What did the Central Bank of Nigeria Governor announced?
The Governor of the Central Bank of Nigeria (CBN), Mr Lamido Sanusi, has announced the removal of the managing directors and executive directors of five banks, naming the affected banks as Union Bank Plc, Afribank, Oceanic Bank, Intercontinental Bank and Finbank. Speaking on developments in the banking industry on Friday in Lagos, Sanusi said that the five banks were classified as weak in terms of risk management and corporate governance. He said that the five banks would need to provide N539.09 billion (about US$3.6 billion) for a loan portfolio of N2. 801 billion (about US$180 million) and margin loans profile of N456.28 billion (about 2.85 billion). In the same vein, total loan exposure to oil and gas sub-sector of the banks was N487.02 billion (about US$2.8 billion). “It is evident that the five banks accounted for a disproportionate component of the total exposure to the capital market for oil and gas, thus reflecting heavy concentration to high risk areas relative to other banks
The House of Representatives Committee on Justice has petitioned the Attorney General of the Federation (AGF) and Minister of Justice, Chief Michael Aondoakaa over the controversial N420billion bailout granted five ailing commercial, banks by the Central Bank of Nigeria (CBN) about three weeks ago. Governor, Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi had in the wake of the bank crisis announced some emergency measures including the sack of the managements of Intercontinental Bank, Oceanic Bank, Union Bank, Afribank and Finbank. The apex bank however, walked its way into a complicated legal and constitutional controversy when it also went ahead and injected a total of N420billion into the five banks presumably to save them from an imminent collapse. Sources: http://www.thisdayonline.com/nview.php?
The Governor of the Central Bank of Nigeria (CBN), Mr Lamido Sanusi, has announced the removal of the managing directors and executive directors of five banks, naming the affected banks as Union Bank Plc, Afribank, Oceanic Bank, Intercontinental Bank and Finbank. Speaking on developments in the banking industry on Friday in Lagos, Sanusi said that the five banks were classified as weak in terms of risk management and corporate governance. He said that the five banks would need to provide N539.09 billion (about US$3.6 billion) for a loan portfolio of N2. 801 billion (about US$180 million) and margin loans profile of N456.28 billion (about 2.85 billion). In the same vein, total loan exposure to oil and gas sub-sector of the banks was N487.02 billion (about US$2.8 billion). “It is evident that the five banks accounted for a disproportionate component of the total exposure to the capital market for oil and gas, thus reflecting heavy concentration to high risk areas relative to other banks
The House of Representatives Committee on Justice has petitioned the Attorney General of the Federation (AGF) and Minister of Justice, Chief Michael Aondoakaa over the controversial N420billion bailout granted five ailing commercial, banks by the Central Bank of Nigeria (CBN) about three weeks ago. Governor, Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi had in the wake of the bank crisis announced some emergency measures including the sack of the managements of Intercontinental Bank, Oceanic Bank, Union Bank, Afribank and Finbank. The apex bank however, walked its way into a complicated legal and constitutional controversy when it also went ahead and injected a total of N420billion into the five banks presumably to save them from an imminent collapse.
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