Cbn Considers Intervention In 5 More Banks-due Process This Time Around

CBN Considers Intervention in 5 More Banks
•To inject N200bn •BankPHB CEO refuses to resign
By Ayodele Aminu, 10.01.2009


extract
[THISDAY gathered that based on the advice of the CBN solicitors, due process was followed during the recent audit process as  the respective chief executive officers of the affected banks were allowed to go through reports arising from the audit and make adequate responses to them.

CBN may have decided to change gear in handling the situation in the affected fresh five banks.

Unlike the method it adopted on August 14 when it specifically removed the CEOs and executive directors of the five banks affected in the first batch of the audit, the apex bank may have decided to let the board of directors of the five banks found wanting in the latest audit to implement the tough decisions necessary to put the banks in order.

The newspaper had reported two weeks ago that four of the affected five banks’ boards had been mandated to carry out certain measures to be dictated by CBN in accordance with the Banks and Other Financial Institutions Act (BOFIA) and CBN Act.]

http://www.thisdayonline.com/nview.php?id=155913