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Statement by the Attorney General of the Federation on Nationalised Banks

Category: Regulators

  Read (1994)
Statement by the Attorney General of the Federation on Nationalised Banks



August 16, 2011
The attention of the honourable Attorney General of the Federation and Minister of Justice has been drawn to the decision of the Nigerian Deposit Insurance Corporation (NDIC) on Friday 5th August, 2011, to incorporate the following banks:  Mainstreet Bank Limited, Keystone Bank Limited and Enterprise Bank Limited, Initially as Bridge Banks to resolve the issues of the failing Afribank Plc, Bank PHB Plc and Spring Bank Plc.
The Central Bank of Nigeria CBN,NDIC and Asset Management Corporation of Nigeria (AMCON) have informed the AGF that the actions taken on these banks are for the ultimate interest of depositors and the safety as well as soundness of the Nigerian financial system.
The AGF is aware that NDIC had composite consultation with CBN, the Ministry of Finance and the Ministry of Justice on these actions.
The AGF also notes that the CBN, NDIC and AMCON acted in full appreciation of their functions and powers under their respective statutory mandates and in particular the protection of depositors and the system.
He will continue to monitor these actions in order to ensure that the appropriate laws are complied with and due process is followed.
Ambrose Momoh



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