global financial crisis on MFBs had been more severe than anticipated. Credit lines dried up, competition became more intense and credit risk increased, as many customers of MFBs were unable to pay back their credit facilities owing to the hostile economic environment. The combination of these factors had significantly weakened the microfinance sub-sector and its ability to achieve the policy objective of economic empowerment at the lower end of the market
Given this scenario and following market reports about the failure of some MFBs to meet their matured obligations as well as several petitions received from aggrieved depositors, the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) embarked on a Target Examination of all MFBs in Nigeria to identify the problem and ascertain the scope as well as the extent of damage done to the affected institutions. The exercise stated m February 2010 and was concluded in June 2010.

2. Outcome of the Target Examination
The Target Examination was conducted on 820 MFBs across the country. A total of 224 (27%) MFBs were found to be “Terminally Distressed” and “Technically Insolvent” and/or had closed shop for at least six months.
The factors that contributed to the unsoundness of the MFBs were attributable to some or all of the following:
High level of non-performing loans, resulting in high portfolio at risk (PAR), which had impaired their capital;
Gross undercapitalization in relation to the level of operations;
Poor corporate governance and incompetent boards;
High level of non-performing insider-related credits and other forms of insider abuse;
Heavy investments in the capital market, with the resultant diminution in the value of the investment after the meltdown;
Poor asset-liability management owing to portfolio mismatch;
Heavy investments in fixed assets beyond the maximum limit prescribed;
Operating losses sustained as a result of high expenditure on staff and other overheads;
Weak management evidenced by poor asset quality, poor credit administration, inadequate controls, high rate of fraud and labour turnover;
Failure to meet matured obligations to customers.

3.    Regulatory Action Taken
i) The operating licences of the 224 MFBs that were found to be ‘Terminally Distressed' and ‘Technically Insolvent' have been revoked pursuant to S. 12 of BOFIA1991 (as amended). The list of the affected MFBs is attached.
ii) As insured institutions, NDIC in line with its statutory responsibility shall pay up to the maximum insurance coverage of N100,000 per depositor.
iii) The bank directors and management of the closed banks that have abused their positions would be handed over to the Law Enforcement Agencies for investigation and prosecution, and those found culpable would be blacklisted accordingly.
4.    Concluding Remarks
Ladies and Gentlemen, the Regulatory Authorities hereby assure the public that they would not allow the activities of few individuals that ran their institutions aground to derail the noble objectives of the microfinance policy. All necessary steps have been taken to protect depositors of the affected banks.
Consequently, the Nigeria Deposit Insurance Corporation INDIC) by virtue of its powers under Section 40 of the Nigeria Deposit Insurance Corporation Act 2006 Is the Provisional Liquidator of the affected banks.
The NDIC, as provisional liquidator, hereby directs that the Management and Staff of the affected banks should report for duty at their respective offices on Monday, 27th September 2010 to assist the NDIC to prepare for the payment to insured depositors of the affected MFBs in line with the obligations imposed on Management and Staff of the MFBs under the Companies and Allied Matter Act, 1990.
Management and Staff of the affected MFBs are assured of their safety and security as the Nigerian Police Force has been drafted to maintain security at all the premises nationwide.

