The Central Bank of Nigeria says more names of those owing the five banks whose Managing Directors were removed last Friday, would soon be released.

The apex bank sacked the bank chief executives for incompetence on debt management and consequently injected four hundred billion naira to boost their operations.

According to a statement, the banks are exposed to the capital market to the tune of five hundred billion naira out of the eight hundred billion naira exposure by all the banks.

The CBN said the capital market lost more than seventy per cent of value in stocks in less than a year, making the banks to fall short of standard.

The sack of the chief executives was followed by a publication of individual and company names of debtors to the banks, in which many prominent business magnates featured.

However, the CBN in the statement, admitted errors in the titles of some agencies indebted to the banks.

Back to headlines