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CBN Names Task Force For Troubled Banks

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16 years ago

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The Central Bank of Nigeria (CBN) has appointed a task force to work with the management of the 10 troubled banks.

The affected banks are Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, UnionBank of Nigeria Plc, Bank PHB Plc, Equatorial Trust Bank Limited, and SpringBank Plc, whose management were recently replaced, as well as Wema Bank Plc and Unity Bank Plc.

According to a statement from the apex bank, the move was in furtherance of the banking sector’s reform embarked upon by the institution which is aimed at ensuring the stability and soundness of Nigeria’s banking industry.

The apex bank named the task force which goes under the appelation of advisers, to include Deutsche Bank, Chapel Hill Denham, Stanbic IBTC, Olaniwun Ajayi LP, Kola Awodein & Co, KPMG Professional Services and Akintola Williams Deloitte.

The CBN said the advisers are expected to work with the boards and management of these banks by exploring all options for securing their stability and long-term future growth.

They are also expected to explore all possibilities for institutionalising best practices and good corporate governance at each of the banks in furtherance of the CBN’s desire that the interests of all stakeholders were respected.

Restating its determination at ensuring the stability of the banking sector within the shortest time possible, the CBN said it was also working assiduously to ensure that the proposed Asset Management Company, (AMC) comes on stream by year end and would continue to come up with measures that would ensure the emergence of a banking system that is sound, strong and stable.

Meanwhile, the high level misdemeanour wreaked on the nation’s banking sector again came to the fore at the weekend following the report released by the Nigeria Deposit Insurance Corporation (NDIC).

The 2008 report exposed executive recklessness, complete erosion of the shareholders’ funds particularly the troubled banks monumental and largescale frauds, forgeries and lopsided ownership structure, among others.

The report showed that about N1 trillion shareholders’ funds in the eight banks which received a lifeline of N620 billion from the Central Bank of Nigeria (CBN) recently, could not be accounted for.

The banks include Oceanic Bank, Intercontinental Bank, Finbank, Spring Bank and Bank PHB. Others are Afribank, Equitorial Trust Bank and Union Bank. 

The Central Bank of Nigeria (CBN) has appointed a task force to work with the management of the 10 troubled banks.

The affected banks are Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, UnionBank of Nigeria Plc, Bank PHB Plc, Equatorial Trust Bank Limited, and SpringBank Plc, whose management were recently replaced, as well as Wema Bank Plc and Unity Bank Plc.

According to a statement from the apex bank, the move was in furtherance of the banking sector’s reform embarked upon by the institution which is aimed at ensuring the stability and soundness of Nigeria’s banking industry.

The apex bank named the task force which goes under the appelation of advisers, to include Deutsche Bank, Chapel Hill Denham, Stanbic IBTC, Olaniwun Ajayi LP, Kola Awodein & Co, KPMG Professional Services and Akintola Williams Deloitte.

The CBN said the advisers are expected to work with the boards and management of these banks by exploring all options for securing their stability and long-term future growth.

They are also expected to explore all possibilities for institutionalising best practices and good corporate governance at each of the banks in furtherance of the CBN’s desire that the interests of all stakeholders were respected.

Restating its determination at ensuring the stability of the banking sector within the shortest time possible, the CBN said it was also working assiduously to ensure that the proposed Asset Management Company, (AMC) comes on stream by year end and would continue to come up with measures that would ensure the emergence of a banking system that is sound, strong and stable.

Meanwhile, the high level misdemeanour wreaked on the nation’s banking sector again came to the fore at the weekend following the report released by the Nigeria Deposit Insurance Corporation (NDIC).

The 2008 report exposed executive recklessness, complete erosion of the shareholders’ funds particularly the troubled banks monumental and largescale frauds, forgeries and lopsided ownership structure, among others.

The report showed that about N1 trillion shareholders’ funds in the eight banks which received a lifeline of N620 billion from the Central Bank of Nigeria (CBN) recently, could not be accounted for.

The banks include Oceanic Bank, Intercontinental Bank, Finbank, Spring Bank and Bank PHB. Others are Afribank, Equitorial Trust Bank and Union Bank.

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NPA Assures On Staff Welfare 

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6 days ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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7 days ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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7 days ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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