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Nigerian news: Audit reports of Citibank, IBTC and Standard Chartered ready in two weeks

Investigations into the books of Citibank, Stanbic IBTC, and Standard Chartered will be completed in a fortnight by the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC)

The committee comprising the Governors of CBN and the executive Committee of the NDIC will ratify the audit reports of the three banks alongside the remaining 11. The final decision will be taken after the ratification of the audit reports.

The CBN said this in a statement posted on its website and signed by its Head, Corporate Affairs, Mohammed Abdullahi. It said that the same process was followed in the case of the first ten banks, adding that the bulk of the problems have been effectively dealt with in the first round of the audit.

The apex bank, said it has not taken any decision on the fourteen banks as reported in certain segments of the media.

The statement reads: “The Central Bank of Nigeria, has noted with concern stories in some segments of the press purporting to report decisions taken as a result of the second batch of audit of Nigerian banks.

‘’The CBN wishes to confirm that examiners have concluded their audit on 11 out of 14 banks not included in the first exercise. They have also made significant progress on the remaining three banks and these are Citibank, Stanbic IBTC and Standard Chartered.”

The other banks not included int he first batch are First City Merchant Bank Plc, Wema Bank Plc, Zenith Bank Plc, Platinum Habib Bank Plc, Spring Bank Plc, Access Bank Plc, Skye Bank Plc, Fidelity Bank Plc, Ecobank Nigeria Plc and Unity Bank Plc.

Prior to this period, CBN had approved the audit of ten banks. The process marked the first phase of the on-going examination of banks. The development, led to the sack of managing directors of five banks that have allegedly shown serious signs of ill health. The sacked bank chiefs are Dr Erastus Akingbola (Intercontinental Bank Plc), Dr Bartholomeu Ebong (Union Bank Plc), Mr Okey Nwosu (Finbank Plc) Mr Sebastian Adigwe (Afribank Plc) and Mrs Cecilia Ibru (Oceanic Bank International Plc).

Those that have clean bill of health are First Bank Plc, Sterling Bank Plc, Diamond Bank Plc, United Bank of Nigeria Plc and Guaranty Trust Bank Plc.

Source: The Nation