The Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido, has said four of the eight banks rescued from collapse last year are to be recapitalised in the coming weeks, as the Memorandum of Understanding (MOU) to that effect has been concluded.
“It is glaring to everybody why Central Bank of Nigeria (CBN) had to take the actions it took in the interest of the depositors who had kept faith in the system,” the private Sun newspaper Tuesday quoted Lamido as saying.
Lamido did not list the banks to be recapitalised, but he justified the takeover of the eight rescued banks, saying it had restored investors and depositors’ confidence in the banking system.
The central bank injected nearly US$4 billion in the rescued banks and sacked their senior management for recklessly granting loans that left them under-capitalised.
The central bank Governor was also quoted as pledging to improve lending to the agricultural sector this year.
According to him, the apex bank will focus on improving lending to the agricultural sector, while paying special attention to diversifying product offering and contributing to the development of non-interest banks in Nigeria
