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   Market Date: 30-01-2015   
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Banks: Sanusi to hold town hall meeting in London

Category: Money Market

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Banks: Sanusi to hold town hall meeting in London


The Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi will hold a town hall meeting in London on Friday to address the recent developments in the macroeconomic environment, especially the new reforms in the banking sector.


A statement posted on the apex bank’s website on Tuesday said Sanusi, would be accompanied by the deputy governors of the bank and the new managing directors of Union Bank of Nigeria Plc, Intercontinental Bank Plc, Oceanic Bank International Plc, Afribank Plc and Finbank Plc.


The target audience, according to the statement, signed by the Head, Corporate Affairs, Mr. Muhammed Abdullahi, are “international correspondent banks, lenders and rating agencies”, who will have the opportunity of having one-on-one meetings with the new managing directors of the banks that were recently bailed out with N420bn in line with the apex bank’s new reforms.


The CBN had said in an earlier statement that its insistence on full disclosure and the actions taken against the former chief executive officers and executive directors of the five troubled banks were aimed at strengthening the financial condition of the affected banks and ensuring the protection of depositors and creditors funds.


To further strengthen the confidence of foreign investors in the Nigerian market, the CBN also guaranteed all foreign loans and correspondent banking lines of the five banks.


The town hall meeting to hold on Firday is, therefore, to explain the apex bank’s actions and dialogue with investors and correspondent banks.


The CBN reiterated its commitments on Monday to ensuring the stability of the banking industry, saying it would not allow any bank to fail.


On the opportunities inherent in the Nigerian banking sector at the moment, the CBN directed the correspondent banks and other interested stakeholders to contact its Director of Banking Supervision Department, for further clarifications.




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