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Tag: Standard Chartered Bank

  • StanChart backs Nigeria’s economic reforms

    StanChart backs Nigeria’s economic reforms

    Standard Chartered Bank has expressed strong support for Nigeria’s far-reaching economic reforms, describing them as a catalyst for investment inflows and sustained growth.

    A statement from the Ministry of Finance yesterday said the endorsement came during a high-level meeting between a delegation from the bank and the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at his office in Abuja.

    The delegation commended the government’s recent policy decisions, referring to the reforms as “extraordinary,” with specific reference to the elimination of fuel subsidies and the liberalisation of key markets.

    These measures, they noted, have reshaped the investment landscape and are instrumental in attracting both foreign and domestic capital into critical sectors of the economy.

    Standard Chartered Bank’s representatives also noted that President Bola Tinubu’s active engagement with global financial institutions and development partners is creating a more stable, transparent, and investor-friendly climate.

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    According to the delegation, Nigeria’s proactive outreach to the international financial community is bolstering its credibility and supporting long-term development goals.

    During the meeting, investor sentiment toward Nigeria’s debt instruments emerged as a key point of discussion. The bank’s representatives acknowledged growing interest in Nigeria’s Eurobonds and local debt offerings, reflecting improved confidence in the country’s economic trajectory. They observed that this renewed appetite is underpinned by recent reforms and enhanced macroeconomic stability.

    Responding to the delegation’s observations, Mr. Edun pointed to signs of fiscal recovery, noting a marked reduction in the national budget deficit. He detailed the government’s ongoing initiatives aimed at stabilizing the economy, including efforts to curb inflation and drive down interest rates, which are critical for supporting enterprise and consumer spending.

    He also gave an overview of Nigeria’s current economic performance, stating that the economy is expanding at a rate of 3.84 per cent. However, he maintained that the target is to achieve seven percent growth, which he described as essential for tackling poverty and generating employment opportunities across the country.

  • Standard Chartered Bank appoints Nigeria CEO

    The Board and Management of Standard Chartered Bank yesterday appointed Lamin Manjang as Chief Executive Officer (CEO) Nigeria and West Africa.

    Manjang succeeds Bola Adesola who was Nigeria CEO for the bank.

    Adesola was also appointed as Senior Vice-Chairman, Africa effective immediately following statutory and regulatory approvals.

    Manjang joined the bank in 1999 and has over the past 19 years, built up extensive experience including Cluster CEO for Kenya and East Africa, and CEO in Oman, Uganda and Sierra Leone.

    In this new capacity, Adesola will be responsible for supporting the execution of the Bank’s strategic intent within the Africa region, including representing Standard Chartered Bank on various Boards in Africa. She will also lead as the Group’s Senior Banker on key relationships and transactions.

    Called to the Nigerian Bar in 1985, Bola has over 30 years of banking experience and expertise. Adesola is an Honorary Fellow of the Chartered Institute of Bankers Nigeria (CIBN), sits on the board of the Nigerian Interbank Settlement Systems Plc, and also chairs the Central Bank of Nigeria Bankers’ Sub-Committee on Economic Development, Sustainability and Gender.

    Kariuki Ngari replaces Lamin as the Chief Executive Officer (CEO) Kenya, subject to statutory and regulatory approvals. Kariuki brings 23 years of banking experience, having served more recently as Group Head, Service Quality in Group Retail Banking. Prior to this, he was Global Head, Retail Distribution, Head of Consumer Banking Kenya and East Africa, and Regional Head, Retail Banking, Africa. The appointment of Cluster CEO, East Africa will be announced in due course.

    Regional CEO, Africa and Middle East, Standard Chartered Bank, Sunil Kaushal said: “In Africa and Middle East we have made investments in our people both in their career and personal development, and continue to support our People Strategy to build a high-performance culture through an integrated approach to talent and succession planning. These changes ensure a smooth and orderly succession which will allow us to continue our unrelenting focus on delivering our strategy and capturing opportunities across the region”.

     

  • Minister clears air on suspension of National Carrier

    The Federal Government has made clarifications following the suspension of the national carrier project.

    The Federal government also said only N50m has so far been incurred for the national carrier project adding that it was yet to pay the money.

    Contrary to claims that the project was suspended  because of investors apathy, the Minister of State for Aviation, Senator Hadi Sirika  said so many people indicated interest in the project.

