By EricJames Ochigbo
The House of Representatives has mandated the Committee on Banking and Currency to interface with the Central Bank of Nigeria (CBN) and Nigerian Deposit Insurance Corporation (NDIC) to determine the current status of Savanah Bank.
The house charged the committee to ascertain whether the bank has fulfilled all the requirements to commence business.
This was sequel to a unanimous adoption of a motion by Rep. Magaji Aliyu (APC-Jigawa) at the plenary on Thursday.
Aliyu, while moving the motion earlier, said that the operating licence of Savannah Bank Plc was withdrawn by the CBN on Feb. 15, 2002.
He said the withdrawal was on the grounds that the bank did not have enough assets to meet its liabilities and did not comply with CBN obligations.
According to him, the promoters had been unable to prevent further deterioration of the bank.
The lawmaker recalled that the Nigerian Deposit Insurance Corporation (NDIC) took over as…
Source: News Agency of Nigeria
