Nigerian Tribune June 29, 2010

Meanwhile, the CBN has extended the June 2010 deadline given to Unity Bank Plc and Wema Bank to recapitalise.

According to the apex bank, the extension followed the unanticipated three months extension in timeline for setting up Asset Management Corporation of Nigeria (AMCON),

The release added that the CBN was fully abreast of the significant progress made by the boards of the two banks on their recapitalisation and was satisfied with the efforts.

“It is our hope that with the progress made so far, the two banks should be recapitalised by the end of September 2010 through the combination of sale of toxic assets to AMCON and injection of fresh capital,” the release further added.