MICROFINANCE BANKS WHOSE LICENCES ARE RECOMMENDED FOR REVOCATION
 
S/N        NAME OF MICROFINANCE BANK                STATE
1    ABIGI Microfinance Bank LIMITED                     OGUN
2          ABIRIBA Microfinance Bank                        ABIA
3     ACME TRUST Microfinance Bank                         LAGOS
4    ADAIGBO Microfinance Bank                             DELTA
5    ADIF Microfinance Bank                             LAGOS
6    AFAM Microfinance Bank                             RIVERS
7    AGBELO Microfinance Bank                             EDO
8    AGULERI Microfinance Bank Ltd                         ANAMBRA
9    AJASE-IPO Microfinance Bank                                         KWARA   
10    AKESAN Microfinance Bank                            OYO
11    AKIN Microfinance Bank CR.                              RIVER
12    AKPOR-COE Microfinance Bank                          RIVERS
13    AKUDIEWAMicrofinance Bank                            ENUGU
14    AKWENGWU Microfinance Bank                         KOGI
15    ALLIANCE Microfinance Bank                             ABUJA
16    ALLOVER Microfinance Bank LTD                         LAGOS
17    ALSTARMicrofinance Bank LTD                         LAGOS
18    ALTITUDE Microfinance Bank                             LAGOS
19    AMAIFEKE Microfinance Bank                             IMO
20    AMAZING GRACE Microfinance Bank                     OGUN
21    APEX GOLDEN Microfinance Bank                         LAGOS
22    APPLE Microfinance Bank LIMITED                         OGUN
23    ASABARI Microfinance Bank                             OYO
24    ASAGA-UKWU Microfinance Bank                         ABIA
25    ASCENT Microfinance Bank                             OGUN
26          ATTANWAMBIRI Microfinance Bank                     IMO
27         BABURA Microfinance Bank                        EKITI
28    BALERAMicrofinance Bank LTD                        KADUNA
29    BARNAWA Microfinance Bank LTD                    KADUNA
30    BERACHAH Microfinance Bank                        LAGOS   
31    BEULAH Microfinance Bank LTD                        LAGOS
32    BIRAIDU Microfinance Bank                        KOGI
33    BIRNINN KUDU Microfinance Bank                    JIGAWA
34    BONNY Microfinance Bank                            RIVERS
35    BRISTOL Microfinance Bank                        LAGOS
36    BROADBASE Microfinance Bank Ltd                    DELTA
37    BROADVIEW Microfinance Bank                        LAGOS
38    CAPITAL Microfinance Bank Ltd                        ADAMAWA
39    CASHJET Microfinance Bank                        DELTA
40    CEDEP Microfinance Bank Ltd                        BAUCHI
41    CENTURY Microfinance Bank                        LAGOS
42    CHAT Microfinance Bank LTD                        KADUNA
43    CHIBUEZE Microfinance Bank                         ABIA
44    CIRCULAR Microfinance Bank                        EDO
45    CITIGATE Microfinance Bank                        LAGOS
46    CKC Microfinance Bank                            RIVERS
47    CLASSIC Microfinance Bank                        OGUN
48    COASTLINE Microfinance Bank                        DELTA
49    COMBINED BENEFITS Microfinance Bank                OGUN
50    COMMON BENEFIT Microfinance Bank                    LAGOS
51    COMMONWEALTH Microfinance Bank LTD                KADUNA
52    COMPLETE TRUST Microfinance Bank                    LAGOS   
53    CONFLUENCE Microfinance Bank                        KOGI
54    CREDIT EXPRESS Microfinance Bank                    LAGOS
55    CROWNED EAGLE Microfinance Bank                    LAGOS
56    CUBIC Microfinance Bank                            EDO
57    CUTTING EDGE M Microfinance Bank                    EDO
58    DAILY CAPITAL Microfinance Bank                    LAGOS
59    DANELS GLOBAL Microfinance Bank                     ABUJA
60    DANMUSA Microfinance Bank Ltd                        KATSINA
61    DIVINE Microfinance Bank                            RIVERS
62    DOGON DAJ! Microfinance Bank                        SOKOTO
63    DUNAMIS Microfinance Bank                        LAGOS
64    DYNAMIC Microfinance Bank                        LAGOS
65    EAGLE FLIGHT Microfinance Bank                    DELTA
66    E-BARCLAYS Microfinance Bank                        ABUJA
67    EBEM-OH A Microfinance Bank                        ABIA
68    EBENATOR Microfinance Bank Ltd.                    IMO
69    ECB Microfinance Bank                            OSUN
70    EDS Microfinance Bank                            LAGOS
71    EDUEK Microfinance Bank Ltd                         A.IBOM
72    EKWEMA Microfinance Bank Ltd                        IMO
73    EMBRACE Microfinance Bank                        BAYELSA
