Nigeria’s CBN Hires Deutche Bank, Others To Help Rescue Weak Banks

CBN GOVERNOR, LAMIDO SANUSI.

Abuja (THEWILL) - Nigeria’s Central Bank weekend said, it has appointed advisers for ten struggling banks. The banks are Oceanic Bank Plc, Afribank Plc, Bank PHB Plc, Fin Bank Plc, Intercontinental bank Plc, Union Bank Plc, Spring Bank Plc, Wema Bank Plc, Unity Bank Plc and Equitorial Bank.

The regulatory bank said in a note, that the move was in furtherance of its “banking reform exercise aimed at ensuring the stability and soundness of Nigeria’s banking industry.”

The advisers are:

Deutsche Bank

Chapel Hill Denham

Stanbic IBTC

KPMG Professional Services

Olaniwun Ajayi LP

Akintola Williams Deloitte and Kola Awodein & Co.

It said the advisers have been directed to work with the boards and management of the banks in exploring all available options for “securing their stability and long-term future growth.”

The CBN restated its commitment to “ensuring the emergence of a banking system that is sound, strong and reliable.”

CBN recently concluded the audit of banks in Nigeria where it discovered some unethical and shady practices by some bank chief executives who were subsequently sacked. They are currently on trial in Nigerian courts.