Nigerian Banking Crisis - Timeline

Posted by Eric Aghadiuno on 05/21/2016 08:21:56 PM |

Nigerian Banking Crisis - Timeline

• June 3, 2009 – Mallam Sanusi Lamido Sanusi is appointed governor of the Central Bank of Nigeria

• August 14, 2009 – CBN releases audit reports on 10 banks. Intercontinental Bank Plc, Oceanic Bank Plc, Afribank Plc, Union Bank of Nigeria Plc and Finbank Plc fail the stress test

• August 14, 2009 – CBN sacks five bank CEOs and their executive management teams. It also injects N400bn into the banks

• August 18, 2009 – EFCC arrests three ex-bank CEOs, nine others. On the trail of Erastus Akingbola and Cecelia Ibru

• August 19, 2009 – CBN publishes list of bank debtors

• August 31, 2009 – EFCC arraigns sacked bank CEOs

• October 2, 2009 – CBN fires ETB, Spring Bank Plc and Bank PHB Plc CEOs and executive directors. Gives the three N200bn lifeline

• October 2, 2009 – Wema and Unity Banks get June 30, 2010 deadline to recapitalise

• October 14, 2009 – CBN releases fresh debtors’ list

• January 25, 2010 – CBN limits bank CEOs’ tenures

• February 15, 2010 – CBN performs fresh audit of banks

• June 30, 2010 – CBN extends recapitalisation deadline for Wema Bank, Unity Bank

• July 19, 2010 – President Goodluck Jonathan signs the Asset Management Corporation of Nigeria Bill into law

• August 16, 2010 – CBN unfolds plan to sell the eight rescued banks

• January 1, 2011 – AMCON takes over N2 trillion of non-performing loans from the rescued banks and other banks

• May 12, 2011 – Shareholders lose bid to stop CBN from selling the eight rescued banks

• June 2, 2011 – CBN gives rescued banks till September 30 to recapitalise or face liquidation

• July 2011 – Finbank, Intercontinental and Union Banks sign binding Transaction Implementation Agreements with First City Monument Bank Plc, Access Bank Plc and African Capital Alliance for the recapitalisation of their banks

• July 18, 2011 – CBN extends interbank credit guarantee for Finbank, Union and Intercontinental Banks to December 31, 2011

• July 29, 2011 – Ecobank Transnational Incorporated, parent company of Ecobank Plc, signs a Transaction Implementation Agreement with Oceanic Bank for its acquisition

• August 4, 2011 – CBN extends interbank credit guarantee for Oceanic Bank to December 31, 2011

• August 5, 2011 – CBN and Nigeria Deposit Insurance Corporation announce the nationalisation of Bank PHB, Spring Bank and Afribank. ETB is said to be in discussions with prospective investors on its planned recapitalisation

• August 8, 2011 – Massive sell off of Banking Stocks with the NSE Banking Idex dipping by 3.66%. Shareholders of the three Nationalised Banks had by yesterday lost N30b in value of their investments

 

 

Culled from thisdaylive.com 




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