Lagos - After about 6 months of grace, the deadline for Primary Mortgage Banks (PMBs) operating in the country to recapitalize their operations to the new minimum paid up share capital ends on Monday, June 30.
There are strong indications that 85 PMBs may not have met the recapitalisation requirements of the Central Bank of Nigeria (CBN), reports The Nation.
Under the proposed recapitalization, PMBs willing to be a national operator will require N5 billion as minimum recapitalization while N2.5 billion has been set as the minimum recapitalisation for PMBs wishing to operate as state or regional operators
The deadline was earlier extended by six months from December 31, 2013 to June 30.
Read more at The Nation.
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