NDIC summons Savannah Bank’s Board


Jul 19, 2010 By Emma Ujah


Abuja — The Management of the Nigeria Deposit Insurance Corporation, NDIC, has expressed worry over the failure of the Board of Savannah Bank Plc to recapitalise and commence operation on schedule.NDIC had to summon Interim Board and management of Savannah Bank last week to Abuja where the two parties met in collaboration with the Central Bank of Nigeria, CBN, on the matter.


Speaking at the meeting between the Management of NDIC and the interim board, management and consultants of the SBN, the NDIC’s Acting Managing Director/Chief Executive, Alhaji Umaru Ibrahim, said the Corporation had been concerned about the plight of the SBN’s depositors and the plan by the bank to re-open for full banking business.“We are worried about how soon you will re-open because the general public have been asking us this question and we have been unable to provide answers.  We also need to brief the Corporation’s Board on the matter,” Ibrahim said.


Responding, the SBN’s Executive Director (Services), Mrs. Pat Nwobodo, informed the officials of the regulatory bodies that the bank had concluded arrangements to open six offices in each of the six geo-political zones of the country to facilitate depositors interaction and verification of claims.






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