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No going back on September recapitalisation deadline for sick banks

By on July 19, 2011

THE Central Bank of Nigeria (CBN) has reiterated that the September 30 deadline given to the eight rescued banks to recapitalise is sacrosanct, stressing that it will stop the interbank guarantee to the affected banks at the expiration.

Addressing newsmen on the progress of the recapitalisation process and the way forward in Lagos on Monday, CBN’s Deputy Governor, Financial System Stability  (FSS), Dr Kingsley Moghalu, said there would be no extension of the deadline as enough time was given the affected banks by the apex banks to seek new investors.

On what will happen to any of the banks that is unable to meet  the deadline, Moghalu said the apex bank would take what it considered appropriate action after a  serious consideration. He, however, declined to speak on the nationalisation option.

Full Story : Tribune