CBN Revokes License Of Express Discount Limited
ABUJA – The Central Bank of Nigeria has revoked the license of Express Discount Limited; a financial institution based in Lagos.
Director of Banking Supervision of the bank Mrs Tokunbo Martins who spoke with reporters in Abuja disclosed that the financial institution no longer has sufficient assets to meet its liabilities while its shareholders have been unable to inject the capital required for the continuation of its operations.
She also said that part of the apex bank’s examination revealed that Express discount house maintained false and misleading books of account, had huge exposure to margin loans and also engaged in activities that contravenes the guidelines of discount houses.
She said that a liquidator will be appointed for the company as required by extant laws to resolve its assets and liabilities. – CHANNELS