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The managing director of Enterprise Bank Limited, Mr Ahmed Kuru assumed duty officially at the bank’s head office in Lagos yesterday.
This brings to two, the number of managing directors that have assumed duties at their new stations after their appointment at the weekend by the Asset Management Corporation of Nigeria (AMCON).
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Meanwhile, panic by investors over the fortunes of the three banks nationalised by the federal government further impacted negatively on the activities of the Nigerian Stock Exchange (NSE) yesterday as losses in 30 stocks plummeted the market capitalisation by N59b.?
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A further analysis of ?the day’s trading despite assurances from the regulatory body, saw the All-share index falling by 183.36basis points or 0.8 per cent from 22,519.11 recorded on Tuesday to 22,335.75 while market capitalisation went down from N7.203 trillion to N7.144 trillion.?
Further review of yesterday’s trading showed that 30 stocks depreciated in price, led by Cement Company of Northern Nigeria and Skye Bank with five per cent to close at N7.60 and N5.32 per share respectively followed by Oando with 4.98 per cent to close at N32.06 per share.
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Investigation by LEADERSHIP showed that Kuru held a meeting with the top management officials of the bank few hours after assuming duties yesterday.
It was also gathered that other executive directors appointed alongside the GMD of the bank were yet to report for work.
LEADERSHIP also gathered that the group managing director of Mainstreet Bank Limited, Mrs. Faith Tuedor-Matthews, also appointed by AMCON, had not assumed duty as at the close of business yesterday.
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?Enterprise Bank Limited in a statement said that it has fully recapitalized with funds from AMCON which injected a total of N111billion into the bank.?
The statement said that the bank has refunded in full, the sum of N60 billion injected into it when the Central Bank of Nigeria (CBN) intervened in the defunct Spring Bank Plc in 2007 and 2009.?
The balance of the funding is left in the bank to support business development and other financial requirements.?
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It further said that this has gone a long way in boosting the confidence of the customers of the bank, adding that there has been no run on the bank since the transformation from Spring Bank to Enterprise Bank Limited.?
However, Keystone Bank Limited on Tuesday said that it has fully repaid the N70 billion injected in the bank two years ago by the CBN.?
The newly appointed managing director of the bank, Mr. Oti Ikomi, who disclosed this at a press briefing, confirmed that the bank has fully repaid the loan it collected from the apex bank, ?adding that shareholders have fully capitalized the bank.?
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“I am confirming to you right now that Keystone Bank Limited has fully repaid the CBN loan. Our shareholders have fully capitalised the bank. The previous negative capital fund that we had have been improved because there had been an injection and we have now met the full minimum capital requirement of N25
billion required for banks in Nigeria,” he added.?
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He assured customers that the bank would be managed professionally, adding that the management would be in touch with regulators and international correspondence to ensure that the bank continued to grow.?
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He said that the intention of the new management was that in the next two to three years, it would fully reposition the bank into an enviable institution in Nigeria and position it to attract new investors.?
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He further pointed out that it was not the intention of AMCON which owns 100 per cent of the bank to remain in the institution for so long.?
However, panic by investors over the fortunes of the three banks nationalized by the federal government further impacted negatively on the activities of the Nigerian Stock Exchange (NSE) yesterday as losses in 30 stocks plummeted the market capitalisation by N59b.?
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A further analysis of the day’s trading despite assurances from the regulatory body, saw the All-share index falling by 183.36basis points or 0.8 per cent from 22,519.11 recorded on Tuesday to 22,335.75 while market capitalisation went down from N7.203 trillion to N7.144 trillion.?
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Further review of yesterday’s trading showed that 30 stocks depreciated in price, led by Cement Company of Northern Nigeria and Skye Bank with five per cent to close at N7.60 and N5.32 per share respectively followed by Oando with 4.98 per cent to close at N32.06 per share.
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