The House of Representatives yesterday directed its Committee on Banking and Currency to summon the Central Bank of Nigeria Governor, Godwin Emefiele and the Managing Director of the Nigerian Deposit Insurance Corporation, Umaru Ibrahim to ascertain the new status of Savannah Bank regarding its commencement of operations after its closure.
The committee, which was given four weeks to submit its findings, was also mandated to invite the bank’s shareholders and the new management to brief it on possible ways of refunding depositors and looking into the circumstances that led to the withdrawal of Savannah Bank’s licence and eventual closure in 2002.
This followed the adoption of a motion by Magaji Da’u Aliyu, (APC, Jigawa).
Kalu noted that the licence of Savannah Bank Plc was withdrawn by the CBN 17 years ago on the ground that the bank did not have enough assets to meet liabilities, did not comply with the apex bank’s obligations and that its management was unable to prevent its declining fortunes.
