Showing posts with label Banks reopening. Show all posts
Showing posts with label Banks reopening. Show all posts

Thursday, January 10, 2013

Recapitalisation hurdle threatens Savannah Bank’s reopening




The failure of the core investors in Savannah Bank of Nigeria Plc to fully recapitalise the bank to the N25bn minimum share capital requirement is a major reason for its inability to reopen for business, more than three years after its operating licence was returned via a court order, investigations by our correspondent have revealed.The Central Bank of Nigeria had closed down SBN in 2002, citing infringements and non-compliance with banking laws by the management of the bank as reasons for its action.

ST

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