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Revocation of Liquidated Societe Generale Bank VoidedRevocation of Liquidated Societe Generale Bank Voided
3rd April '08
A Federal High Court sitting in Abuja yesterday voided the revocation of the liquidated Societe Generale Bank of Nigeria's operational licence by the Central Bank (CBN), three years ago. Justice Binta Murtala Nyarko who voided the decision of the CBN revoking the licence, however, gave the bank 30 days to comply with the apex bank's guidelines on acquisition or merger.
The licence was revoked in 2005 over its purported inability to meet with the July 6, 2004 directive of the apex bank to all banks to increase their capital base to N25 billion. By the guidelines, the process of recapitalising could be done by ailing banks through rights issue and/or public offer in the capital market; private placement and/or by merger and/or acquisition by other banks.
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