Nigeria sacks heads of five banks
“The banks have lost their money in bad loans,” Mr Sanusi told reporters in Lagos. “We have questions about the management, so we have put in new management.”
" Among the executives removed were senior members of Nigeria’s corporate elite, long seen as almost untouchable by the political establishment. "
Ah sure we knew that, i think the african nation we seek to emulate is zimbabwe
Don’t believe a word of it.
Judging by all the emails I get from distressed former Nigerian aristocrats, the banks are holding onto their money and they can’t access it.
Expect more soon, this time from the CEO of the bank, saying he’s been moving funds back and forth with his fellow bankers but he’s been fired and now he needs to get the money out of the country before justice catches up with him…
This sounds kinda familiar - except for the justice thing.
“Shares in five Nigerian banks, which were bailed out by the government last week, have been suspended.”
Seems to me that the banking crisis is far from over. Ireland’s troubles could be one of a long line, Lativa next,
The latest in Nigerian banking. They act fast.
"The central bank published a list of more than 200 customers, including companies and state governments.
Nigerian police have arrested four of the banks’ chief executives after all five were sacked last week.
The bosses are being questioned over the bad loans taken on by their banks which totalled $7.6bn.
The regulator has argued that weak governance left the banks so undercapitalised that they posed a threat to the banking system in Nigeria."
You can bet these guys won’t be given golden handshakes to retire quietly
This is how we should be treathing Fingleton and Fitzpatrick.
"Four senior banking executives in Nigeria have appeared in court to deny charges they were involved in a multi-billion dollar banking scandal.
The three men and one woman were chief executives of major banks until being fired from their jobs two weeks ago.
Anti-corruption police brought criminal charges against executives from five banks rescued in a 400bn naira ($2.6bn; £1.6bn) government bail-out.
All the banks were found to have low cash reserves because of bad loans."
Reading Nigeria and heads in the same sentence initially lead me to believe hatchets had been at play.