CEOs of the following Nigeria banks have just been axed by CBN.

The news will soon be made public at close of meeting currently being held in Lagos today with all the CEOs and Chairmen in attendance.

(This is from reliable source and surely by evening it would be awash in all evening newspapers)

They are - Intercontinental bank Plc, Fin bank Plc, Union Bank Plc, Oceanic bank Plc and Afribank Plc

Likewise, further policy amendments and pronouncements will follow in the course of the new week.

Full Text of the message as received this morning. News already causing ripples in the industry

August 14, 2009 10:18AMT

The Central Bank of Nigeria (CBN) has dismissed the Chief Executive Officcers and other top management of five major Nigerian Banks. The banks are Intercontinental Bank, Union Bank, Afri Bank, Oceanic Bank and Fin Bank.

This appears to be the first step in a drastic plan to clean up Nigeria's ailing banking industry.

The news comes at a time when the CBN governor, Sanusi Lamido Sanusi, a risk management expert is preparing to sit down for a meeting with all the Chairmen and Chief Executives of all twenty five of Nigeria's banks, later today in Lagos. Our sources say that no proxy representation is allowed at the meeting and this has forced many Chairmen and CEOs many of whom were on holiday abroad to fly back to Nigeria in the last twenty four hours.

goodnite eratus, goodnite madam ibru ;d

news as this are very grave.

just got a positive confirmation from CBN sources that the story is TRUE!

a little inside stories may help readers -

Most of these banks have had non-performing loans mounting up to billions of naira and have ''financial engineeringly'' hid these loans from regulators simply by window dressing the portfolio by converting them to CPs and BAs sold to Discount Houses or fellow Banks to help shore up liquidity and save them from having to make provisions.
A recent audit of exposures to capital market and oil and gas operators by CBN of all financial institutions early this year revealed a lot of unhealthy financila practise with books of different books not tallying with claims they have.
Many of these institutions had to start selling back the CPs and BAs thus the staggering loan portfolios were back to their starting points and were HUGE that shocked the bank examiners themselves.
This findings was one of the reason for the recent pronouncement by the apex bank that CPs and BAs henceforth will no longer be treated as off-balance sheet items but on-balance sheet.
Returns by most of the banks were believed to have been engineered or reported differently. Borrowed funds securitised on buy-back agreements with conterparties were recorded as placements by some of these institutions while the counterparty in its own rendition to CBN during the exercise had probably described it in the right light. These conflicting reports led to massive queries served on virtually all the institutions to shed light on their returns. this led to more discoveries and sure must have given most of the top hierarchy in CBN goose pimples.
The action its believed to have been seen coming but not at this height. the audited accounts of these institutions are still under-going scrutiny over the provisions they have to make. its believed this delayed the release of oceanic's results while intercontinental bank's year end since february 2009 is yet to released as its still hanging with the regulatories over what level of disclosures to be made.

i'm sure everyone in the financila industry is aware of this/stuffs that have bn happening. The apex bank is of the view that relieving these CEOs of their jobs before government action on the loans will pave way for healthy competition and serve as lesson to others who have escaped the hammer not cos they were guilty of mismanagement of the loan portfolio disclosures over years but were bale to riggle out by turning most of these to performing or have been making adequte provisions over the years thus the shocks are easily absorbed by the institutions.
more reforms still under way from SLS. cos as a banker himself, he knows the ills and tricks being employed.

ijeoma nwogwugwu wrote on this in thisday, the link is http://www.thisdayonline.com/nview.php?id=151586 am still waiting to confirm the gist sha

Can this be true, Indeed Nigeria is rebranding