74    EMEVOR Microfinance Bank Ltd                        DELTA
75    ENTERPRISE Microfinance Bank                        LAGOS
76    EQUATOR Microfinance Bank                        BAYELSA
77    ESTATE Microfinance Bank                            LAGOS
78    ETITI Microfinance Bank                            IMO
79    EVEREST Microfinance Bank Ltd                        ANAM BRA
80    EVO Microfinance Bank                            RIVERS
81    EWT Microfinance Bank                            ABUJA
82    EXCELLENT Microfinance Bank                        BENUE
83    EXPRESS Microfinance Bank                        ABIA
84    EZIMUZO Microfinance Bank Ltd                        ANAMBRA
85    FESTAC 77 Microfinance Bank                        LAGOS
86    FIELDREAMS Microfinance Bank                        LAGOS
87    FIRST HERITAL Microfinance Bank                    LAGOS
88    FIRST OMASI Microfinance Bank                        ENUGU
89    FREEDOM Microfinance Bank                        LAGOS
90    FUND EXPRESS Microfinance Bank                    LAGOS
91    FUT Minna Microfinance Bank Ltd                        NIGER
92    FUTO Microfinance Bank                            IMO
93    GALAXY Microfinance Bank Ltd                        DELTA
94    GAMJI Microfinance Bank Ltd                        KEBBI
95    GARDEN CITY Microfinance Bank                        RIVERS
96    GBOKO Microfinance Bank                            BENUE
97    GITICOM Microfinance Bank                        RIVERS
98    GOLDEN CHOICE Microfinance Bank                    RIVERS
99    GTI Microfinance Bank                            LAGOS
100    GWOROK Microfinance Bank LTD                        KADUNA
101    HARBOUR Microfinance Bank Ltd                        ANAMBRA
102    HAZONWAO Microfinance Bank                        LAGOS
103    HLLTOP Microfinance Bank                            EKITI
104    HOMELAND Microfinance Bank                        BAYELSA
105    LC GLOBAL Microfinance Bank                        DELTA
106    IC Microfinance Bank                                LAGOS
107    IDAH Microfinance Bank                            KOGI
108    IDEAL TRUST Microfinance Bank Ltd                    ANAMBRA
109    IFONYIN Microfinance Bank                        OGUN
110    IGANGAN Microfinance Bank                        OYO
111    IHECHIOWA Microfinance Bank                        ABIA
112    IHIMA Microfinance Bank                            KOGI
113    IHITTE Microfinance Bank Ltd .                        IMO
114    IJARE Microfinance Bank                            ONDO
115    IKORODU DIVISION Microfinance Bank                    LAGOS
116    IKWUANO Microfinance Bank                        ABIA
117    IMPACT Microfinance Bank                            LAGOS
118    IMPERIAL Microfinance Bank                        LAGOS
119    IMSU Microfinance Bank                            IMO
120    INTEGRATED Microfinance Bank                        LAGOS
121     INVESTMENT Microfinance Bank                        ABIA
122    IPE Microfinance Bank                            ONDO
123    ISHIAGU Microfinance Bank                        ANAMBRA
124    ISUOFlA Microfinance Bank                            ANAMBRA
125    ITELE Microfinance Bank                            OGUN
126    IVIE Microfinance Bank                            EDO
127    IYEDE Microfinance Bank                              DELTA
128    JEGA Microfinance Bank                            KEBBI
129    JHN Microfinance Bank                            ABUJA
130    KARIS Microfinance Bank                            OGUN
131     KBS Microfinance Bank                            LAGOS
132    KERANA Microfinance Bank                        PLATEAU
133    KFCIA Microfinance Bank                            LAGOS
134    KOGI Microfinance Bank                            KOGI
135    KOREDE Microfinance Bank                        ONDO
136    KSF Microfinance Bank                            LAGOS
137    L^LUFON Microfinance Bank                        OYO
138     LANDGOLD Microfinance Bank                         OGUN
139    LEGEND Microfinance Bank                            OSUN
140    LEKKI Microfinance Bank                            LAGOS
141    LIFT Microfinance Bank                            EDO
142    LOFTY HEIGHTS Microfinance Bank                    EDO
143    MARMARA Microfinance Bank                        TARABA
144    MAXITRUST Microfinance Bank                        RIVERS
145    MAYFIELD Microfinance Bank                        LAGOS
146    MCB Microfinance Bank                            LAGOS
147    MIC Microfinance Bank                            LAGOS
148    MILESTONE Microfinance Bank                        LAGOS
149    MOORGATE Microfinance Bank                        LAGOS
