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. Read the rest of this entry »
As we are aware, the world economy has been hit by recession following the financial meltdown that started with the sub-prime mortgage crisis in the United States of America and spread to Europe and other parts of the world.
After wowing the world with their recapitalisation exercise, Nigerian banks quickly fell into bad habits and a stock market bubble swiftly followed. However, some of them are beginning to see the light.
