By Camillus Eboh
ABUJA, Oct 14 (Reuters) - Five undercapitalised Nigerian banks have notched up bad loans totalling nearly 400 billion naira ($2.6 million), the central bank said on Wednesday.
This brings the total amount of non-performing loans owed to 10 of Nigeria's 24 banks to more than 1.5 trillion naira, of which only 135.6 billion has been recovered.
The central bank published a list of more than 600 firms, individuals and state bodies that have large outstanding loans owed to Bank PHB, Equitorial Trust Bank, Spring Bank , Wema Bank and Unity Bank.
The regulator on Oct. 2 announced it would inject $1.3 billion to four of the five banks after auditors found they were facing a grave liquidity crisis that posed a threat to the banking system.
Unity Bank was also found to have insufficient capital but was not in a grave situation because it had a healthy liquidity position.
Central Bank Governor Lamido Sanusi has made cleaning up the banking system in Africa's most populous nation his top priority since assuming office in June; his auditors have now completed an examination of all of Nigeria's 24 banks.
The central bank in August published a similar list of debtors after the first round of the audit found lax governance had left five banks so weakly capitalised they posed a systemic risk.
The regulator injected $2.6 billion into Afribank , Finbank, Intercontinental Bank. Oceanic Bank and Union Bank.
Published on the central bank website (www.cenbank.org), the latest list included some companies already named as defaulting debtors in August, like conglomerates Transcorp and Dangote Industries.
It also lists fuel retailer Conoil, Peugeot Automobiles Nigeria, and state governments of Bauchi and Anambra.
(Writing by Randy Fabi; Editing by Leslie Adler) Keywords: NIGERIA BANKS/ (randolph.fabi@thomsonreuters.com; Abuja Newsroom + 234 9 461 3214, Reuters Messaging: randolph.fabi.thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
ABUJA, Oct 14 (Reuters) - Five undercapitalised Nigerian banks have notched up bad loans totalling nearly 400 billion naira ($2.6 million), the central bank said on Wednesday.
This brings the total amount of non-performing loans owed to 10 of Nigeria's 24 banks to more than 1.5 trillion naira, of which only 135.6 billion has been recovered.
The central bank published a list of more than 600 firms, individuals and state bodies that have large outstanding loans owed to Bank PHB, Equitorial Trust Bank, Spring Bank , Wema Bank and Unity Bank.
The regulator on Oct. 2 announced it would inject $1.3 billion to four of the five banks after auditors found they were facing a grave liquidity crisis that posed a threat to the banking system.
Unity Bank was also found to have insufficient capital but was not in a grave situation because it had a healthy liquidity position.
Central Bank Governor Lamido Sanusi has made cleaning up the banking system in Africa's most populous nation his top priority since assuming office in June; his auditors have now completed an examination of all of Nigeria's 24 banks.
The central bank in August published a similar list of debtors after the first round of the audit found lax governance had left five banks so weakly capitalised they posed a systemic risk.
The regulator injected $2.6 billion into Afribank , Finbank, Intercontinental Bank. Oceanic Bank and Union Bank.
Published on the central bank website (www.cenbank.org), the latest list included some companies already named as defaulting debtors in August, like conglomerates Transcorp and Dangote Industries.
It also lists fuel retailer Conoil, Peugeot Automobiles Nigeria, and state governments of Bauchi and Anambra.
(Writing by Randy Fabi; Editing by Leslie Adler) Keywords: NIGERIA BANKS/ (randolph.fabi@thomsonreuters.com; Abuja Newsroom + 234 9 461 3214, Reuters Messaging: randolph.fabi.thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
