The Savannah Bank is a Nigerian bank whose license was withdrawn in February 2002 and restored in February 2009 after protracted legal battles.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.
Some prominent people associated with the bank were Senator
Jim Nwobodo
James Ifeanyichukwu Nwobodo (born 9 May 1940) is a Nigerian businessman and politician who was governor of Anambra State (1979–1983) during the Nigerian Second Republic and was Senator for Enugu East Senatorial District in Enugu State (1999†...
, a shareholder and chairman,
Senator
Felix Kolawole Bajomo, an executive director,
and
Shettima Mustapha
Shettima Mustafa (26 November 1939 – 17 November 2022) was a Nigerian academic and politician. After an early career in medicine, local administration, and media, Mustafa studied agriculture at university, eventually earning a Doctor of Phi ...
, a Federal Minister and board member, but not a shareholder.
[
The Savannah Bank was among Nigeria's top 10 financial institutions.
The bank's licence was withdrawn by the ]Central Bank of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959.
The major regulatory objectives of the bank as stated in the CBN Act are ...
(CBN) on 15 February 2002.
The CBN Governor Joseph Oladele Sanusi 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
The Nigeria Deposit Insurance Corporation (NDIC) is a statutory body established by NDIC Act No. 16 of 2006 with exclusive mandate of administering the Deposit Insurance System (DIS) in Nigeria. As one of the components of the nation’s financial ...
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. Further appeals followed.
On 6 February 2009 a Court of Appeal sitting in Abuja
Abuja () is the capital and eighth most populous city of Nigeria. Situated at the centre of the country within the Federal Capital Territory (FCT), it is a planned city built mainly in the 1980s based on a master plan by International Plann ...
ordered the re-opening of Savannah Bank, and ordered the CBN and NDIC to pay N100 million to the bank as damages.
Richard Abrahams of the Bank of America
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...
was appointed chairman of the interim Board of Directors.
Jim Nwobodo said the new Savannah Bank would be launched carefully to ensure emergence of a world class and competitive institution.[
It was reported in February 2010 that the bank's owners might be trying to raise over N100 billion via an international private placement, and the bank was ready to buy up non-performing branches of troubled banks across the country.]
See also
* List of banks in Nigeria
This is a list of commercial banks with International Authorization in Nigeria, arranged alphabetically:
# Access Bank Plc
# Fidelity Bank Plc
# First City Monument Bank Limited
# First Bank of Nigeria Limited
# Guaranty Trust Holding Company ...
* Economy of Nigeria
The Economy of Nigeria is a middle-income, mixed economy and emerging market with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. It is ranked as the List of countries by GDP (nominal), 27th-l ...
References
External links
Court of Appeal Restores Savannah Bank's License
Banks of Nigeria
Banks established in 1979
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