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Nigeria Bails Out Four More Banks   
 
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03-Oct-2009  
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Nigeria's central bank has had to bail out four more banks and has sacked three of their chief executives.

The rescued banks Equitorial Trust, Bank PHB, Spring Bank and Wema Bank have been given 200bn naira ($1.37bn; Ł861m) in loans and support.

After an audit of their books, the central bank said they were "adjudged to be in a grave situation". Central bank governor Lamido Sanusi has been cracking down on the biggest banks as he seeks to clean up the system.

 
 
Source: BBC
 
 

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