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 




Comments

No comments yet. Be the first!

Add Comment

Adding comments has been disabled.