The central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) and Spring Bank shareholders have commended the performance of the Interim Management Board (IMB) of the bank which transformed the bank from an unsound state to a going concern in the past one year of its appointment by the regulatory authorities.

 

The commendations poured profusely in a scorecard presentation by the Vincent Omoike led IMB to a joint meeting of the regulatory bodies, court appointed shareholder’s representatives and major individual shareholders as well as the IMB and management of the bank at the CBN Headquarters, Abuja on June 252008.

 

Impressed by this development, the court appointed shareholders’ representatives and key stakeholders from the six legacy entities of Spring Bank unanimously called to extend the tenure of the IMB to December 31 2008 to enable it conclude its work and set the bank on the path of sustained recovery.

 

The joint appeal for tenure extension indicated that the issues of differences which nearly destroyed the Bank a year ago have been successfully addressed. Forming the platform on which the court appointed shareholders unanimously endorsed the strategic options proposed by the IMB to either raise additional capital for the bank or identify strategic partners for a possible merger, after due consideration at a general meeting.

 

In the scorecard presented by the MD/CEO of the Bank, Dr. Suleyman A. Ndanusa reported that over N13billion insider-related loans have been recovered while over N10billion in loans have been restructured and are now performing.