The Central Bank of Nigeria (CBN) has revoked the operating licence of Goldman Microfinance Bank Limited, effectively halting its operations due to failure to comply with regulatory standards.
The announcement was made in a statement issued on June 30, 2026, by Hakama Sidi-Ali, Acting Director of Corporate Communications. The apex bank confirmed that the revocation took effect from May 21, 2026, and was approved by CBN Governor Olayemi Cardoso in line with Section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the CBN, the decision followed the bank’s inability to meet required conditions for continued operation as a licensed financial institution.
The regulator cited several reasons for the action, including the bank’s voluntary liquidation process, insufficient assets to meet financial obligations, and severe undercapitalisation that left its capital adequacy ratio below the required threshold.
It also noted that the institution failed to comply with key provisions of BOFIA 2020, particularly sections 9 and 13.
The CBN explained that the move is part of its ongoing efforts to strengthen the financial system, ensure regulatory compliance, and maintain confidence in the banking sector.
It added that the revocation is aimed at protecting depositors, safeguarding financial stability, and reinforcing a sound and resilient financial environment.
The apex bank reiterated its commitment to continued supervisory actions where necessary to uphold standards within the financial system.
