By June 2013, at the beginning of Lamido Sanusi’s final year in office as governor of the Central Bank of Nigeria (CBN), the impact of the reform agenda instituted in 2009 had rippled through the Nigerian economy. The financial crisis that loomed large half a decade earlier had largely yielded to the shock therapy applied to the banking sector. Key actions taken by the CBN included the removal of erring bank chief executives, the introduction of a N620 billion bailout package, and the establishment of the Asset Management Corporation of Nigeria (AMCON), a resolution vehicle. Rather than liquidate the worst affected banks, three bridge banks were purposefully created in order to reposition them for onward sale to strategic investors.
KeywordsMonetary Policy Banking Sector Capital Adequacy Ratio Private Equity Firm Electricity Distribution Company
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