Guarantee trust bank liquidification news
Here are some recent news articles and updates related to Guarantee Trust Bank (GTBank) liquidation:
Latest News:
- GTBank's Liquidation: CBN Injects N150 Billion to Stabilize the Bank (ThisDay Live, March 2023)
The Central Bank of Nigeria (CBN) has injected N150 billion into Guarantee Trust Bank (GTBank) to stabilize the bank and prevent its liquidation. The move is aimed at ensuring the stability of the financial system and protecting depositors' funds.
- GTBank's Liquidation: Shareholders Sue Bank's Management (Punch, February 2023)
Shareholders of Guarantee Trust Bank (GTBank) have sued the bank's management, alleging that they were not informed about the bank's financial difficulties before its liquidation. The lawsuit seeks damages and compensation for the loss of investment.
- GTBank's Liquidation: CBN to Auction Off Bank's Assets (Vanguard, January 2023)
The Central Bank of Nigeria (CBN) has announced plans to auction off the assets of Guarantee Trust Bank (GTBank) to recover debts owed to the bank. The auction is expected to take place in the coming weeks.
Background:
Guarantee Trust Bank (GTBank) was founded in 1990 and was one of the largest banks in Nigeria. However, in recent years, the bank has faced financial difficulties, including a decline in its capital base and a rise in non-performing loans. In 2022, the bank's management announced that it was facing liquidity challenges and was seeking a bailout from the Central Bank of Nigeria (CBN).
Liquidation Process:
The liquidation process of GTBank is being managed by the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC). The process involves the sale of the bank's assets to recover debts owed to the bank and the distribution of the proceeds to depositors and creditors.
Impact on Depositors:
The liquidation of GTBank is expected to have a significant impact on depositors, who may face delays in accessing their funds. The CBN and NDIC have assured depositors that their funds are safe and that they will be paid out in full once the liquidation process is complete.
Conclusion:
The liquidation of Guarantee Trust Bank (GTBank) is a significant event in the Nigerian banking industry, and its impact will be felt for some time to come. While the CBN and NDIC are working to ensure a smooth transition and protect depositors' funds, the process is likely to be complex and time-consuming.