CBN Appoints Advisers for Troubled Banks

The Central Bank of Nigeria (CBN) has appointed advisers that will work with the eight troubled deposit money banks to ensure the stability and soundness of the banking industry.
The banks, whose managing directors and executive directors were recently removed, also includes Wema Bank and Unity Bank Plc, that were given up to June 2010 to recapitalize. The advisers are Deutsche Bank, Chapel Hill Denham, Stanbic IBTC, Olaniwun Ajayi LP, Kola Awodein & Co, KPMG Professional Services and Akintola Williams Deloitte.
A statement issued by the CBN and signed by Mohammed Abdullahi, head, corporate affairs, said that the advisers are expected to work with the boards and management of Afribank, Finbank, Intercontinental Bank, Oceanic Bank International, Union Bank of Nigeria, Bank PHB, Equatorial Trust Bank Limited and Spring Bank, as well as Wema Bank, and Unity Bank by exploring all options in securing their stability and long-term growth.
They are expected to explore all possibilities for institutionalizing best practice and good corporate governance at each of the banks, in furtherance of the CBN’s desire that the interest of all to protect stakeholders interest.
The CBN however restated its determination in ensuring the stability of the banking sector within the shortest time possible. It is also working assiduously to ensure that the proposed Asset Management Company (AMC) comes on stream by the end of the year and continue to come up with measures that will ensure the emergence of a banking system that is sound, strong and stable.
 It would be recalled that the CBN, after its joint examination with Nigeria Deposit Insurance Company sack the management of eight banks and directed two banks to recapitalized their bank on or before end of June next year.