Nigeria’s banking coup

Nigeria’s home-grown banking bubble was peremptorily burst by the central bank governor last month. Five bank managing directors were summarily removed and the four that hadn’t fled were arrested on charges of financial irregularities, with their irresponsible loan policies given a public airing. Nick Kochan reports.

Erastus Akingbola: Banker in exile speaks out

FRIDAY AUGUST 14 began as an ordinary day for the managing directors of Nigeria’s 24 banks. Their agendas included a meeting with the governor of the Central Bank of Nigeria and officials of the Nigerian Deposit Insurance Corporation in Lagos. This was expected to enable the governor, Lamido Sanusi, who had been appointed only two months earlier, to present his outlook for the banking system. But the quietly spoken, even academic, Sanusi presented the meeting with a bombshell.

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