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.
