EXCLUSIVE: Nigeria to cut out universal banking

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Nigeria will in the next fortnight issue guidelines revoking the universal banking model that took effect in 2001, Sanusi Lamido Sanusi, the governor of the West African country's central bank, told CentralBanking.com on Wednesday.

"We're going to roll out guidelines along the lines of the Volcker rule - basically, returning banks to the letter and spirit of the Banking Act in Nigeria, which takes them out of business defined as ‘non-banking', like insurance [and] proprietary asset management,"

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