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CBN LIFTS BAN

CBN LIFTS BAN

CBN REINSTATES EIGHT BANKS

BY OMOKHUALE PUAH

The Director, Banking Supervision, Mrs. Tokunbo said that the Central Bank of Nigeria (CBN) has lifted Ban from the Foreign Exchange Banks which were suspended in the last week, due to the non-remittance of $2.12bn belonging to the Nigerian National Petroleum Corporation.

This statement which was made at a media briefing on Wednesday in Abuja was reached after a series of meeting with the body of bank Chief Executive Officers and the Chartered Institute of Bankers in Nigeria.

Mrs. Martins listed the banks which were involved as, First Bank of Nigeria-$469m, Diamond Bank-$287m, Sterling Bank-$269m, Skye Bank PLC-$221m, Fidelity Bank-$209m, Keystone Bank-$139m, First City Monument Bank Plc-$125m and Heritage Bank $85m, saying that the United Bank of Africa which was also suspended last week, was reinstated last week Wednesday, after it remitted the NNPC dollar fund it had in its custody to the TSA.

According to Mrs. Martins, a presentation on the payment plan for their outstanding dollar deposits from NNPC/NLNG in every of their possession to the TSA was made by the CEO’s during the meeting and as a result, all the banks were reinstated.

In the words of Mrs. Martins, “I am happy to announce that the nine banks that were banned has been reinstated, because after the meeting on Wednesday, the CEOs of the various banks and CIBN submitted credible repayment plan, which the CBN has found acceptable”.

In an interview with the president, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, it was discovered that the institute was highly interested in the happenings of the industry players. “Due to the interest we have at heart, the CIBN in partnership with the Bank CEOs has decided to seek the resolution of the situation for the interest of the Nigerian economy”.

The Managing Director, Access Bank Plc, Mr. Herbert Wigwe has promised that the affected banks would fully be up and doing, as regards the new repayment plan.

 

In accordance with his words, under the auspices of the CIBN, the body of banks would work together so as to ensure that when there is a serious issue, the CEOs can meet to discuss tactics and objectives.

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