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.

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