By tomorrow morning, it will be in all newspapers that the Central Bank of Nigeria (CBN) has sacked the entire management of five Nigerian banks. The CEOs that have been sacked are

1. Erastus Akingbola (Intercontinental Bank CEO)
2. Bartholomew Ebong (Union Bank CEO)
3. Mrs Cecelia Ibru (Oceanic Bank)
4. Okey Nwosu (Finbank CEO)
5. Sebastian Adigwe (Afribank CEO);

CBN governor, Sanusi Lamido Sanusi, at the Emergency Bankers’ Committee meeting organized by the CBN in Lagos, said the decision was taken to safeguard the financial sector from systemic collapse.

As Sahara Reporters reported, the announcement of the sack of the super CEOs is coming on the heel of revelations that the former Central Bank of Nigeria governor, Charles Soludo, provided soft loans to the affected banks. The CBN under Soludo gave Oceanic bank (N80 billion), Intercontinental bank (N72 billion), Skye bank (N60 billion) and FinBank (N40 billion).
Police has sice taken over the banks’ headquarters premises and new acting CEOs have been appointed.
Apart from the fact that I love business to the bone, the closest I got to being a financial analyst was my foray at trying to be a GoldmanSachs intern. As such, I cannot say this is what this means for the Nigerian financial sector and all of us.

These are some of Nigeria’s finest CEOs. My money is in these places. What will happen to my money? and yours?