The Governor of the Central Bank of Nigeria (CBN), Mr Lamido Sanusi, has said they are welcoming bids for investments in some of Nigeria’s distressed banks. He pointed out that capitalisation was not the problem but rather that there was a lack of corporate governance and mis-management among certain banks.

Sanusi was speaking at a conference hosted by The Economist and he also noted that any foreign investor seeking opportunities in the banking sector would have to have the technical expertise for risk management and corporate governance in order to be granted a license to open a new bank or invest in an existing one.

FirstRand of South Africa is one such institution that has shown interest in buying one of the eight troubled Nigerian banks that were bailed out by the CBN in 2009.

Reported by Vanguard News Online