The Central Bank of Nigeria removed the managing directors of three banks as a result of a special examination of 14 banks, it said today.
The central bank found Bank PHB, Equitorial Trust Bank, Spring Bank and Wema Bank to be "in a grave situation", and appointed new managing directors to the first three.
"All 14 banks were benchmarked against three criteria: capital adequacy, liquidity and good corporate governance. Bank PHB, Equitorial Trust Bank and Spring Bank had problems in all areas," sa
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