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ALL banks in the country have been thrown into very high security alert following the advise of the National Security Adviser that banks have been targeted by terrorist.

A private and confidential letter to all bank chief executives in the country by the Central Bank of Nigeria (CBN) warned all bank chiefs that the apex bank has "received security alert from the office of the National Security Adviser (NSA) indicating the possibility of planned attacks on banks operating in some parts of the country.

The letter identified the terrorists as "a group that has been involved in recent spate of bombings and violent confrontations with security agencies".

The letter to the bank CEOs dated January 12, 2011 and signed by one Ahmad Abdullahi on behalf of the Director, banking supervision of the CBN, said, "according to security alert, the threat profile is an indication that the group is in dire need of funds for a major operation".

The NSA through the CBN then warned that there is "the possibility that banks’ buildings and bullion vans used for cash movement particularly in the Northeast or Abuja could be targeted through the use of Improvised Explosive Devices (IED) and suicide bombings".

The NSA and the CBN noted that they learnt that "the planned offensive is to enable the group acquire funds for the operations as well as embarrass the Federal Government".

Based on these threats, the NSA urged all banks "to take note, be vigilant and put in place adequate security measures to neutralise such threats or forestall any attack". In addition "all suspicious persons, movements and unidentified or concealed parcels or bags are to be reported to the relevant security agencies for appropriate action".

An important milestone meant to bring lasting stability in the banking sector was achieved yesterday when the Central Bank of Nigeria (CBN) entered into an agreement with the 24 Deposit Money Banks requiring both parties to make financial contributions to the Banking Sector Resolution Cost Sinking Fund ("the Sinking Fund".

The Memorandum of Understanding (MOU) signed by the CBN and the banks requires that the apex bank makes an annual contribution of N50 billion to the Sinking Fund, while each bank contributes 0.3 per cent of its total assets at the end of the audited financial year, now December 31 for all banks.

The CBN Deputy Governor, Financial System Stability Dr. Kingsley Moghalu said the landmark agreement which was signed by the Chief Executive Officers of the banks was designed to address several challenges affecting banking sector operations in the country.

It will also serve as a boost for the operations of the Asset Management Corporation of Nigeria (AMCON) which is a principal element in the Sinking Fund Project. The Asset Company will use the contributions from the CBN and the banks in deepening the capital needed to keep any ailing banks afloat, both now, and in the future.


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