8 Troubled banks

Posted by Chris Ukaoha on November 01, 2009 at 11:51:41:

The CBN leadership has changed and this change seems to have affected all the banks in Nigeria such that I would now classify them into 3 groups;

- Strongest banks in Nigeria
- Uncertain banks in Nigeria
- Troubled banks in Nigeria

The current governor of the CBN is Sanusi and under his leadership, there has been a critical investigation into the affairs and accounts of Nigerian banks with a view to discovering if they were really strong and safe as the general public has been made to believe.

Here's a list of the Safest banks in Nigeria right now;
Strongest banks in Nigeria
- First Bank of Nigeria
- United Bank for Africa
- Guaranty Trust Bank
- Zenith Bank
- FCMB
- Fidelity Bank
- Access Bank
- First Inland Bank
- IBTC
- Skye Bank
- Stanbic Bank
- Standard Chartered Bank
- Sterling Bank

Since the investigations began, there has been public reports by the CBN which has higlighted that 8 of the said 23 banks in Nigeria were financially in a mess.
Press statement - 2/10/2009

CBN Advert on bank debtors

Here is a list of the 8 troubled banks after the CBN investigation which also led to the sacking of their various bank MDs and dissolution of their board of Directors;

- Union Bank (Non Performing Loan = 73B+)
- Afribank (Non Performing Loan = 141B+)
- Intercontinental bank (Non Performing Loan = 210B+)
- Oceanic bank (Non Performing Loan = 278B+)
- Finbank (Non Performing Loan = 42B+)
- Spring bank (Non Performing Loan = 95B+)
- Bank PHB (Non Performing Loan =170B+)
- ETB (Equitorial Trust Bank) (Non Performing Loan =34B+)

Uncertain Banks (To recapitalize)
- Wema Bank (Loans = 34B+)
- Unity Bank (Mostly Overdraft = 36B+)

Re: 8 Troubled banks

Posted by Mohammed on November 23, 2009 at 02:41:10:
In Reply to: 8 Troubled banks posted by Chris Ukaoha on November 01, 2009 at 11:51:41:

It is bad that there are a lot of banks in Nigeria which can be rightly considered as unsafe and the number is much more than those which are safe. I weep for intercontinental bank though.



---