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Home / Nigeria News / Gani Fawehinmi’s son slam CBN revocation order on MFBs

Gani Fawehinmi’s son slam CBN revocation order on MFBs

Son of the late Human Rights crusader, Mr Mohammed Fawe-hinmi has condenmed the recent revocation by the Central Bank of Nigeria (CBN) of 200 micro-finance bankS (MFBs) describing it as anti-masses

Mr Mohammed Fawe-hinmi,  in a statement said the callous attitude of the CBN was gradually killing the small and medium scale industries in Nigeria.

“The debt owed collectively by these Micro-Finance Banks is very meagre when compared to what a commercial bank owes. The sum, we gathered, is N18.2 billion and total liabilities cumulatively are less that N50 billion.

Fawehinmi, who said the emergence of micro-finance banks was as a result of the implementation of the policies of Professor Chukwuma Soludo, noted  that “the policy was geared towards enriching and emancipating the working masses of the country in developing their small and medium scale industries.”

While calling for the CBN policy to be reversed in the best interest of the people, Fawehinmi said a bail-out programme policy should be embraced and implemented to resuscitate rather than destroy the 200 micro-finance banks which licensces were about to be revoked.