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CBN Governor says no plans to sell 5 troubled banks to foreigners

The Central Bank of Nigeria (CBN) has said that there is no plan to sell the troubled banks to foreigners.Malam Lamido Sanusi, made the disclosure at the presentation of plans to develop real estate and financial report by Pinnacle Point Group Ltd at the Nigerian Stock Exchange (NSE) on Friday in Lagos. Sanusi, who spoke through the Director General of the NSE, Prof Ndi Okereke Onyiuke, said that his travelling to China with bank chief executives was to reassure some banks in that country.

Sanusi explained that the scheduled trip to China was not to negotiate the sell of any bank to the Chinese government. The News Agency of Nigeria (NAN) quotes Sanusi as saying that the visit was to meet with Nigerian banks in China that have corresponding relationship with Chinese financial institutions.“The CBN is not going to China to sell Nigerian banks to the Chinese. But what is there is that there are some Nigerian banks that have corresponding relationship with Chinese financial instructions and we are going to give them comfort, and allay their fears that no bank in Nigeria is failing,” he said.He said that his inability to address market dealers on Monday, Sept.7, 2009, was not because of any plan to sell the troubled banks to foreigners, but because of the urgency involved.

Sanusi said that the CBN had no plan to arrest stockbrokers involved in margin trading.“ I came to tell you that no stockbroker will be arrested contrary to the speculations that there is going to be a mass arrest of stockbrokers because of their involvement in margin loans. The CBN is taking the financial probing one at a time and will come to that later,” he said.The planned meeting with the stockbrokers by the CBN has been shifted twice. The meeting was earlier scheduled for Aug 31, 2009, but was postponed due to the absence of the governor of the CBN, who had gone to London for a road show.


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