Regulatory Alerts2005-01-10 | TED/AD/144/2004Submission of Detailed Plans of Action Re: Bank Consolidation/Recapitalisation Programme
In a follow-up to the ongoing consolidation/recapitalization programme in the banking system, the Central Bank of Nigeria (CBN) requires each bank to submit their detailed plans for achieving these objectives by January 7th, 2005. The CBN will then carry out monthly monitoring against established benchmarks and publish progress reports periodically. Compliance is mandatory.
09-61636403 Website:www.cenbank.org 09-61636418 December 9, 2004 BSD/14/2004 CIRCULAR TO ALL BANKS SUBMISSION OF DETAILED PLAN OF ACTION RE:BANK CONSOLIDATION/RECAPITALISATION PROGRAMME This is a follow-up to the current consolidation/recapitalization programme in the banking system. Barely twelve months to the deadline, the CBN needs to keep a clear record of the plans of each bank so as to enable it monitor progress. Consequently, and as the detailed requirements/Procedure Manual is being rolled out, all banks are required to submit to the CBN, not later than 7th January, 2005 their detailed PLANS for achieving the required consolidation/recapitalisation showing the key activities and timeliness, among others. Thereafter, the CBN will carry out monthly monitoring of the progress made by all banks against the benchmarks. The progress report will be published periodically. All banks are hereby advised to comply, please.
O.I. IMALA DIRECTOR OF BANKING SUPERVISION