Description

Press release by the Central Bank of Nigeria on the special examination of the last batch of fourteen banks in the country.

In the latest audit results, Bank PHB, Spring Bank and Equitorial Trust Bank failed the regulator's various tests.

As such their CEOs have been removed.

Earlier today, Francis Atuche, CEO of Bank PHB, resigned his appointment. Prior to his departure, he sent a farewell email to staff of the bank which can be read here: http://www.scribd.com/doc/20526941/F...

On August 14, 2009, Lamido Sanusi, the governor of the Central Bank of Nigeria announced the removal of the CEOs of 5 banks: Sebastian Adigwe (Afribank), Okey Nwosu (FinBank), Erastus Akingbola (Intercontinental Bank), Cecilia Ibra (Oceanic Bank) and Barth Ebong (Union Bank). The apex bank immediately announced new managements for the affected banks.

Past interviews with the CBN governor can be read here:

1) 'If a Bank is Sick, The Signs Are Evident' -Interview With Lamido Sanusi, Governor of the Central Bank of Nigeria - ThisDay Newspaper, August 16, 2009: http://www.scribd.com/doc/18660036/I...

2) 'There's Clearly a Failure' - Interview With Lamido Sanusi, Governor of the Central Bank of Nigeria - The Punch Newspaper, August 16, 2009 : http://www.scribd.com/doc/18659431/T...

The full text of the speech given by the governor of the central bank on August 14, 2009 announcing changes in the sector can be read here: http://www.scribd.com/doc/18629057/F...

An informative video interview with Lamido Sanusi, the Central Bank governor, explaining the basis for the regulator's actions can be watched here: http://is.gd/36xsv .

Central Bank of Nigeria advertorials on the subject can be read here:

1) Central Bank of Nigeria Press Statement - Clarification on Ongoing Reforms in the Nigerian Banking Sector - September 3, 2009: http://www.scribd.com/doc/19639670/C...

2) Central Bank of Nigeria (CBN) Advertorial - Clarifications on Alleged Sale of Nigerian Banks - the Punch newspaper - September 10, 2009: http://www.scribd.com/doc/19600811/C...