    He also denied claims that the Federal government paid a foriegn company the sum of $600,000 for the design of the Nigeria Air logo.

    The Minister disclosed this in Abuja on Thursday at the 5th edition of Aviation Stakeholders forum.

    He also said the idea that Arik and Aero be merged to establish national carrier was not tenable.

    On the amount incurred so far the project, he said: “The Transaction Advisers for National Carrier coordinated the campaign and provided the additional services that included the development of the brand strategy and the media activities relating to the unveiling of the Airline.

    “Due process was followed in the branding, which included obtaining ‘’No Objection’’ Certificate with Ref. No.BPP/RPT/18/VOL.1/075 from the Bureau of Public Procurement for the sum of N50,893,000.00. Payment for these services is yet to be made.

    He further said: “Apart from commitment in respect of transaction advisory services,  branding and participation  at Farnborough air show, no other expenditure has been incurred on the the Nigeria Air project.

    “So my dear brothers and sisters, it is not $8.8million I paid. I swear by Allah who created me, I also swear by Allah who created me that it is this amount I have shown you that we paid for all of the activity.

    “No foreign company was paid $600,000 for the design of logo. If they have proof that I paid such amount of money, they should show it because it is public purse. If I did anything wrong, I would be sent to jail.

    “Judges were prosecuted in this government and ministers. So ministers like me can also be prosecuted if I do wrong.

    “As far as I am concerned,  you will not find me with financial misappropriation.  I am too young and too ambitious to smear my name. Honestly, such money was not spent and I don’t know where people got the figure of N1.2bn from.

     

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    “The money is so big and it is not something I don’t have personally but in my village,  N1.2bn can do a lot.

    “It can make 300 of my cousins, in laws and friends to become instant rich people. Do you know the amount of pure water company that would establish? We won’t joke with that kind of money.”

    On the investors and partners who have so far indicated interest in the project, he said: “We do have partners. Those who have indicated interest in the project are IsDB, AfDB, AFREXIM,  US-EXIM, Standard Chartered Bank, Boeing, Airbus, Deutche infrastructure finance,  Qatar Airways, Ethiopian Airlines, French and US Governments, COMAC/CCECC, BOAD, China-Exim, and others.”

    Sirika also said government intends to allow Nigerians to also grow their our business.

    On the amount required to kick start the project and sustain it, he said: ”

    Estimated funding requirement for the establishment of the project is 300 million dollars up to 2020. Initial start–up capital of 55 million dollars made up of 25 million dollars for deposit for new aircraft and 30 million dollars for working capital from June to December 2018.

    “Estimated working capital for year 2019 is 100 million dollars, estimated working capital for year 2020 of 145 million dollars is to be provided by the strategic equity partners who are expected to manage the project.”

    He explained that the name of the national carrier ‘’Nigeria Air‘‘ was obtained by engaging the general public through social media campaign where over 400,000 persons engaged within one week of campaign on facebook.

    On the transparency of the Process, Sirika said: “The processes fully complied with the Public Procurement Act, 2007 and the ICRC Act, 2005; the aviation sector roadmap was presented to Stakeholders for inputs and buy-in at several fora; a project implementation management structure comprising inter- ministerial  Project Steering Committee and Project Delivery Team  were constituted to oversee project implementation as earlier highlighted.

    “The appointment of transaction advisers followed due process culminating in Federal Executive Council approval after 13 months.”

    On the importance of the national carrier, the minister said no domestic airline has evolved to fill the vacuum left by Nigeria Airways

    He also stated  that only 28 out of Nigeria’s Bi-lateral Air Service Agreements (BASAs) with 83 countries are active on national carrier.

    He said: “The national carrier is needed to give impetus to the emergence of Nigeria as hub for the West and Central Africa, promote reliable air transport services, support the growth of the aviation industry and domestic airlines through infrastructure expansion, traffic/routes expansion and manpower development associated with the National Carrier, create employment and compete with foreign airlines for a share of  international routes through competitive pricing thereby reducing capital flight,” Sirika said.

    On the merging of Arik and Aero, he said:  “The suggestion that Aero and Arik Airlines under AMCON be merged to form a National Carrier is not tenable as national carrier would get entangled with huge indebtedness of the airlines, litigations and other encumbrances.”

