Banking Reform in Nigeria

In June 2009, when the Nigerian capital market was in freefall and the banking sector was close to collapse, Sanusi Lamido Sanusi was appointed as Governor of the Central Bank of Nigeria (CBN). What followed was a five-year tenure of crisis management. The sub-prime mortgage crisis in the US and the wider economic and financial crises experienced world-wide provide a backdrop to this vivid account. In Banking Reform In Nigeria, Yomi Makanjuola recounts how emerging and less-developed countries like Nigeria embarked on reforms to rescue their financial systems, achieve financial stability and ward off economic recession, while the world's attention was focused on unfolding events in the US and G-20 economies. The book highlights Nigeria's experience in the last decade from the standpoint of the CBN, reviewing events preceding the crisis, the intervention process, the post-intervention fallout and, lastly, lessons learnt from administered reforms. This book provides an in-depth analysis of the financial events that unfolded in Nigeria throughout the last ten years, and would be an invaluable reference point for academics in African finance and to those with in interest in the African and global banking fields.