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Afribank to Exit Inter-bank Market



The new Managing Director of Afribank Nigeria plc, Mr Nebolisa Arah, has said that the bank will be exiting the inter-bank market in view of its current liquidity position.


Arah said at his maiden press briefing in Lagos yesterday that Afribank’s account with the CBN is in a credit position, adding that the bank will now focus internally for liquidity.


While not totally ruling out the possibility of approaching the CBN in future for liquidity, if the need arises, Arah said: “My first choice is not to go for additional resources, but use existing resources diligently to yield positive results.


He also said the bank has commenced the implementation of a three-fold action plan - to secure and sustain the confidence of the banking public, improve on performance and stabilise the institution.


He said the bank got N50 billion out of the N420 billion injected recently into five ailing banks, adding that the amount will be judiciously managed to meet all of the banks obligations.


The MD said the bank’s debt recovery strategy is yielding positive result as a debtor has already paid back over N1 billion and another N2 billion.


Arah said that the bank must return to its fundamentals to put things right again, assuring that the institution will improve staff welfare to boost staff morale.


 “I am happy to state that the dynamic and highly talented and motivated staff of Afribank has resolved to give their best and work harder to face the challenges the market has thrown at us and justify the confidence the Central Bank of Nigeria (CBN) has reposed on them. Our will to excel is strong. We will stretch ourselves to the limits,” he said.


According to him: “The bank will continued to implement strong and pro-active customer relationship management. We are reaching out to our customers and partners in a combination of ways that will continually rebuild our relationship and give us a better understanding of their needs and how to further support them.




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