- The Board and Management of the bank have not been able to improve the
bank’s financial performance, a situation which constitutes a threat to financial
stability. This follows a period during which the CBN engaged with the bank and
prescribed various supervisory steps intended to stem the decline. Regrettably, the
bank has continued to suffer and has no reasonable prospects of recovery, thereby
making the revocation of the license the next necessary step.
Consequently, the CBN has taken this action to strengthen public confidence in the
banking system and ensure that the soundness of our financial system is not impaired.
The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the
Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.
We wish to assure the public that the Nigerian financial system remains on a solid
footing. The action we are taking today reflects our continued commitment to take all
necessary steps to ensure the safety and soundness of our financial system.
Hakama Sidi Ali
Acting Director, Corporate Communications