Business CBN Denies Shutting Down 600 MFBs - Leadership

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The Central Bank of Nigeria (CBN) has denied a recent newspaper (not LEADERSHIP) story insinuating that 600 microfinance banks (MFBs) were facing imminent shutdown.

Reacting to the false report, the CBN director, Other Financial Institutions Supervision Department (OFISD), Mr Olufemi Fabamwo, said that the bogus and spurious claims made in the report defied the usual professional ethics of factual and balanced reporting, which were the hallmarks of finance and business journalism.

Dismissing the story as totally untrue and misleading, Fabamwo reaffirmed unequivocally that the CBN was generally satisfied with the state of the microfinance industry and the financial condition of the MFBs, adding that the story of the imminent shutdown of 600 MFBs should be ignored.

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Source: Leadership Newspaper

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