News Column

Nigeria : TWO Nigerian banks taken over by Gambias Central Bank

May 8, 2014

A statement from the apex bank confirmed that the Central of The Gambia (CBG) has taken over Access Bank and Keystone Bank with immediate effect. The statement which was issued by local newspapers did not give additional information about what prompted the sudden takeover by the country s sole regulatory banking authority.

Though, the CBG highlighted that the move is intended to stabilise and bring sanity to The Gambia s Nigerian dominated banking industry.

The CBG said that it will henceforth supervise the management of the two Nigerian banks and assured their customers that they can still go about their normal banking transactions without major hiccups.

The regulatory bank guaranteed the Gambian public that there was no cause for alarm as it sort out given irregularities in their operations. There has been no reaction from the managements of both Access and Keystone banks.

From the turn of the millennium, the Gambian banking industry has been controlled by Nigerian-owned banks valued at billions of dollars.

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Source: TendersInfo (India)