Asset Management Committee Bill?

The House of Assembly recently passed this bill into law, this company will manage toxic assets of the ailing banks.. What do u think??

The Hammer is swinging.. Jim,, Elumelu??

The CBN has decided to swing the hammar to even banks that were not affected in the recent sweep.. this is a huge departure from the embezzellment and mismanagement saga.
they now require that MDs that have a 10 year record in the management of the Banks, either pre or post consolidation should leave.

that effectively sweeps out Jim and Tony. Sad scenerio for these men wont you say??

Microfinance Banks too??

the compass has shifted to Microfinance Banks in the country barely a month after the dust will settle on the purge of the banking industry.......
Erastus is still at large, but he fights his battle from the court rooms... lets see how this

Unity Bank sails CBN's audit, unscathed

One of the Banks which was erstwhile categorized as weak by most pundits within the Banking industry has emerged to be strong after all.

information reaching us confirms that the bank will not be benefiting from the the over 200 Billion which is being injected into the system by the apex bank. for us that is a sure sign that apart from the fact that the Bank needs to shore up its capital base, it has no liquidity issues at all. hurray for that bank u'll say!!!

Wow, Atuche finally resigns

The Managing Director of Bank PHB, Francis Atuche, has resigned his position as the bank's chief executive.

Mr. Atuche made his decision known in a farewell letter to staff of the bank on Friday.

In the letter, Mr. Atuche did not say why he is leaving the bank at this time but said, "As in all things however, there is a time to say GOOD BYE. As I bow out today from the Bank, I earnestly urge each and everyone of you to keep the PHB passion aflame so that the height, the mount everest which we envisioned shall not only be accomplished, but shall be surpassed and we would have created an institution that would outlive".

Sanvannah Bank, Its just 25 Billion Naira,,, u can do it

Savannah Bank Plc says it is in no way relenting on its efforts to meet the requirements and procedures that would allow it to operate as a financial institution.

Wemimo Ogunde, the bank's counsel told NEXT that the bank was still trying to meet the Central Bank of Nigeria (CBN's) requirement. "The board has not actually called for a meeting because they are still trying to meet the CBN's requirement and that is what we are doing. We are about completing that now. It is when we are done with that process that we would let the public in on the next step we are going to take" he explained.Savannah Bank must raise N25billion

Mohammed Abdullahi, the spokesperson the CBN restated yesterday that unless Savannah bank is able to raise the required N25 billion capital base; it would not commence its banking activities.

Erastus Again??

Erastus Akingbola, the former chief executive of Intercontinental Bank plc, will have to wait until October 26th to see if his lawsuit against the Central bank of Nigeria and its governor, Sanusi Lamido Sanusi, is successful.

A Federal High Court in Lagos on Thursday fixed this date for ruling on the suit which was filed by the ex-bank CEO last month. The presiding judge, Justice Ibrahim Auta, said that the ruling will be delivered at the adjourned date

The Ibrus have gone native,

After a six hour meeting with clan heads and elders in Ovwor-Olomu,Delta State, top members of the Ibru maternal family, on Sunday decided to invoke their ancestral spirit against the governor of the Central Bank of Nigeria Governor, Sanusi Lamido Sanusi.

Spokesman of the Osajere family(maternal family of Olorogun Michael Ibru), Olorogun John Oguma told journalists in Ughelli that Mr Sanusi should reverse the decision of the apex bank on Mrs Ibru or face the wrath of the Olomu spirits.

The Akingbola's Keeping mute

The son of fugitive bank chief, Erastus Akingbola, refused to get involved in a discussion regarding his father’s whereabouts on Tuesday. This at a time when the London newspaper, the Evening Standard reported that Mr. Akingbola is sheltering from the Nigerian authorities at his multi-million pound posh apartment in West London.



“He is not available, but can I take a message? Do you have a message?” said his son who family friends say is named Wole Akingbola. This in response to NEXT enquiries.

EFCC Recovers 70 Billion. Where was the Money all this while??

The Economic and Financial Crimes Commission said that as at the close of work on Monday, it had recovered over N70 billion from debtors of the five troubled banks.

Femi Otedola, chairman of Zenon Oil and CEO of African Petroleum led the refunders’ pack last week with N3 billion returned to Afribank Plc.

Where is Erastus???

Intelligence officers helping to unravel cases of possible criminality among bank executives in the current banking crisis, say they have opened “a second front” in the investigation of Erastus Akingbola, the former chief executive officer of Intercontinental Bank plc who has been declared a fugitive by the Economic and Financial Crimes Commission, EFCC.

This revelation came yesterday as frustration mounted at the Economic and Financial Crimes Commission’s offices, where officers are unable to proceed on the repatriation orders for Mr.Akingbola, because they neither have a sense of where he is hiding, nor the ability to charge him to court because he is at large.

They all go the same way, dont they???

All news worthy stories on all major headlines have gradually shifted the Banking industry crises to middle pages, and in some cases back page stories. will this die the same death that others have died in time past??

which way nigeria

the banking Industry has experienced a shake-up that can be compared to non the world over. Even during the wake of the failed banks era, it was not this bad. Reports reaching us is that two private jets belonging to oceanic bank has been flown out of the country.

The CEO's of Oceanic bank, Intercontinental Bank, FIN Bank, Union Bank and Afri Bank are all undergoing one form of trial or the other as we speak