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Nigerian central bank says all banks capitalised

LAGOS : Nigeria 's central bank said on Saturday it was revoking the licenses of three rescued banks and transferring t
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By Muhammad Iqbal
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nigerLAGOS: Nigeria's central bank said on Saturday it was revoking the licenses of three rescued banks and transferring their assets to state 'bad bank' AMCON because they were failing to recapitalise and this would help bring an end to the banking crisis.

"We believe we have drawn a line under the banking crisis.

By September 30, all banks in Nigeria will be fully capitalised," central bank deputy governor, Kingsley Moghalu said.

He said President Goodluck Jonathan endorsed the decision to nationalise failing banks, Springbank, Afribank and Bank PHB.

Copyright Reuters, 2011

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