Business
Fraudulent Microfinance Banks To Face EFCC
The Central Bank of Nigeria (CBN) said it will liquidate any microfinance bank found engaging in fraudulent practices and hand over its operations to EFCC.
Olufemi Fabanwo, the CBN director, Other Financial Institutions Department (OFID) on sanctions, told newsmen in Lagos that CBN would expose such fraudulent operators.
Fabanwo said if any of the five failed microfinance banks operators is found to be fraudulent, he or she will be handed over to the EFCC or any other anti-graft agency.
According to him for microfinance banks that are still solvent but needed management experts, there will be some kind of special restructuring.
He said the CBN and Nigeria Deposit Insurance Corporation (NDIC) were still conducting examination on other microfinance banks.
Fabanwo said the NDIC had conducted examination on 150 microfinance banks while the apex bank had carried out similar examination on some microfinance banks in 2009.
“All licensed microfinance banks are dully insured by NDIC and NDIC will step in after the comprehensive report has been compiled,” he said. The CBN Chief, however, assured customers of the failed microfinance banks that their money deposited with the banks are in safe custody.
At the present 930 microfinance banks are operating in the country with 205 microfinance banks based in Lagos.
The five failed microfinance banks are: Integrated Microfinance Bank, KFC Microfinance Bank, Bristol Microfinance Bank, Unique Microfinance Bank, and Milestone Microfinance Bank, all based in Lagos.
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.
