 CBN RESTORES SAVANNAH BANK'S LICENCE The Central Bank on 20th febuary, 2009 restored the operating licence of Savannah Bank, calling on the managers of the bank to take necessary measures to re-open the bank to the public as soon as possible. In statement signed by the Head, Corporate Affairs, CBN, the CBN stated, "On 5th February, 2009, the Court of Appeal delivered judgment in the appeal filed by Savannah Bank of Nigeria Plc (SBN). It would be recalled that SBN had, on February 18, 2002, instituted an action before the Federal High Court , Abuja against the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) and the Inspector General of Police (IGP) to challenge the revocation of its banking licence by the CBN on February 15, 2002. The Federal High Court Abuja, in a judgment delivered on 20th October 2006, upheld the action of the CBN. The SBN however appealed the judgment and the Court of Appeal has upturned the decision of the lower court. "The Financial Sector Surveillance Committee of the Central Bank of Nigeria met , 19th February, 2009, and reviewed the judgment given by the Court of Appeal in the case of Savannah Bank of Nigeria Plc vs Central Bank of Nigeria et al and it was decided to inform the public as follows: *That all actions and measures taken by CBN with respect to Savannah Bank of Nigeria Plc had been in the interest of its depositors in particular, and the banking system in general; *That the CBN is not satisfied with the judgment of the Court of Appeal. The Committee believes that there are sufficient grounds of appeal at the Supreme Court; *However, that CBN as a responsible and law abiding corporate body which earnestly believes in the rule of law and more so, in the over riding interest of the suffering depositors, whose funds have been trapped in the past seven years, has decided NOT to appeal the judgment of the court and would therefore restore the operating licence of the ban. "Consequently, we are calling on the managers of Savannah Bank Plc to take all necessary measures to re-open the bank to the public as soon as possible; We wish to assure all Nigerians that both the CBN and NDIC are committed to ensuring that the Nigerian banking system remains safe and sound and we will continue to take all necessary measures to protect all depositors and members of the banking public." What's New? Savannah Bank of Nigeria Plc, have commenced the process of re-opening the bank to our customers. We thank you for your endurance and assure you that we are back and better We are hiring .. more |
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