NIGERIA – The Central Bank of Nigeria today removed the Managing Directors and Executive Directors of the following banks;

 Intercontinental Bank Plc (Erastus Akingbola)

Oceanic Bank Plc (Mrs Cecelia Ibru)

Union Bank Plc (Barthlomew Ebong)

Fin Bank Plc (Okey Nwosu)

Afribank Plc (Sebastian Adigwe)


The new appointees are;

 Lai Alabi (Intercontinental Bank Plc)

John Aboh (Oceanic Bank Plc)

Nebolisa Arah (Afribank Plc)

Susan Iroche (Fin Bank Plc)

Funke Osibodu (Union Bank Plc)


The CBN governor, Sanusi Lamido Sanusi who made this known at the emergency bankers committee convened by the CBN this morning said that the decision was taken to safeguard the financial sector from systemic collapse.

To allay depositors concern and prevent panic in the economy, the CBN is injecting N400 billion into the five banks to shore up their tier 2 capital to minimum acceptable levels. An interim management and board of directors will also be put in place to run the affected banks until they are taken over by new management.

 According to the CBN governor, the interim management will be given a period to recapitalize the affected banks, following which the N400 billion will be paid back to  the CBN as the funds being injected is just temporary and does not translate to the government taking a stake in the five banks.



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