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Article: Nigeria: Nigeria seeks foreign investors for seized banks.
- Article from:
- TendersInfo
- Article date:
- September 1, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: babalu03
Nigeria's central-bank chief said he would welcome foreign ownership, including complete takeovers, at five troubled banks seized by the government this month.
"We encourage foreign investors to have enough of a stake to control management," Central Bank Gov. Lamido Sanusi, installed this summer with a mandate to clean up Nigeria's banking sector, told bankers and potential investors gathered at a hotel in London. "There is no law that stops foreign banks owning banks in Nigeria 100%."
In mid-August, Mr. Sanusi announced a $2.6 billion bailout of five banks, recapitalizing them and taking government control. He cited high ...