The CBN’s maiden examination of the bank as at June 2006 queried the bank’s reported shareholders’ funds and directed the bank to beef up its capital within six months. The inability of the bank’s Board to resolve the issue of the contributions of each legacy institution to its capital led to a special CBN/NDIC Examiners to re-certify the bank’s capital.
We have a number of interesting speeches on various aspects of this challenging topic in our conference programme for this afternoon, which deal with interaction and repercussion effects between financial reporting, financial regulation and financial stability.