150    MULTI VEST Microfinance Bank                        OYO
151    MUNICIPAL Microfinance Bank                        ABUJA
152    MUSTASONS Microfinance Bank                        LAGOS
153    NAKOWA Microfinance Bank                        KADUNA
154    NATEX Microfinance Bank Ltd                        ANAMBRA
155    NDIOLU Microfinance Bank Ltd                        ANAMBRA
156    NEIGHBOURHOOD Microfinance Bank                    RIVERS
157    NEW GATE Microfinance Bank                        LAGOS
158    NEW IMAGE Microfinance Bank                        OGUN
159    NEWAGE Microfinance Bank                        ONDO
160    NEW-LIFE Microfinance Bank                        LAGOS
161    NEXUS Microfinance Bank Ltd                        NIGER
162    NGAS Microfinance Bank                            PLATEAU
163    NKPA Microfinance Bank                            ABIA
164    NKPOLU-UST Microfinance Bank                        RIVERS
165    NKPOR Microfinance Bank                            ANAMBRA
166    NSU Microfinance Bank Ltd.                            IMO
167    NSUKKA Microfinance Bank                        ENUGU
168    OBIOMA Microfinance Bank                        ABIA
169    OBOKUN Microfinance Bank                        OSUN
170    OBOSI Microfinance Bank Ltd                        ANAMBRA
171    OCON SUCCESS Microfinance Bank                    OGUN
172    ODU Microfinance Bank                            KOGI
173    ODUDUWA Microfinance Bank                        OSUN
174    OLIVE Microfinance Bank                            LAGOS
175    OLOMI Microfinance Bank                            OYO
176    OLOMOYOYO Microfinance Bank                        OYO
177    OMNI Microfinance Bank                            LAGOS
178    OMUMA Microfinance Bank                            IMO
179    OPENGATE Microfinance Bank                        ABUJA
180    ORAEZUE Microfinance Bank Ltd                        ANAMBRA
181    ORIE-ORBA Microfinance Bank                        ENUGU
182    OSINA Microfinance Bank                            IMO
183    OSOMHE Microfinance Bank                        EDO
184    OTUN EKITI Microfinance Bank Ltd                    EKITI
185    OWENA Microfinance Bank                            OSUN
186    OWHOWHA Microfinance Bank Ltd                    DELTA
187    OYAN Microfinance Bank                            OSUN
188    PARALLEX Microfinance Bank                        LAGOS
189    PET Microfinance Bank                            RIVERS
190    PLANNET Microfinance Bank                        LAGOS
191    PRIMATE Microfinance Bank                        LAGOS
192    PRIME Microfinance Bank Ltd A.                        IBOM
193    PROLIFIC Microfinance Bank                        LAGOS
194    PROSPERITY Microfinance Bank                        EDO
195    REALITY Microfinance Bank                        OYO
196    RIGGS Microfinance Bank                            LAGOS
197    ROYAL Microfinance Bank                            RIVERS
198    SAMINAKA Microfinance Bank LTD                    KADUNA
199    SHIMAZ Microfinance Bank                            OSUN
200    SOLACE Microfinance Bank                            DELTA
201    SOUTH WEST IKOYl Microfinance Bank                    LAGOS
202    SOVEREIGN Microfinance Bank                        LAGOS
203    STANDEX Microfinance Bank                        ANAMBRA
204    TOKI RAINBOW Microfinance Bank                    RIVERS
205    TOUCHSTONE Microfinance Bank                        LAGOS
206    TRADERS Microfinance Bank                        LAGOS
207    TREASURES Microfinance Bank                        LAGOS
206    TRINITY Microfinance Bank Ltd                         A.IBOM
209    TR1-STAR Microfinance Bank                        ENUGU
210    UDEZUKA Microfinance Bank                        ANAMBRA
211    UFUMA Microfinance Bank                            ANAMBRA
212    UGHEVWEN Microfinance Bank                         DELTA
213    UJOELEN Microfinance Bank                        EDO
214    UU Microfinance Bank                             ANAMBRA
215    ULTIMATE Microfinance Bank                        LAGOS
216    UMUHUOKABIA Microfinance Bank                    IMO
217    UMUNZE Microfinance Bank Ltd                        ANAMBRA
218    UNIQUE Microfinance Bank                            LAGOS
219    UNIQUETRUST Microfinance Bank Ltd.                    DELTA
220    URUALLA Microfinance Bank Ltd                        IMO
221    UTUGWANG Microfinance Bank                         CR. RIVER
222    UVWIE Microfinance Bank Ltd                        DELTA
223    VENTURE SUPPORT Microfinance Bank                    LAGOS
224    WIZETRADE Microfinance Bank                        LAGOS

