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Shareholders to recapitalise Nigeria's Equitorial

Thu Nov 5, 2009 4:31am EST

LAGOS, Nov 5 (Reuters) - Nigeria's central bank said on Thursday it would allow shareholders in Equitorial Trust Bank, rescued last month as part of a $4 billion banking sector bailout, to recapitalise the bank by the end of June 2010.

Financials

The regulator said it had granted a request from Equitorial's shareholders to rectify the capital inadequacies and corporate governance issues which led to its rescue.

It said the shareholders had pledged to diversify the capital base of the bank either through a public offering of shares, securing a core investor or merging with a local bank within a year. (For more Reuters Africa coverage and to have your say on the top issues, visit: af.reuters.com/ ) (Reporting by Oludare Mayowa; Writing by Nick Tattersall)

Financials


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