Bank Crisis will soon be over

Posted by admin CBN (Central Bank of Nigeria), Headlines Tuesday, January 18th, 2011

The Central Bank of Nigeria (CBN) Governor, Mallam Lamido Sanusi, has stated in Lagos, that the crisis currently rocking some of the nation’s financial institutions would soon be a thing of the past.

Giving the assurance on Tuesday, at the official commissioning of Super-flux International new ultra-modern factory in Lagos, the CBN governor argued that with the various reforms put in place by the apex bank, the troubled financial institutions would bounce back by the end of the second quarter of the year.

He stated that the introduction of Asset Management Company of Nigeria, by the apex bank, would go a long way in helping some of the troubled banks dispense off their toxic assets, which in turn will go a long way in enhancing the health of such banks.

The company was set up to help recapitalise banks rescued in a N620 billion or $4 billion CBN bailout in 2009 and to restore lending in nation’s economy.

Mallam Sanusi added that the recapitalisation exercise, put in place by the apex bank which was expected to end in the first of the year, would enable financial institutions in the country shore up their base and empower them with the needed capital to run their businesses.

The CBN boss argued that with the level of interest being shown by investors both within and outside the shores of the land in the nation’s financial sector, the crisis in the sector would fizzle out by the end of June, this year.

-Tribunewp_posts