CBN Revokes Goldman Microfinance Bank's Licence
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 announced in a statement signed by Hakama Sidi-Ali, the Acting Director of Corporate Communications, on Tuesday, June 30, 2026.
The apex bank stated that 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.
Reasons Behind the CBN's Decision
The CBN cited four major reasons for this decision:
- Liquidation and voluntary winding up: Goldman Microfinance Bank has gone into liquidation and voluntarily initiated proceedings for its own dissolution.
- Insufficient assets to meet liabilities: The bank’s assets are no longer adequate to cover its debts and financial obligations.
- 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.
- 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.
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.
Context and Impact
This revocation follows a pattern of regulatory enforcement by the CBN aimed at cleaning up the microfinance banking sector. The closure of Goldman Microfinance Bank is expected to affect its depositors and customers, who will now have to seek recourse through the Nigeria Deposit Insurance Corporation (NDIC) for insured deposits. The CBN's action underscores its determination to enforce compliance and maintain stability in the financial system.