    To avoid accidents and boost safety and security around the airport, the Minister disclosed that Aviation security will start bearing arms in three months’ time.

    The Minister of State for Aviation, Senator Hadi Sirika said the personnel would start bearing arms in three months’ time

    He also hinted that the new airport terminal at the Nnamdi Azikwe International Airport would be ready for Commissioning in  four weeks.

     

  • MTN sues FG for N3b over $1.3b withholding tax

    MTN Nigeria Communication Ltd has filed a fresh suit at the Federal High Court in Lagos to challenge the legality of N242 billion and $1.3 billion import duties and withholding tax demanded from it by the Federal Government.

    It is demanding N3billion general and exemplary damages and legal costs from the defendant.

    Justice Chukwujekwu Aneke on Thursday adjourned the suit until December 3 for hearing after counsel confirmed that motions have been filed and served on parties.

    MTN, in the suit filed on September 10, is challenging the legality of the Attorney-General of the Federation’s assessment of its import duties, withholding tax and value added tax amounting to N242 billion and $1.3 billion.

    It is contending that the purported “revenue assets investigation” allegedly carried out by the Federal Government  for the period of 2007 to last year, and its decision conveyed through the Office of the AGF by an August 20 letter, violates the provisions of Section 36 of the 1999 Constitution.

    The plaintiff sought a declaration that the AGF acted in excess of its powers by purporting to direct through its letter of May 10 a “self-assessment exercise” which usurps the powers of the Nigerian Customs Service to demand payment of import duties on importation of physical goods.

    MTN sought a declaration that the AGF acted illegally by usurping the powers of the Federal Inland Revenue Service (FIRS) to audit and demand remittance of withholding and value added taxes.

    It is praying the court to hold that the purported self-assessment exercise instituted by the AGF via its May 10 letter is unknown to law, and therefore null and void and of no effect whatsoever.

    It prayed for a declaration that the AGF’s demand of the sums is premised on a process that is malicious, unreasonable and made on incorrect legal basis.

    MTN prayed for an order vacating the AGF’s demand letter for N242 billion and $1.3 billion, and claimed N3 billion general and exemplary damages, as well as legal costs.

    But, the AGF, in his preliminary objection, argued that the plaintiff was statute-barred, having not filed the suit within three months from the date the cause of action arose.

    The AGF argued that the plaintiff commenced the suit in violation of Section 2 of the Public Officers Protection Act, which provides that any action commenced against a public officer must be made within three months from commencement of cause of action.

    AGF contends that the plaintiff’s failure to commence the suit within three months as stipulated by law robs the court of jurisdiction to entertain it.

    MTN earlier filed a separate suit against the AGF and the Central Bank of Nigeria (CBN), which is pending before Justice Saliu Saidu of the same court and will be heard December 4.

    In the suit, MTN is challenging the $8,134,312,397.63 demanded from it by the CBN over alleged forex remittance infractions.

    It is praying the court to restrain the CBN and the AGF from imposing punitive sanctions against it.

    The CBN accused MTN Nigeria of improper dividend repatriations and demanded that $8.1 billion be returned “to the coffers of the CBN”.

    The Federal Government also accused MTN of unpaid taxes on foreign payments and imports, asking it to pay approximately $2billion in relation to the taxes.

    According to the CBN, MTN and four banks – Standard Chartered Bank, Citi Bank, Stanbic IBTC Bank and Diamond Bank – deliberately flouted the “laws and regulations…including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 and the Foreign Exchange Manual, 2006.”

    The banks allegedly colluded with MTN, using irregular Certificates of Capital Importation (CCI), to illegally remit foreign exchange abroad. The four banks were slammed a combined N5.87 billion fine.

    MTN denied the allegations and subsequently filed the suit.

  • Youth group trains over 80,000 students in Nigeria

    The Youth Empowerment Foundation, YEF, on Thursday announced that they have trained a total of 80,000 girl students in various secondary schools across Nigeria.

    The Program Officer, Kemi Omole, said this during an interview at the JSS GOAL quiz competition which took place at Abuja on Thursday.

    The academic competition, which was sponsored by Standard Chartered Bank and their youth initiative program, GOAL, was won by the girls of the Junior Secondary School Area 1, Garki.

    Omole said that the girls in the schools who participated in the competition have been trained for over 10 months before the competition.

