NDIC Hands over Savannah Bank’s License

The management of the Nigerian Deposit Insurance Corporation (NDIC) has formally handed over the banking license of Savannah Bank Plc.
The board and management of the bank are now taking bold steps to ensure that the bank opens shop within the 18 months stipulated period by the appeal court.
Savannah Bank had on February 18, 2002 instituted an action before the Federal High Court, Abuja against the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance (NDIC) and the Inspector General of Police (IGP) to challenge the revocation of its banking license by the CBN on February 15, 2002 on the ground of unethical practices, insolvency and inability to meet its financial obligations.
The Court of Appeal delivered judgement in favour of the bank on February 5, 2009 ordering its license to be restored to begin operations immediately.
The CBN according to court directive restored the operating license of the bank on February 20, 2009.
An interim board was later constituted to coordinate the activities of the bank’s consultant pending the appointment of a substansive management and board for the bank before the formal handling over of the bank to core investors.
At the handling over of the license to savannah bank by NDIC, Richard Abrahams, interim chairman, Savannah Bank Plc, said the bank would work closely with NDIC, SEC and other regulatory bodies to ensure that the bank takes off on a sound footing and complies with all other regulatory requirements.
Ganiyu Ogunleye, managing director, NDIC said the NDIC handed over all branches of the bank for them to commence the reopening of the institution in line with court ruling.