Reuters reports that Nigeria’s Spring Bank is in recapitalisation talks with India’s second-largest lender ICICI Bank. Spring Bank was one of the banks rescued by the Central Bank of Nigeria (CBN) in 2009. After the CBN commissioned a special audit of the banking sector, it declared nine of the country’s 24 banks ‘unhealthy’ due to liquidity, asset and capital adequacy concerns and poor corporate governance practices. It bailed out the troubled lenders to the tune of US$4 billion and introduced various reforms aimed at boosting stability of the sector. Read the full article at Reuters.
Despite our best efforts, How we made it in Africa cannot cover every single business story on the continent. What you need to know tracks important developments originally reported on by other media organisations.