    “We have trained these girls for over ten months and brought them here to refresh their minds in the competition,” she said.

    “What we did this year is that we trained 30 girls from each school, and each of those girls have 14 girls each they train, so there is a greater effect.

    “We work with young girls, empowering Nigerian youth to make them better and have a higher quality of life.

    “We work in places that are not very developed, places with high incidence rates of teenage pregnancies, and of all the girls we have trained, there has been no incidence of teenage pregnancy so we have been able to achieve that.”

    She also explained that the girls have been taught many life values, including saving, and what to do in cases of sexual assault.

    “We encouraged the girls to save more and now they know the benefits and implications of saving money.

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    “They have been trained to know what to do in cases of rape, assault, whether it happens to them or someone else and the measures to take.

    “Our target is to reach all the Nigerian youths and reduce the negativity that they are exposed to.

    “We also do career building for JSS3 students, taking the girls to volunteer and work at offices of their desired professions.

    “Most of them are not exposed so we take them there for 3 months to train and enable them to determine if that is truly what they wish to become.

    The winner of the quiz competition, Okoro Gift Nnachi, a JSS 2 student from Junior Secondary School, Area 1, Garki, said that the GOAL program has helped her realize her potentials as a female student in Nigeria.

    “I’ve been in this program for a long time,” she said in an interview.

    “They have really helped us a lot. For example when I started my period, I saw it as a disgusting thing. I didn’t want to be a girl anymore, but now I can take care of myself very well and I have learnt all about the mechanisms.

    “They have also helped me academically, teaching me about decision-making, the kind of friends to make, improving myself and achieving academic excellence.”

  • Afreximbank secures $632.9m, €449.6m syndicated loan facility

    Afreximbank secures $632.9m, €449.6m syndicated loan facility

    The African Export-Import Bank (Afreximbank) has successfully closed a record 632.9 million dollars and 499.6 million Euro dual-tenor dual-currency syndicated term loan facility.

    Afreximbank announced this on Saturday in a statement made available to the News Agency of Nigeria (NAN) in Lagos.

    It said that the general syndication stage of the 632.9 million dollar and 499. 6 million Euro facility, which the bank raised in the Eurocurrency loan market, was originally signed on May 12.

    General syndication lenders signed into the agreement on 30 May, making the facility the largest ever such facility for the bank.

    According to the bank, the fact that the facility attracted a wide base of lenders from around the globe and particularly from Asia and the Middle East, is evidence of the confidence which lenders have in Afreximbank.

    “With 70 per cent of the commitments coming from Asia and the Middle East, this facility greatly enhances our drive to diversify our liability book by geography,” said Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services.

    Denya said that Afreximbank would use the funds to repay existing debt and would also apply it to funding trade finance and meeting general corporate purposes.

    The facility is structured as a dual-currency (Euro and US dollar) and dual-tenor (two-year and three-year) syndicated facility with about 80 per cent of the total amount falling into the three-year tranche, helping the bank to lengthen its liability profile in the Eurocurrency loan funding space.

    The facility attracted aggregate commitments amounting to the equivalent of 1.36 billion dollars which, following a scale-back, resulted in a final facility size equivalent to 1.16 billion dollars with 35 banks joining.

    Standard Chartered Bank served as coordinator, bookrunner and agent for the facility and was supported by 13 initially mandated lead arrangers and bookrunners.

  • CBN, banks brainstorm on solution to mass sacking

    CBN, banks brainstorm on solution to mass sacking

    The Bankers’ Committee of the Central Bank of Nigeria (CBN) on Thursday gave assurance that the rate of mass sacking in banks would be reduced within the shortest time possible.

    The committee stated this at the end of its 327th meeting at the headquarters of the CBN in Abuja

    The Managing Director,Standard Chartered Bank,Mrs Bola Adelola, said the mass sacking in the sector was discussed at the meeting.

    Other members of the committee present at the briefing were the Director, Banking Supervision, CBN,Mrs Tokunbo Martins; Managing Director, United Bank for Africa Plc, Mr Phillips Odouza and Managing Director, Union Bank of Nigeria Plc,Mr Emeka Emuwa.

    She said that while the banks understood the economic situation in the country, there would always be reasons for workers to be relieved of their jobs.

    “On the recent news item on retrenchment, we also discussed it and obviously banks understand the implications of people not being in employment. We know what the situation is like in the country.

