By Omoh Gabriel, Business Editor
The Central Bank of Nigeria has appointed seven institutions to act as financial advisers to the eight troubled banks. The apex bank in a release named the advisers as Deutsche Bank, Chapel Hill Denham, Stanbic IBTC Olaniwun Ajayi LP, Kola Awodein & Co, KPMG Professional Services and Akintola Williams Deloitte.
The statement said â€œIn furtherance of the banking reforms exercise aimed at ensuring the stability and soundness of Nigeriaâ€™s banking industry, the Central Bank of Nigeria, (CBN), has appointed advisers that will work with the ten deposit money banks – Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, Union Bank of Nigeria Plc, Bank PHB Plc Equatorial Trust Bank Limited and Spring Bank Plc – whose management were recently replaced, as well as Wema Bank Plc and Unity Bank Plc. The advisers are: Deutsche Bank, Chapel Hill Denham, Stanbic IBTC Olaniwun Ajayi LP, Kola Awodein & Co, KPMG Professional Services and Akintola Williams Deloitte.
â€œThe advisers are expected to work with the boards and management of these banks by exploring all options for securing their stability and long-term future growth. They are also expected to explore all possibilities for institutionalizing best practice and good corporate governance at each of the banks, in furtherance of the CBNâ€™s desire that the interests of all stakeholders are respected.â€œThe CBN wishes to restate its determination at ensuring the stability of the banking sector within the shortest time possible.