Several Nigerian banks have ceased operations due to mismanagement, regulatory crackdowns, and failure to meet recapitalization deadlines.
Notable banks like Savannah Bank, SGBN, and Oceanic Bank were shut down by the Central Bank of Nigeria (CBN) for various infractions.
Issues leading to closures included poor corporate governance, insider lending, fraud, and liquidity problems.
Some banks re-emerged under new identities or were absorbed by other institutions, such as the now-defunct Heritage Bank and Keystone Bank.
CBN's strict policies under Sanusi Lamido Sanusi's leadership aimed to strengthen the banking sector's stability and integrity.