Sadly, on Thursday, the Central Bank of Nigeria exposed what had become ‘clandestine affairs between it and the country’s topmost old generation financial institution, First Bank of Nigeria Limited. And it took rather an attempt at corporate assertiveness by the now-ousted boards of the bank for the CBN to move into action, which raises a question on the genuineness and sincerity of the intention of the regulator.
“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators. In another letter, the CBN revealed that the bank was yet to divest its interest in Honeywell Flour Mills, Barti Airtel and other interests not allowable.
“Furthermore, the Bank notes the untenable delay in resolving the long outstanding divestment from Bharti Airtel Nigeria Ltd in line with extant regulations of the CBN. Accordingly, you are required to divest the equity investments in all non-permissible entities such as Honeywell Flour Mills and Bharti Airtel Nigeria Limited within 90 days. Please you are to forward evidence of compliance in accordance with the timelines above to the Director of Banking Supervision,” CBN added.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »
Source: GuardianNigeria - 🏆 1. / 94 Read more »