Nigeria Central Bank may Liquidate Banks

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cbnNigeria’s central bank will liquidate banks it took over last year if attempts to recapitalize them are “frustrated,” Governor Lamido Sanusi said.

The final decision on recapitalizing the lenders lies with their shareholders, he said at a meeting in the capital, Abuja, according to a statement posted on the banks’ website.

The Asset Management Corp. of Nigeria that will buy bad debts from lenders will enhance the value of shareholders’ investments in the banks, he said.

To contact the reporter on this story: Paul Okolo in Abuja at pokolo@bloomberg.net

To contact the editor responsible for this story: Ana Monteiro at amonteiro4@bloomberg.net

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