CBN Endorses 25 Banks After Recap - Is your Bank here?

[sdanyaro]

Source: Nigeria First (Abuja)
NEWS
January 3, 2006
Posted to the web January 3, 2006
Abuja

The Central Bank of Nigeria (CBN) on 2 January announced the authorisation of 25 groups of banks that met the N25 billion recapitalisation target and disclosed that 13 banks, which failed to meet the recapitalisation mark, would be liquidated.

The CBN's Head of Corporate Affairs, Mr. Festus Odoko said in Abuja that the 25 banks to be issued fresh licences to operate in Nigeria include,

1. Access Bank Plc,

2. Afribank Plc,

3. Diamond Bank Plc,

4. Ecobank Plc,

5. Equatorial Trust Bank Limited,

6. First City Monument Bank,

7. Fidelity Bank,

8. First Bank Plc,

9. First Inland Bank Plc,

10. Guaranty Trust Bank Plc,

11. IBTC-Chartered Bank,

12. Intercontinental Bank Plc.

13. Nigeria International Bank,

14. Oceanic Bank Plc,

15. Platinum Bank Plc,

16. Skye Bank Plc,

17. Spring Bank Plc,

18. Stanbic Bank Plc,

19. Standard Chartered Bank Plc,

20. United Bank of Africa Plc,

21. Sterling Bank Plc,

22. Union Bank Plc,

23. Unity Bank Plc,

24. Wema Bank Plc and

25. Zenith Bank Plc.

He listed the 13 banks facing liquidation to include,

1. ACB International Bank,

2. Afex Bank,

3. Allstates Trust Bank,

4. Assurance Bank,

5. City Express Bank,

6. Eagle Bank,

7. Fortune Bank,

8. Gulf Bank,

9. Hallmark Bank,

10. Liberty Bank,

11. Metropolitan Bank,

12. Trade Bank and

13. Triumph Bank.

He said these banks accounts for only 6.5 per cent of the deposit share of the industry and assured private sector depositors of the safety of their deposits.

According to him, the program has resulted in the shrinkage of the number of banks from 89 to 25 through merger/acquisition involving 76 banks, which altogether account for 93.5 per cent of the deposit share of the market. The capital market has also received a boost with a total of N406 billion raised so far and N360 billion accepted by the CBN, including foreign capital inflow of $654 million and ?161,993."

The CBN had on 6 July 2004 announced a major reform program aimed at transforming the banking sector in Nigeria. The main thrust of the 13-point reform agenda was the prescription of minimum shareholders' funds of N25 billion for a Nigerian deposit money bank not later than 31 December 2005.

[dan kauye]

$$$ money talks!!! but ain't got a kobo in there though..

& yeah mine is def up there..good looking.