Although the governor of the Central Bank of Nigeria has reaffirmed the bank’s resolve not to allow any deposit bank to fail, he stated that the near insolvency of certain banks, which necessitated the Central Bank’s intervention in eight cases, stemmed principally from a lack of corporate governance and weak credit management practices. The Central Bank devised various strategies to protect depositors, including closer oversight by the Central Bank, as well as to enhance corporate governance and prudential guidelines in the financial industry… Read Article