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Fallout of Intervention III — Criminal Matters

In: Banking Reform in Nigeria

Author

Listed:
  • Yomi Makanjuola

    (Freelance Business Consultant)

Abstract

Prior to the banking consolidation reform championed by the former Central Bank of Nigeria governor, Charles Soludo, industry fragmentation, poor corporate governance, unethical business practices and flawed management had characterised the Nigerian banking sector. The preceding decade and a half had witnessed cycles of financial distress and enforced bank closures. With such a fragile foundation, the proliferation and subsequent merger of feeble and irresolute banks was never likely to produce strong institutions. Compounding the scenario was the capital-raising imposition by the CBN, which drove virtually all the indigenous banks into the obliging embrace of the stock market. The sudden influx of publicly-quoted banks led to scores of public offers, initial public offerings (IPOs) and rights issues, all aimed at meeting the minimum capital requirement of N25 billion stipulated by the CBN.

Suggested Citation

  • Yomi Makanjuola, 2015. "Fallout of Intervention III — Criminal Matters," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Banking Reform in Nigeria, chapter 5, pages 72-86, Palgrave Macmillan.
  • Handle: RePEc:pal:pmschp:978-1-137-49353-8_6
    DOI: 10.1007/978-1-137-49353-8_6
    as

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