The Central Bank of Nigeria ( CBN ) disclosed that around NGN 177bn (USD 1.4bn) depositorsÍ funds are now trapped. This follows the withdrawal of operating licences of 14 under-capitalised banks by CBN . According to CBN , the affected banks were found to be insolvent with negative shareholdersÍ funds and also failed to achieve the NGN 25bn minimum capitalisation norm prescribed by CBN as at end Dec 2005. The banks are African Express Bank, AllStates Trust Bank, Assurance Bank of Nigeria, City Express Bank, Eagle Bank, Fortune International Bank, Gulf Bank, Hallmark Bank, Lead Bank, Liberty Bank, Metropolitan Bank, Societe Generale Bank, Trade Bank and Triumph Bank. Newspaper Thisday reported that CBN also decided to handover chronic debtors of these banks to the Economic and Financial Crimes Commission (EFCC). Speaking to newsmen in Abuja CBN Ís Governor, Charles Soludo, said of the NGN 177bn trapped, NGN 107bn was uninsured private sector deposits.
USD 1.4bn of depositor's funds trapped in 14 Nigerian banks.