KPMG, Akintola Williams, others to rescue troubled banks – The Nation
November 16, 2009 by Bunmi Awolusi
Seven firms have joined the Central Bank of Nigeria (CBN) to save the 10 banks affected by its audit.
Only one of the firms is from Europe. The others are indigenous. The seven firms are reputed to have excellent records in auditing/accounting, banking and stockbroking, among other financial matters.
They are Deutsche Bank, Chapel Hill Denham, Stanbic/IBTC, Olaniwun Ajayi LP, Kola Awodein & Co, KPMG Professional Services and Akintola Williams Deloitte.
CBN spokesman Mohammed Abdullahi said the firms are to serve in advisory capacity to the eight banks whose managements were replaced as well as two others that are directed to recapitalise by June 2010.
It listed the banks to include Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic Bank International Plc, Union Bank Plc, Bank PHB, Equatorial Trust Bank Limited, Spring Bank Plc, Wema Bank Plc and Unity Bank Plc.
