Breaking News: CBN Appoints new CEO’s for 5 banks, reveals N2.4trn debt

Source: Proshare Limited

The CBN, this morning, at the Emergency Bankers’ Committee convened by the CBN in Lagos confirmed the rumour that has been making the rounds all week that the CEO and Executive Directors of the following five banks have been removed:

1. Erastus Akingbola (Intercontinental Bank);
2. Okey Nwosu (Finbank);
3. Sebastian Adigwe (Afribank Plc);
4. Mrs Cecelia Ibru (Oceanic Bank Plc); and
5. Bartholomew Ebong (Union Bank Plc).

The CBN Governor, Lamido Sanusi explains that the result of the special examination done by the joint team from CBN and NDIC reveals excessive credit lending in the following banks – Oceanic Bank Plc, Intercontinental Bank Plc, Afribank Plc, FinBank plc, and Union Bank of Nigeria Plc.

The CBN Governor says that the CBN today injected N400bn tier 2 capital into the 5 banks. This is to be repaid soon from their offer proceeds.

The CBN Governor ANNOUNCES the following appointments:

1. Mr. John Aboh to take over as CEO of OCEANIC BANK Plc
2. Mr. Lai Alabi to take over as CEO at INTERCONTINENTAL BANK Plc
3. Mr. Arah NEBOLISA to take over as CEO at AFRIBANK Plc
4. Susan Iroche to take over as CEO at FINBANK Plc
5. Mrs. Funke Osibodu to take over as CEO at UNION BANK Plc

Lamido says there will be no setting up of an asset Management Company or bad loan bank until full declaration of exposures by all banks.