Nigeria: Investors Could Own More Than 10 Percent in Banks - CBN

4 February 2010

Abuja — THE Central Bank of Nigeria (CBN) has said it would not prevent any investor from acquiring more than 10 per cent equity in any of the banks in the country. But the apex bank was quick to rule that such investment must be with its prior approvals.

It would be recalled that Deputy Governor of CBN on Financial System Stability, Dr. Kingsley Moghalu was alleged to have said that "as part of the on going reforms in the banking sector, and in our drive to ensure sanity in the nation's financial system, we will soon be undertaking a review of the structure of the banks, and it is very likely that we are going to ensure that no one holds more than five per cent stake in any bank in Nigeria".

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