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Savannah bank, Societe Generale Bank to start operations by 2012 – NDIC

By on November 14, 2011

The Managing Director, Nigeria Deposit Insurance NDIC Alhaji Umaru Ibrahim has disclosed that efforts are being put in place to ensure that Savannah Bank Nigeria (SBN)Plc and Societe Generale Bank of Nigeria (SGBN) Limited are to start operation by 2012.

Umaru said this during the 2011 Editors Forum last weekend in Lagos, stating that by second quarter of the year in focus, the two banks will start operations in order for depositors whose money has been trapped in the bank to get back their funds.

According to him, “following the restoration of the banking licences of both Savannah Bank of Nigeria (SBN) Plc and Societe Generale Bank of Nigeria (SGBN) Limited in 2010 through court judgments, the NDIC in collaboration with the CBN made strenuous efforts to get the two banks to resume operations in the interest of their depositors/customers who were complaining”.

He recalled that Savanna bank took their battle to court, and the court intervened and asked that their licence be returned to them pointing that the court was in their favour, giving them a period of one, two years within which to come back .