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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates  Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   National Bank, Wema 'll meet CBN's N25b equity base, Oodua states vow By Sina Babasola Monday, August 09, 2004 IBADAN — GOVERNORS of Oodua states, owners of National Bank of Nigeria (NBC) and Wema Bank Plc have concluded arrangement to ensure that the two banks meet up with the N25billion re-capitalization fund stipulated by the Central Bank of Nigeria (CBN) before December 2005 deadline. Governor Rashidi Ladoja of Oyo state who made the pledge in a chat with newsmen in Ibadan stated emphatically that the five South-West states would protect the legacies handed down to them by previous administrations. According to him, the two banks will not merge with any other bank as the banks can survive on their own as far as the N25 billion re-capitalization fund was concerned. His words, “one thing I can assure you of is that none of these banks will fail to meet the CBN new policy, we will make sure that National Bank is re-capitalised with N25billion before the deadline of December 2005 and Wema Bank will follow the same trend”. ”Oyo and Osun states will discuss the re-capitalisation of TIB jointly owned by the two states. N25 billion will not be a threat to all the banks we have shares. The three banks will survive,” he said. Continuing, Governor Ladoja said, “we are not thinking of merger yet. National Bank is very very strong, though it has got some problems over the years but it has just started over all again”.  Governor Ladoja disclosed that through the help of the CBN 30 per cent of Oodua shares in the National Bank illegal taken by some people have been recovered stressing “essentially, Natioanl Bank will remain our main focus and remain so". Wema is not far from N25 billion. Talking in terms of asset and shareholders funds, National Bank has got a lot of assets which can be said to be closed to N25 billion, they (NBN) have assets not only in Nigeria but in overseas”. The Governor while supporting the CBN new financial policy said "we, Governors of Oodua states have taken the re-capitalisation as a challenge".   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates © 1998- 2004. Vanguard Media Ltd.

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