How to make the most hits on Facebook

Facebook has over 350 million active users. More than 35 million users update their status each day, with more than 55 million status updates each day. With this, more than 2.5 billion pictures are uploaded to Facebook each month. But the issue is; how do users make others view their pictures and updates more with comments, pokes, etc.  The secret is simple.

The average Facebook user has 130 friends and sends eight friend requests per month. Among children under 18, Facebook was ranked third in the top 100 searches of 2009, behind YouTube and Google. Sex and porn rounded out the top five searches. Put your account relating to ‘sex and porn’ and you will be amazed the amount of friend requests you will get. A woman slept with 50 men she met on her Facebook page titled “I Need Sex”. Users tend go after words like sex on social network sites. It is because of this that a 39-year-old Pennsylvania father was arrested for openly asking his 13-year-old daughter for sex over Facebook.
In 2008, a 23-year-old woman named Lauren Michaels created a group titled “I Need Sex” on Facebook. Within 10 minutes, she had 35 members and, soon attracted 100 members, 50 of whom she eventually slept with. Facebook has since removed her page. Another user mistakenly uploaded her sex video unto Facebook, it was removed 8 minutes after making it to her profile but it was "Liked" 39,203 times. It made history because she only had 14 friends. Due to this sex ‘appeal’ and other related issues, Syria, China, Vietnam, and Iran have banned Facebook.

Lower Usuma Dam REUNION

What is your opinion on a REUNION? D next 90 days is the plan, because of the holidays. Your views will give us a better way for organization and proper planning. It will be good to see we all again and well, by His Grace.

Salenko, Amina Pears, Hauwa Idrisu.

In this video are; Salenko, Amina Pears, Hauwa Idrisu.

Taiwo & Kehinde, Nana Shehu on stage

Taiwo and Kehinde presenting an award with Nana Shehu

Hammid as Sisqo - Gat 2 get it on Award Nite

Hammid as Sisqo - Gat 2 get it

BUK Award Nite

ChurchHill on stage

Award Nite in Buk Town(more videos)

In this video: Abu Fari, Aisha Bori, Yahaya Tijani, Layi, many more...

Award Nite (more videos)

Abdul (Tupac) performing on stage

BUK Award Nite Jan/12/2002

Charles (112), Victoria, Baha, Habiba Yahaya amongst others are in this clip. We created this crowd.

Wande Coal and Mo'Hits explode on nude pix

Right now, R'n'B singer, Wande Coal, the ‘Bumper-to-Bumper’ master is devastated over the nude pictures of him in circulation on the social utility site.

At about 8:00 on a Wednesday night, a picture of naked Wande sleeping on a bed in a room was posted on the internet and by 11:00 pm, almost every Nigerian with a Blackberry phone had it on his phone, no thanks to Twitter users, who did not hesitate to transfer the material to all their contacts.

By 7:00 am on Thursday, over 1200 people had seen the pictures on Twitter, with most girls who saw it started leaving funny comments on the page. While some made jokes out of it, using Wande's own song to compose lewd lyrics versions, making reference to his exposed private part, others exclaimed in disgust at the action of whoever carried out the act on Wande.

Considering how much he is loved, the question on the lips of everyone remains: who on earth could have done this to tarnish the image of a young man whose career is at its peak, and what does the person stand to gain?

