Audit of Nigerian Banks: Questions, Questions, Questions…

Emerging facts are casting doubts on the Central Bank of Nigeria’s classification of the last three Banks it audited, namely Bank PHB Plc, Spring Bank, and ETB as being in a “grave” situation. The doubts have arisen following revelations that the N200 billion the CBN said it has injected into the said Banks were not made available to the Banks. Rather the CBN asked the Banks to go and determine how much of fresh capital they will need and make a request for the said capital. For me, this may be a clear indication that the Banks situation may not be as grave as the CBN alleged or else the CBN would have given the Banks the money to survive. If their liquidity challenges were as grave as the CBN said, why were they not

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