UPDATE: Police take over premises of affected banks. Former president Obasanjo's last ditch attempt at saving Intercontinental bank CEO/ management rebuffed!
The Central Bank of Nigeria (CBN) today announced that it has dismissed the Chief Executive Officers of Intercontinental Bank, Union Bank, Afribank, Oceanic Bank and Fin Bank.
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The announcement of the sack of the super CEOs is coming on the heel of revelations that the former Central Bank of Nigeria governor, Charles Soludo, provided soft loans to the affected banks. The CBN under Soludo gave Oceanic bank (N80 billion), Intercontinental bank (N72 billion), Skye bank (N60 billion) and FinBank (N40 billion). The sacked super CEOs are: Erastus Akingbola (Intercontinental Bank); Okey Nwosu (Finbank); Sebastian Adigwe (Afribank); Mrs Cecelia Ibru (Oceanic Bank); and Bartholomew Ebong (Union Bank).
Before his sack, Soludo had planned to buy back the loans as bad debts. Meanwhile, it has been revealed that Oceanic bank, owned by the Ibru family might be the worst hit with bad loans according to the ongoing banking audit of ten top banks ordered by the new CBN governor.
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