The general belief is that the dark complexioned award winning artiste may have been set up by people who are very close to him, perhaps a lady. But who the person is remains a mystery. Following the uproar that greeted the scandalous nude pictures, since it was posted on the internet, City People (a Nigerian magazine) put a call across to the management company of the artiste. In their reply, they claimed that the naked pictures are not those of Wande, but may be that of someone who looks like him, or could be computer graphic generated. And 80% of the people who checked the pictures on the internet have since challenged the person who posted the pictures, insisting that it couldn't be Wande Coal.

However to confirm that the picture is truly that of Wande, the person who posted it decided to post another one on Thursday morning, and that was when everyone gave in, that truly, it is Wande in the picture.

Still, the question remains, “who could have done it?” Investigation soon found out that the person allegedly behind the callous act was a particular lady on Twitter called Simisola (surname withheld). She, it was, who posted the picture on the internet. We gathered that she got the pictures from one of her friends. Sources alleged that Wande had gone home drunk on that fateful night with a girl and after some intimate time with her, slept off naked. The lady then took pictures of him naked not for the a purpose of posting on the internet, but to show off to friends that she spent quality and a private time with Wande, and that was how the babe who subsequently posted it on internet got hold of it. The debate is no longer why the lady took the pictures, but why she had to post it on the internet. Some people say the whole episode is a grand set up and intentional on the part of the ladies. The lady who posted it has however defended herself on her Twitter time line, stating that she didn't take the pictures and didn't intend to post them on the internet, even though she has many of such pictures (including those of other artistes) on her phone. Responding to comments on her Twitter page, she categorically stated that she got the picture from someone she didn't disclose and that the pictures were taken by a girl who slept with Wande the night the picture was taken. Initially, she said she didn't want to post them but after some time she decided to post them. But that she didn't know they will spread like wild fire as they have now happened. She said the reason she didn't post them initially was because she has a conscience, but immediately after she posted them, she got 100 views in 10 mins and in 30 minutes, she had 513 views. When asked why she did this to someone on Twitter, she replied that she got the picture on her Blackberry from her friend who wanted her to post them and after a while, she made up her mind to do it.

Wande Coal said in a chat he was surprised about the nude picture saga, insisting that it is just a sabotage and the handiwork of his enemies who are out to destroy him. He further went to say he will not be distracted by whoever wishes to bring him down. "All I heard was that there are some nude pictures of me on the internet. That couldn't have been me and I don't know about the pictures. It is the picture of a black man sleeping naked". Asked if he suspects anybody, he said "I don't suspect anyone. In the past few months, there have been several false rumour about me and few months back, some people said I dey mad. I represent Naija as a singer and my life is about making people happy and I will continue to do that".

How does he intend to correct this image/career destroying saga? Wande, looking bubbly as ever said, "My label, Mo'Hits Record is aware of it and we are looking at it critically and doing our investigation, and as soon as we sort out issues, we will get the person trying to spoil my name and know what to do". D'Banj, who came to the Media briefing with Wande added that, "I was in London when the news reached me. I am not surprised but disappointed, because as a celebrity, people would want to hurt you for no reason. There is a picture of Obasanjo on the internet where someone actually put Obasanjo's hand on my body. That picture was taken while I was performing at the Hip Hop World Awards some years back. Wande is the first African to hit No 1 on Twitter's view list, but in a negative way. In two hours, over one million people all over the world already viewed pictures of a naked black man sleeping. That is not Wande Coal, but I wish people can use this medium in a positive way".

In addition, his management company added that they can't be bothered with someone who's trying to distract Wande. "We might not really want to dwell on the controversy, but the pictures must have been posted by some of his enemies who want to destroy him. That is not Wande, and we stand by it. He remains as focused as ever on his music career, and will not let people distract him. He is not the one in the picture, it is the brilliant work of a graphic artist, and that is one of the reasons we are not really bothered.”

“But let's imagine that it is Wande, why would someone do that to a fellow human being? The picture is that of a young man sleeping in his house, does it mean a man cannot sleep naked in his own house? Tell me now. It's not fair but as far as we are concerned, it is not Wande Coal.”

Asked if they know the lady who posted it, neither Wande nor his management company admitted that they know her, as they have promised to fish her out.