Economic Confidential, October 2, 2009

FACTS AND FIGURES

CBN Blacklists 4 other Banks… Removes Mike Adenuga as Non-Executive Director,

The Central Bank of Nigeria (CBN) has finally released the result of the Special Examination of the remaining 14 banks which invariably indicates that the books and affairs of all 24 banks in the Nigerian banking system have been examined.

On the list, 4 banks were found to be in grave situations. The banks are: Bank PHB Plc; Equatorial Trust Bank Plc; Spring Bank Plc and Wema Bank Plc.

The remaining 10 other banks were adjudged and found to have adequate capital and liquidity to support the level of their current operations and future growth. One of them which is Unity Bank was nevertheless adjudged to have insufficient capital but not in grave situation because it has a healthy liquidity position.

The nine banks that successful scaled through the examination are: Access Bank Plc

Citibank Nigeria Limited, Ecobank Nigeria Plc, Fidelity Bank Plc, First City Monument Bank Plc, Skye Bank Plc, Stanbic IBTC Bank Plc, Standard Chartered Bank Limited and Zenith Bank Plc.

Unlike the previous release that had names of bad debtors, only the name of Dr. Mike Adenuga jnr, was mentioned who was removed as a Non-Executive Director of Equatorial Trust Bank Plc.

The CBN has taken some measures against the four banks that are in grave situations. The measures include: the removal of the Managing Directors of Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc; the removal of All the Executive Directors in Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc. It has also appointed new Managing Directors for these three banks, namely:Mr. Cyril Chukwumah for Bank PHB Plc; Mr. G.O. Folayan for Equitorial Trust Bank Plc; and Mrs. Sola Ayodele for Spring Bank Plc. New Executive Directors will be appointed for the banks in due course.

Please see the Full statementfrom this link: Final Result on 14 Banks