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| Nigerian Banks Mascot. Photo Credit: www.naijabizcom.com |
In his brief address exactly on the 6th of July, 2004, the former governor of central bank of Nigeria Prof. Charles Soludo said that the banking system in Nigeria was very fragile and unstable hence with his vision of making the banking and financial sector in Nigeria to achieve a reliable and a global standard that depositors can have absolute trust upon with local and foreign investors strongly relying upon, he announced the reform of N25bilion shareholders Re-capitalization of the Nigerian banks and fixed 31st December, 2005 as the deadline which saw just 25 out of the then existing 89 banks meeting the target.
The announcement of the bank consolidation exercise sent jitters into the spine of many commercial banks then operating within the Nigeria territory. This exercise paved ways to banks who could not meet the stipulated N25billion target to either merged or become acquired by other bigger banks. This effort by the then CBN governor is still one recommendable effort that has been praised by both the local and international community that lead to massive reformation in the Nigerian banking sector both in terms of policy, customers and banking operations.
Before the re-capitalization exercise introduced by the central bank of Nigeria, the banking sector in Nigeria was engulfed with lack of strong capital base, much dependent on public funds and very weak banking policies. With these kinds of discouraging banking qualities, Prof. Soludo took the reformation journey head on by going ahead to introduce the required banking reformation after lamenting the bleak picture of the Nigerian banking industry.
The very need to addressing the then collapsing financial institutions in the country was inevitable as also stressed by the former CBN deputy Governor, Usman Shamsudeen . the deputy governor commended the thirteen point agenda of the CBN governor in view of many other task the infusion of the recapitalization program in other to sanitize and support the Nigerian economy.
After the 31st December 2005 deadline, the banks that lacked the resources to meet with the N25billion recapitalization ceased functioning as their license to operate become invalid. However, the below listed banks with their managing directors were able to pull through the CBN trap.
Name of Banks Branches Managing Directors
First Bank Plc 365 Jacob Ajekibe
Diamond Bank Plc 76 Emeka Onwuka
Platinium Habib Bank Plc 104 Francis Atuche
Zenith Bank Plc 145 Jim Ovia
Oceanic Bank Plc 105 Cecilia Ibru
Intercontinental Bank Plc 174 Erastus Akingbola
Fidelity Bank Plc 85 Reginal Ihejiahi
United Bank For Africa 400 Tony Elumelu
First City Monument Bank 100 Ladi Balogun
Access Bank Plc 77 Aigboye Imoukhuede
Sterling Bank 86 Babatunde Dabiri
Unity Bank 100 Falolu Bello
Equatorial Trust Bank 60 Ike Oraekwudu
Eco Bank 57 Funke Osibodu (Mrs)
Union Bank 308 Godwin Oboh
NIB/Citibank 47 Emeka Enewa
First Inland Bank 140 Oke Nwosu
Guaranty Trust Bank 66 Tayo Aderinokun
Standard Chartered Bank 65 Simeon Millet
Afribank 160 Patrick Akinkuotu
IBTC Chartered Bank 65 Atedo Peterside
Sky Bank 170 Akinsola Akinfemiwa
Wema Bank 200 Adebisi Omoyeni
Stanbic Bank 34
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