Banking regulations: CBN lists 34 primary mortgage banks as licensed

The Central Bank of Nigeria has listed 34 firms as licensed primary mortgage banks in Nigeria.

The CBN said some of the micro finance banks were either indebted, distressed or voluntarily liquidated.

Sometime in September, the CBN gave a notification to revoke the operating licences of 182 other financial institutions in the country, of which six PMBs were included.

According to the Apex Bank, seventeen of the Primary Mortgage Banks are in Lagos; eight in Abuja; two in Akwa Ibom ; while Oyo, Delta, Ogun, Kebbi, Jigawa, Abia and Osun have one each.

Primary Mortgage Banks are financial institutions that give loans to housing and real estate builders.

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