List Of 89 Legacy Banks And Their Board Of Directors Before Consolidation
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The banking industry in Nigeria plays a very significant role in the economic development of the country. According to Nzotta (2004), banks as part of the Nigerian financial system channel scarce resources from surplus economic units to deficit units and they exert a lot of influence on the pattern and trend of economic development through their lending and deposit mobilization activities.
The failure of banks in the 1990’s and early 2000’s made the former governor of Central Bank of Nigeria, Professor Charles Soludo to announce on July 6, 2004 that the minimum capital requirement base of banks in the country would be raised from #2 to #25 billion. The new policy which required banks to comply with the directive by end of December 2005 was aimed at significantly strengthening the operating environment of banks to perform their intermediation role effectively and efficiently.
The new capitalization level for banks was to foster consolidation of the banking industry through mergers and acquisitions (M and A). Nzotta (2004) maintain that banks in Nigeria explored the option of mergers and acquisitions in an attempt to meet the capital base of #25 billion. Alao (2010) argue that Nigerian banks adopted different strategies to achieve the stipulated minimum capital base of #25 billion during the consolidation of banks in 2004 and 2005 which include mergers and acquisitions.
As a fallout of the consolidation process, a total of 89 banks has gone extinct; either in merger or acquisition. The attached below is a full list of Nigerian banks that has gone extinct, merged, or acquired including their board of directors.