EXCLUSIVE: Nigeria’s Sanusi explains banking sector bloodletting

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There was no choice but to act swiftly and decisively when firing the bosses of eight troubled Nigerian banks late last year, Sanusi Lamido Sanusi, the governor of the Central Bank of Nigeria, told CentralBanking.com on Wednesday.

Sanusi fired eight bank chief executives between 14 August 5 October last year, pointing to the grave mismanagement of their institutions. Five of the lenders- Intercontinental Bank, Oceanic Bank, FinBank, Afribank and Union Bank- had to be rescued by the central bank.

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