Savannah Bank – Reviews and Ratings
The Savannah Bank is a Nigerian bank whose license was withdrawn in February 2002 and restored in February 2009 after protracted legal battles. An investor, International Resource Associates of London, bought 67.35% of the shares of Savannah Bank in 1999, and on 14 April 2000, the bank came under new management.
The bank’s licence was withdrawn by the Central Bank of Nigeria (CBN) on 15 February 2002. The CBN Governor said the bank did not have enough assets to meet liabilities, did not comply with CBN obligations, and that the regulators had been unable to prevent further deterioration.
The Nigeria Deposit Insurance Corporation took over as liquidator, sealing the bank’s offices. At the time it was closed, the bank had 140 branches. The bank’s owners fought the closure in court. In a ruling on 20 October 2006, the Abuja High Court said the CBN had acted properly in revoking the bank’s licence. On 6 February 2009 a Court of Appeal sitting in Abuja ordered the re-opening of Savannah Bank, and ordered the CBN and NDIC to pay ₦100 million to the bank as damages.
Categories: Bank Reviews
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