Out of the eight banks which lost their managing directors and board members in the reforms introduced by Central Bank of Nigeria's Governor, Lamido Sanusi, Equitorial Trust Bank is the only one that has reclaimed all its investments.
The managing director and other executive directors of the bank were sacked alongside the Dr. Mike Adenuga by CBN some weeks back, but the news in town is that the business man restragetised and plotted ways and means to recover his bank. He succeeded by injecting $150 million into the bank.
Reliable sources reveal that CBN agreed to hand over the bank to Adenuga because of his readiness to shore up the operating capital of the alleged troubled bank. Though CBN initially declined, they eventually had to cave in after taking into due consideration that in spite of everything, nothing criminal was traced to Adenuga.
Source: Encomium Magazine.