Proshare Logo
   Market Date: 26-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Keystone, Mainstreet pay N70bn, N50bn CBN debt

Category: Money Market

  Read (2836)
Keystone, Mainstreet pay N70bn, N50bn CBN debt



August 10, 2011
Two of the nationalised banks, Keystone Bank Limited and Mainstreet Bank, yesterday paid the sum of N70 billion and N50 billion respectively, owed to the Central Bank of Nigeria (CBN).The debts were the money the CBN used to bail them out in 2009.
The banks have been fully recapitalised by their new owners – the Asset Management Corporation of Nigeria (AMCON) which advanced N678 billion and have also complied with the CBN capital adequacy ratio.
Oti Ikomi, new group managing director and chief executive officer of Keystone Bank said the bank has satisfied all the financial ratio requirements of the CBN and is ready to start commercial banking business.
Ikomi explained that he has the mandate of the bank’s sole shareholder – AMCON, to fully reposition the bank in the next two to three years, to an enviable level that will attract new investors.
“It is not AMCON’s intention to remain shareholders of the bank for long”, he told reporters at a press briefing in Lagos.
Ikomi, who said he was being called to national duty from his former place of employment at Ecobank Transnational Incorporated (ETI) as vice president in Johannesburg, South Africa , noted that he intends to key in to the transformation agenda of a cashless economy, of the CBN, as well as re-brand the bank.
He assured the banks’ depositors of the safety of their deposits, saying that they could go to sleep without worry. He also thanked the depositors for their support during the trying period.
“They have stood by us even when some skeptics expected difficulties”, he said.
Ikomi said he and the new directors had earlier briefed the senior staff of new developments.
He assured the staff of the bank of the security of their jobs, stressing that there would not be any major changes for now.
Meanwhile, Mainstreet Bank Limited (MBL), yesterday said in a press statement, that it was now well positioned to fulfill its financial obligations.
The statement said the N50 billion loan repayment was a demonstration of the bank’s strong liquidity position and an assurance of the safety of customer deposits as well as a demonstration of the bank’s capacity to play big in the banking industry.
“MBL is now in a good position to be an active player in the inter-bank market, handle big ticket transactions and support customer businesses” said the statement.
The board of the MBL is chaired by Falalu Bello, with Faith Tuedor-Matthews as the Managing Director.
Source: Businessday/ BLESSING ANARO  

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Money Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014