CBN LIQUIDATION OF A SECOND BANK IN NIGERIA

In a matter of one month, a second bank has been liquidated in Nigeria. The first null came upon Skye Bank, a nationwide bank, now taken over and managed under a new name, Polaris Bank. The second however not a nationwide in operation scope, is Garu Micro-Finance Bank, a community bank in Bauchi.

According to Premium Times Nigeria, "The manager of the bank, Ibrahim Abubakar, told NAN in Bauchi on Tuesday that the Central Bank of Nigeria (CBN) had revoked its license, adding that the bank had been taken over by Nigeria Deposit Insurance Corporation (NDIC)."

While this occurrence in quick succession has raised the blood of some customers patronizing the Nigerian banks, others express appreciation over the measures that have been taken by the government and CBN to secure the funds of banks customers.

One such customer is Mr. Ferdinand Otu who banks with Stanbic IBTC Bank. Concluding his statement in an interview, he said: "Nigerians, there is no shaking."

And so, we think.

Comments

Yam Sellers Association

Something like this is common in Lagos. This association is celebrating end-of-year party this morning in Osunba, Igando area of Lagos. This kind of association is not limited to Lagos. Throughout the country, various traders have association, small or large. Association members dancing during ceremony While their main purpose is to control price and keep others in check, who might be interested in the trade, they also play other roles to their members. They run micro savings for members. They render social assistance to members who might be disadvantaged. And they for solidarity in fighting legal battles. They also have areas of weakness. Because the government of the country has not created trade environment in proper legal framework, some of these associations go beyond their boundaries at time. In some cases, they try to stop others from doing the same business in certain locality if they are not registered with them even though these others are registered with the ...

Obasanjo, 2019 — A Hard Choice

Chief Olusegun Obasanjo, spoke, with the certainty of the presidential choice of the two major opposition party, cleared. In his statement, during the yearly lecture of the Foursquare Gospel Church yesterday in Lagos, the former president said that Nigeria needs a president who understands the economy of the nation. Appalled by this statement, many wondered over the recent jubilation that he has finally thrown his support on the incumbent PMB for 2019. According to the Vanguard News report on the seminar, The Elder statesman said: “There is no doubt at all that if we have to get it right the three (economy, faith and politics) must go together. “One of my international friends, the late Helmut Schmidt, who was a former Chancellor of Germany – he died at the age of 96 about three years ago, I was at the burial – and he said if we in Africa have to make it, all our political leaders must have good grounding in economy. “As a fact from Bishop Kukah, e...

Expo Round Naija

Search This Blog