2005-03-31 | TED-AD-37-2005

Time Lines and Rendition of Monthly Returns on Bank Consolidation

The Central Bank of Nigeria has provided a detailed timeline and required components for banks undergoing consolidation. Banks must complete three key stages by the end of 2005: secure pre-merger consent by April, receive approval-in-principle by August, and attain final approval by October. Monthly progress reports on the merging activities should be submitted to the Director of Banking Supervision. The main tasks involve obtaining shareholder and regulatory approvals, appointing directors and management, conducting due diligence, valuation, and tax clearance, and finally incorporating the successor bank.

Nigeria

Central Bank of Nigeria

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