Central Bank of Nigeria insist on banks divesting from subsidiaries by May 2012-The Nation Newspaper

The Central Bank of Nigeria (CBN) will not extend the May 14 deadline set for banks to divest from non-banking operations, its spokesman,Mohammed Abdullahi, has said.

He said the deadline remains sacrosanct in view of the apex-bank’s reform initiatives. He further said the apex bank has no plans to change the deadline because efforts have been channelled to ensure the success of the initiatives.

"The deadline for the divestment has not changed. It remains May 14, 2012, but until the CBN makes a pronouncement to that effect. The issue of granting extension does not arise for now since the deadline is still far. We are not thinking about that now. May be when the time comes, we would know what to do. When we get to the bridge, we know how to cross it," he stressed.

He, however, acknowledged that the CBN gave an extension to a bank, which he failed to disclose its identity.

"We only gave an extension to a bank I will not mention its name. The reason is because the bank has changed the holding company position, " he added.

Source: http://www.thenationonlineng.net/2011/index.php/business/37734-cbn%3A-deadline-on-banks%E2%80%99-divestments-remains-sacrosanct.html