    “Thus we are looking at ways of ensuring that we minimise many exit from our institutions. There will always be exit as you know because there is fraud and so on and so forth.

    “So we have noted the market sentiments and I am sure that going forward it will be different,” she said.

    Adesola said that the framework for a National Collateral Registry was almost ready and when released, it would facilitate the easy access of loans by bank customers.

    She said based on the guidelines, those seeking loans from banks could use movable assets such as vehicles, fridges, and other home appliances as collaterals.

    “You are all aware that the Central Bank of Nigeria is developing a National Collateral Registry. I am pleased to say that they have put the framework in place and the technology.

    “They have begun to engage stakeholders and we should expect a role out of the collateral registry being available to banks to register movable assets that they lend against.a policy statement will be issued shortly.

    And we expect that that will make more robust the banks’ credit process in lending to customers against movable asset,” she said.

    Meanwhile the Director, Banking Supervision, CBN, Mrs Tokunbo Martins, speaking on financial inclusion strategy, said the rate of Nigerians that were financially included in the financial sector had risen to 60.5 per cent.

    She said the committee planned to ensure that an additional six million people were captured into the financial system before the end of this year.

    “As at today, we have a financial inclusion rate of 60.5 per cent, and you will recall that the target is that by 2020 we should have 80 per cent of the population included.

    “So the CBN has agreed targets with the commercial banks and also microfinance banks and by the end of this year, we hope to increase the inclusion rate by eight per cent.

    “Strategies and milestones have already been mapped out to achieve that target at the end of the year,” she said.

    Also, the Managing Director, United Bank for Africa Plc, Mr Phillips Odouza, said the reason for the delay in releasing the framework for the new flexible foreign exchange policy was to ensure more inputs from stakeholders.

    He said as a result of the huge challenge which the country had experienced in the past in managing foreign exchange, there was need for CBN to consult widely, to come up with a robust foreign exchange management framework.

    He warned those involved in currency speculation to desist from such practice. He said once the guidelines were finally released, currency speculators would regret their actions.

    “We also discussed the framework for flexible exchange rate. As you know, the Central Bank has been working on this for sometime. A lot of input has been received.

    “As you know, some other jurisdictions have also implemented the flexible exchange rate model and some of them have done very well and the others are still fine tuning what they have done.

    “In the case of Nigeria, we want to make sure that we come up with a model that is very robust and very comprehensive that will be able to address the major exchange rate issues that we are dealing with.

    “To this extent, we have gotten a lot of input from various stakeholders and these inputs are being distilled with a view of getting a robust flexible exchange rate model.

    “I believe that in a very short while, the exchange rate will be ready. And once this happens, it is going to be made public.And we will adopt it and start working with it immediately,” he said.

  • Race for capital by banks hots up

    Race for capital by banks hots up

    The recent adjustment of the modalities for computing banks’ regulatory capital by the Central Bank of Nigeria (CBN) will bring about increased capital-raising for financial institutions.

    The Managing Director/Head, Africa Research, Standard Chartered Bank, Razia Khan, who stated this in a note recently, pointed out that tier-2 debt issuance had already increased, with an increasing number of banks that raised dollar.

    The Nation can authoritatively report that five banks – Zenith Bank, Access Bank, Diamond Bank, First Bank and Ecobank Nigeria – have so far raised a total of $1.750 billion from the dollar denominated debt market this year.

    The CBN had announced the exclusion of non-distributable regulatory reserve and other reserves in the computation of regulatory capital of banks and discount houses.

    According to the latest policy, ‘regulatory risk reserves’ would be excluded from any assessment of capital adequacy, while tier-2 capital would be limited to 33.3 per cent of tier-1 capital.

    Also, impaired loans and receivables would be deducted from capital.  In addition to these announced measures, the capital adequacy ratio for systemically important banks has increased.

    “More forex-denominated issuance is still anticipated. Moreover, the cap on tier-2 capital will mean, potentially, more equity capital raising, encouraging more long-term, ‘stickier’ inflows.

    “The overall effect of the new regulation will be to increase the capital-raising of banks. Tier-2 debt issuance has already increased, with an increasing number of banks able to raise their US dollar funding,” Khan argued.

    However, she noted that the supportive role of increased inflows may need to be balanced against other factors.  Furthermore, she stated that the easy liquidity conditions domestically will need to be monitored carefully, especially as the election cycle (and party primaries) gets underway.

