Business
CBN Restores Licences Of 37 Microfinance Banks
The National Association of Microfinance Banks (NAMB) said on Monday that the Central Bank of Nigeria (CBN) had restored the licences of 37 of the 244 microfinance banks which licences were revoked recently.
Matthias Umeh, President of NAMB, told the News newsmen that the licences of the 37 banks were restored because they were mistakenly revoked.
Our correspondent reports that the CBN had on Sept. 24 revoked the licences of 224 microfinance banks for not meeting individual deadlines to correct the lapses observed in their operations.
Umeh said that more of the banks might be reopened because the CBN was looking into their petitions.
“CBN is checking the appeal letters from some of the banks and treating them on merit.
“Besides, NAMB has appealed to CBN to take a closer look at the records of the affected banks and restore the licences that ought not to have been revoked,” Umeh said.
He disagreed with a suggestion by some financial experts that a separate body be set up by the government to handle microfinance banking.
Umeh said that such a body was not necessary, adding that the CBN had not failed in the exercise of its control over microfinance banks.
“Unless the CBN deems it fit to relinquish such a role to another body like in the case of the National Board for Community Banks (NBCB), I do not see what is wrong with the present arrangement,” he said.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.