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   Market Date: 23-01-2015   
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FinBank remits over N40bn to CBN

Category: Capital Market

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FinBank remits over N40bn to CBN


The management of FinBank Plc said it has remitted N40 billion to the Central Bank of Nigeria (CBN), representing the outstanding CBN expanded discount window funds. 


This was disclosed by the Managing Director and Chief Executive Officer of FinBank Plc, Mrs. Suzanne Iroche, while addressing newsmen at a press briefing in Lagos.


While other members of the eight rescued banks, that is, “the R8,” have resorted to giving waivers and relied heavily on the bailout funds provided by the CBN, FinBank Plc is already refunding the apex bank.


According to Iroche, the bank’s indebtedness to the CBN was the N50 billion bailout fund, which would be repaid as soon as the modalities to recapitalise were put in place. In accordance with the CBN directives, the bank will partner with the CBN appointed advisers on recapitalisation to welcome core investors who can provide the needed liquidity and who have good track records of corporate governance.


FinBank Plc was among the initial five banks rescued by the CBN Governor, Mallam Sanusi Lamido Sanusi, from their grave situations by injecting N420 billion on August 14, 2009.


The new management has succeeded in restoring customers’ confidence, which is evident in increased deposits of about 20 per cent in the last two months, and the trend is expected to be sustained and improved overtime. The bank has also attained and surpassed the 25 per cent minimum regulatory liquidity. 


(Source: Nigerian Tribune)

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