It would be recalled that earlier in the month, the CBN granted the following banks debt forgiveness. They include: Bank of the North (N41billion), Africa International Bank (N7 billion), Societe Generale Bank (N13 billion), Fortune Bank (N2 billion), City Express (N2.5 billion) and Afex Bank (N5 billion).
The report came in a story on the consolidation of some 55 Nigerian banks into 15 larger ones that will be required to have assets in excess of US$187 million (Na. 25 billion) to continue operating as the Federal Government of Nigeria seeks to ward off any eventual bank panics that could send the West African nation's financial markets into a tailspin.
Nothing in the story, however, indicated the condition of Offor AfEx Bank. It apparently has no Website. The paer said Arican Express Bank has not yet notified the government of its plans to close, merge or obtain new financing. One source for of cash might be his ERHC Energy stock, which could reach new highs if awards are announced in the near future. The reform requires independent banks to have about $187 million in assets; Offor owns about $248 million worth of ERHE stock at the current $0.82 share price.
The Vanguard story was an update on the progress of the consolidation reform, which has been underway in one form or another since 2003:
Some of the banks are yet to indicate the direction of the consolidation plans as at Saturday. These are: Bond Bank, Chartered Bank, Citizens International Bank, City Express Bank, Eagle Bank, Fidelity Bank, Fortune International Bank, Midas Bank, Regent Bank, MBC International Bank, Metropolitan Bank, New Africa Bank, Nigerian-American Merchant Bank, Triumph Bank, Platinum Bank, International Trust Bank, African Express Bank, Bank of the North, SGBN and AIB International Bank.
No comments:
Post a Comment