Nigeria sacks heads of five banks

[Heidi]

Source: BBC

Page last updated at 19:50 GMT, Friday, 14 August 2009 20:50 UK

The Nigerian central bank has injected 400bn naira ($2.6bn; £1.6bn) into five banks and sacked their managers.

The regulator said the banks were undercapitalised and posed a risk to the entire banking system.

Governor Lamido Sanusi said Afribank, Finbank, Intercontinental Bank, Oceanic Bank and Union Bank would be run as normal until new investors were found.

The move was unprecedented in Nigeria, sending the naira down 2% to 156.9 versus the dollar.

"The banks have lost their money in bad loans," Mr Sanusi told reporters in Lagos. "We have questions about the management, so we have put in new management."

Read more: http://news.bbc.co.uk/2/hi/business/8202588.stm

[Vidar]

1. Would that we had done as well!

[aquart]

2. Sounds like fun. Wish we could do it.

[tomm2thumbs]

3. but I just wired a bunch of money there so I can get millions wired back to me!

An e-mail told me to do it. Is that bad?

:)

[northernlights]

6. Oh NOES!!!!11!!!1!

ya beat me to it. ;)

[htuttle]

4. Should I assume that I'll be getting emails from them next week?

[Cobalt-60]

5. they should have sack with 5 bankers heads instead

That would keep the rest of them honest.

[izquierdista]

7. That's what happens

When you let money that belonged to a high official who died in a horrible plane crash 4 years ago just sit there, known only to a branch manager who is prohibited by bank regulations from investing it. Perhaps they will raise their compensation for helping them move the money out of Nigeria from $3,625,200 to $4,971,600. I know their stinginess in that regard has kept me from sending my account information to them.