Outcome of the Nigeria Banks Consolidation exercise. The consolidation of the Nigeria Banks is over. The report by the CBN Governor shows the outcome of the consolidation of the Nigeria Banks
Twenty-five banks emerged from 75 banks, out of a total of 89 banks that existed as at June 2004. The successful banks account for about 93.5% of the deposit liabilities of the banking system. In the process of complying with the minimum capital requirement, N406.4 billion was raised by banks from the capital market out of which N360 billion was verified and accepted by the CBN; and also the process led to the inflow of FDI of US$652 million and 162,000 pounds sterling.
Source: Press Conference by PROFESSOR CHARLES C. SOLUDO, GOVERNOR, CENTRAL BANK OF NIGERIA ON The Outcome of the Banking Sector Recapitalization and the Way Forward for the Undercapitalized Banks 16 JANUARY 2006
http://www.cenbank.org/OUT/SPEECHES/2006/Govadd%2016-1-06.pdf