CBN extends Wema Bank, Unity Bank recapitalisation deadline
The Central Bank of Nigeria (CBN) yesterday extended the recapitalisation deadline it gave Unity Bank and Wema Bank by three months. Both banks had been given till tomorrow, June 30 to recapitalise or face the axe of the apex financial institution. The CBN said in a statement signed by its Head of Corporate Communications, Muhammed Abdullahi that the banks now have up to September 30, to complete the recapitalisation process. It said the extension of the deadline became impetrative due to unanticipated three months extension in timeline for setting up the Asset Management Corporation of Nigeria (AM-CON). “We wish to inform the general public that due to unanticipated three months extension timeline for setting up Asset Management Corporation of Nigeria (AMCON), the Central Bank of Nigeria has granted a three months extension for the two banks to recapitalise. The Central Bank of Nigeria is fully abreast of the significant progress made by the boards of the two banks on their recapitalisation and is satisfied with the efforts. “It is our hope that with the progress made so far, the two banks should be recapitalised by the end of September 2010 through the combination of sale of toxic assets to AMCON and injection of fresh capital,” the CBN said. www.thisdayonline.com |