According to Thisday;
The Central Bank of Nigeria (CBN) has designated First Bank of Nigeria Limited, Guaranty Trust Bank Plc (GTBank), Zenith Bank Plc, United Bank for Africa Plc (UBA), Access Bank Plc, Skye Bank Plc, Ecobank Nigeria and Diamond Bank Plc as “too big to fail”, owing to the fact that their failure could pose a systemic risk to the banking industry and the larger economy. The eight banks alone account for 75 per cent of the banking sector in terms of earnings, profitability assets, customer deposits and branch networks. They paper quoted the Deputy Governor;
“What that means is that we have to take a closer look at them. It doesn’t mean that they are weak, it is just that we have to focus more attention on them because, God forbid, if something happens to any of them, it may affect the entire system,”. “It is not that they were asked to raise their capital base, it is just that when an institution is designated as systemically important, it is required to have more capital.”
