Nigeria central bank tells 3 banks to recapitalise by June

By Chijioke Ohuocha Nov 20 Nigeria’s central bank has given three commercial banks until June 2016 to recapitalise after they failed to hit a minimum capital adequacy rate of 10 percent, it said in a report on its website. The central bank did not name the banks but said they were from the group of 14 in Africa’s biggest economy that have licenses to operate as regional and national lenders, with respective capital bases of 10 billion naira ($50 million) and 25 billion naira. With a number of Nigerian banks…

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