The Central Bank of Nigeria (CBN) said on Friday it was injecting N400 billion ($2.6 billion) into five banks and removing their senior management because their undercapitalization posed a risk to the banking system.

Following are details on the five banks, their outgoing chief executives and managing directors, and the directors appointed by the central bank to manage them while new investors are sought.

Afribank began operations in 1960 with commercial and retail banking as its core businesses. It has subsidiaries that include an offshore finance company, a securities brokerage, an insurance brokerage, and asset management business. Its outgoing chief executive, Sebastian Adigwe, worked in the banking sector for more than two decades, with stints at the former Chase Merchant Bank and Ecobank Nigeria, where he was asked to develop a risk management group. The central bank appointed Nebolisa Arah as Afribank’s new chief executive. Arah formerly served as chief executive of Nigeria’s Fidelity Bank from 1988 to 2003 and has a reputation for conservative risk management.

FinBank was created out of a merger between First Atlantic Bank, Inland Bank, and IMB Bank during consolidation four years ago, FinBank is a universal bank serving retail and corporate customers and has gone through several rebrandings. Outgoing Chief Executive Okey Nwosu worked as an auditor for the Nigerian unit of Arthur Andersen before going into banking. He later served as a general manager of Diamond Bank and later helped engineer the merger that created FinBank. The central bank appointed Suzanne Irochie as FinBank’s new chief executive. Irochie has worked in the banking industry for a quarter of a century and was an executive director of United Bank for Africa (UBA).

Intercontinental Bank was established in 1989 as a pure merchant bank, Intercontinental converted to commercial banking in 2000 and has grown to be a top-tier player in Nigeria, at one point becoming the country’s largest bank by Tier 1 capital. Outgoing Chief Executive Erastus Akingbola is chairman of the Chartered Institute of Bankers of Nigeria (CIBN) and was seen as a leading member of the country’s corporate aristocracy. He has worked in the financial sector for more than three decades. The CBN appointed Mahmoud Lai Alabi as Intercontinental’s new chief executive. Alabi joined Union Bank in 1999 as an executive director and was interim chief executive at Wema Bank after the board was sacked by the central bank following a boardroom crisis.

Oceanic Bank is one of Nigeria’s “new generation” banks, Oceanic Bank began business in 1990 but subsequently rose to the top tier of Nigerian banks, focused on retail banking, attracting cheap deposits, and lending to traders and consumers. Outgoing Chief Executive Cecilia Ibru is a member of one of Nigeria’s most powerful business families, whose interests vary from shipping and hotels to oil and media. She joined Oceanic in 1990 and became its chief executive seven years later. The central bank appointed John Aboh, a former executive director in charge of banking operations at First Bank, as Oceanic’s new chief executive.

Union Bank is one of Nigeria’s oldest banks, Union Bank was at one time owned and operated by Barclays Bank. Long regarded as one of the country’s more stable institutions, it has failed to keep up with new technologies and advances adopted by its peers. Outgoing Chief Executive Bartholomew Bassey Ebong joined Union Bank in 1977 and went on to head its finance services, corporate banking, and international banking departments before being appointed to head the bank in 2006. The central bank appointed Funke Osibodu, who heads the financial and investment services arm of local conglomerate Vigeo Holdings Ltd, as Union Bank’s new chief executive. Osibodu has more than a quarter century of banking experience and has been the managing director of MBC Bank and Ecobank Nigeria.

Intercontinental Bank | Union Bank | Oceanic Bank | First Inland Bank (FinBank) | Afribank

Source(s): CNBC