December 31, 2009

As the year 2009 winds down, many events, some good , some bad and some ugly, shook the banking industry to its roots during the year. Below are some of the landmarks that would make the year a memorable one in the annals of the sector for some time to come.One major landmark during the first quarter of the year was the decision of the Central Bank of Nigeria (CBN) not to pursue the revocation of the operating licence of Savannah Bank Plc, seven years after the deed was done. The Court of Appeal in Abuja had ruled that the revocation was done in bad faith and ordered that the licence be restored.

Following this ruling, the Nigeria Deposit Insurance Corporation (NDIC) handed over the bank’s headquarters to its owners in Lagos.Within the same period , the CBN ordered banks to remove their Automated Teller Machines(ATM) from public places, especially airport and hotel lobbies across the country. In the April 7, 2009 circular sent to the 24 banks, the CBN expressed anxiety over the crowding of public places as banks were competing for space.