13 Nigerian Banks to be Liquidated!

Seems like the Nigerian Banks are finally getting the shake up they need. After a long period of consolidation through mergers and raising capital by selling shares there are now at least 64 fewer banks. An additional 13 have failed to raise the 25 Billion Naira (around £100 million GPB or 180 million USD) of capital they require and are likely to be liquidated soon. Nigerian Banks previously had to have 2 Billion Naira Captital reserves to legally trade as a bank so you can see the difficulty some have had in acheiving this 12 fold increase.

I shudder to think what this means for anyone with substantial amounts of money on deposit with these 13 banks which according to Nigerian Press are ACB International Bank, Afex Bank, Allstates Trust Bank, Assurance Bank, City Express Bank, Eagle Bank, Fortune Bank, Gulf Bank, Hallmark Bank, Liberty Bank, Metropolitan Bank, Trade Bank and Triumph Bank. Anybody with money in these banks should probably think about that!

You can follow the story at the BBC and for the next 24 hours at least at the Nigerian Press websites such as This Day and Guardian