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Lobi Bank, Abacaus, African Express Bank etc. remember those banks? Well, just over 10 years ago the Nigerian banking landscape was full of “New Generation” Banks that employed thousands of Nigerian graduates and mismanaged billions of depositors funds. It’s quite easy to forget these names in the future so I decided to dig them up. Thankfully the NDIC on its website still has a list of off all the failed banks in Nigeria that has since been dead and buried. Some lucky ones ended up been taken over by bigger banks. Here they are;
Did you loose money in any of these banks??
Thanks a lot for reminding us about the Structural Adjustment Programme (SAP) era and the distressed banks in the Nigerian banking industry. I did not loose money in these banks but I carried a detailed research on the causes of distressed banks in Nigeria.