    “Global risk appetite and any adverse market reaction to Fed guidance on policy normalisation pose an additional risk.  For now however, we see higher inflows and some reduction in domestic forex demand as key factors supporting the naira,” she added.

    Nigeria’s trade report for the first quarter 2014 revealed a 14.2 per cent quarter-on-quarter rise in exports, and an 8.3 per cent quarter-on-quarter fall in imports.

    As a result, the trade surplus increased in the first quarter of 2014, according to the National Bureau of Statistics (NBS) data.  Also, CBN data for the first quarter of 2014 had shown some recovery in crude exports over the fourth quarter of 2013 levels, although the price of Bonny Light softened over this time.

    Despite the increase in Nigeria’s trade surplus, the naira was largely pressured in the first quarter of 2014, reflecting sentiment-driven outflows.

    But, forex reserves have recorded some accretion in the past two months.

    “While officials suggest that the rise in forex reserves is because of continued recovery in crude exports, we believe that improved sentiment towards Nigeria, some recovery in risk appetite, and increased inflows have played a key role.

    “The reduction in BDC activity given the increased capital requirement for this sector and consequent reduction in local forex demand has also helped the recovery in forex reserves,” Khan maintained.

  • Standard Chartered Bank rewards customers

    Standard Chartered Bank rewards customers

    The Standard Chartered Bank Nigeria has awarded two customers, Mrs. Teniade Macaulay and Erefaa Emine Tom-Jack, an engineer, in the ongoing Mega Reward promotion draws at the bank’s corporate head office in Lagos.

    Macaulay and Tom-Jack won N1 million.

    Other prize winners areAjayi Oluyinka Timothy and Kess and Rilwan Momoh, each winning iPads. Also, Eyitemi Mojuetan and Margaret Kitchener both won Samsung Galaxy smartphones.

    The head of Corporate Affairs, Standard Chartered, Diran Olojo during the presentation of prizes assured customers the brank has a history of “transparency, integrity and an uncompromising stand in corporate governance. What we promise, we deliver.”

    The Mega Promo will climax in August 2014 with a Cayenne Porsche SUV car up for grabs. Olojo stated that the “more times a customer deposits the eligible amount, the better his or her chances of getting rewarded.”

  • Poor credit experts responsible for global financial crisis-Adesola

    Poor credit experts responsible for global financial crisis-Adesola

    Almost five years after the global financial recession, the Managing Director of Standard Chartered Bank, Bola Adesola, has given fresh insight on what led to the crisis.

    Adesola who was a guest speaker recently in Lagos, at a public forum organised by IBFC Agusto Training Limited, foremost credit rating agency in the country, she recalled that: “There was a time in recent banking history where lending officers had little or no credit skills. Many approved loans were based on ‘name lending’. Credit appraisal memos had little more in the nation of the company promoter and his most recent chieftaincy titles! Site visits were not done for projects to be financed. Of course, there was little in the way of spreading the financials of the borrowers, as they often had no or ‘incredibly’ many sets of financials. For years, many banks lacked any form of credit discipline, and many Management Credit Committees were held in the CEO’s of the Chairman’s living room at home.”

    Expatiating, she said: “As you all are aware, the world economy was hit by an unprecedented financial and economic crisis in 2007-2007, tipped into recession by the sub-prime crisis in the United States in August 2007. This crisis led to the collapse of many world renowned financial institutions and even caused an entire nation to be rendered bankrupt. Indicators of the bust include banks extending less credit from lower domestic consumption and resulting unemployment, from fewer investments being made, from less demand for imports causing companies in developing economies defaulting on loans, and from bank portfolio deteriorating from non-performing loans.”

    Coming nearer home, she recalled that: “In Nigeria, the economy faltered and the banking system experienced a crisis in 2008/2009, triggered in part by global events, and in part by ‘human nature’. The stock market collapsed by 70% in 2008-2009 and many Nigerian banks had to be rescued. In order to stabilize the system and return confidence to the markets and investors, the CBN injected N620bn of liquidity into the banking sector and replaced the leadership at eight Nigerian banks. Since then, the sector has considerably stabilised and is much more robust now.”

    She said it was heartening to note that today the reverse is the case with the evolution of the financial sector the world over.