Nige­rian banks read the riot act

Weekend Argus (Saturday Edition) - - LIFE -

LA­GOS: Nige­ria’s cen­tral bank has given three com­mer­cial banks un­til June to re­cap­i­talise af­ter they failed to meet the min­i­mum cap­i­tal ad­e­quacy ra­tio of 10 per­cent, it said in a report on its web­site.

The cen­tral bank said 14 banks in Africa’s big­gest econ­omy have li­cences to op­er­ate as re­gional and na­tional lenders with re­spec­tive cap­i­tal bases of 10 bil­lion naira ($50 mil­lion) and 25 bil­lion naira, and the three asked to raise fresh funds were from this group.

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