WAIVERS: Banks to lose over N1.4trn – Tribune
December 1, 2009 by Bunmi Awolusi · Comments Off
nation’s fragile banking industry may be heading for another crisis, following plans by the troubled banks to grant waivers to some of their heavily indebted customers.
Investigations by the Nigerian Tribune showed that more than half of an estimated N2.8 trillion allegedly owed Nigerian banks may be lost through the waivers given to debtors by the Central Bank of Nigeria (CBN)-appointed managements in the last few weeks in an effort to recover part of the bad loans owed them.
Implications Of Delayed Audit Report, By Stakeholders – The Guardian
September 20, 2009 by tim · Comments Off
The Central Bank of Nigeria (CBN) has been urged to effect an immediate disclosure of report of banks on which financial audit has been concluded.
This is to guard against speculations that could further erode industry confidence and jeopardize their financial position.
Yar’Adua sends security agents after bank debtors – The Nation
Security agents have been directed to go after the customers who plunged the five troubled banks into a N2trillion debt. The Chief Executive Officers of the banks were sacked last Friday.
President Umaru Musa Yar’Adua has told security agencies to assist the banks recover their cash from the customers.
NDIC returns Savannah Bank to owners – The Guardian
June 10, 2009 by tim · Comments Off
Seven years after the premises of Savannah Bank were sealed by the Nigerian Deposit Insurance Corporation (NDIC), the corporation yesterday in Lagos formally handed over the bank to its owners.
Also, new core investor, SW8 Consortium, lifted the seal and has completed arrangements to take over the management of Wema Bank today.
Foreign banks await new CBN gov, halt credits – The Guardian
June 1, 2009 by tim · Comments Off
Anxiety over the governorship of Nigeria’s Central Bank (CBN) is no more limited to the nation’s financial circles or its borders. And whereas government may not be in a hurry to name a new governor or renew the expired mandate, signals from the immediate financial institution, commercial banks, indicate some strides close to fever point.
Nigeria: ADB Explains Partnership with Intercontinental Bank
May 27, 2009 by Bunmi Awolusi · Comments Off
Erastus Akingbola, MD/CEO, Intercontinental Bank.
The Vice-President, Operations, African Development Bank (ADB) Mr. Mandla Gantsho has explained that Intercontinental Bank Plc bagged the $100million facility based on ADB’s conviction that it has an important role to play in accelerating economic growth, social development and economic integration of African nations, in addition to its pedigree in the Nigerian banking sector. ADB is a continental financial institution owned by all African countries. Read more
