Access Bank recovers Gambia subsidiary from government control

Access bank chief, Wigwe

Investors in Access Bank's Gambian unit have injected over $15 million to recapitalise and take back control of the bank after it was briefly nationalised last week, Gambia's central bank said in a statement on Monday.
The statement said the bank's capital had fallen below a required minimum level of 200 million Gambian dalasis ($5.05 million), leading to its takeover on May 5.
"Following the takeover, the investors of Access Bank (Gambia) Limited injected capital of $15.2 million to
recapitalise the bank and made a commitment to inject an additional $4.8 million," the statement said.
Consequently, the Central Bank of the Gambia ... has decided to return Access Bank (Gambia) Limited to their owners with effect from Monday 12, 2014," it continued.
The statement did not specify who the investors were.
"Access Bank Gambia Limited is today one of the most capitalized banks operating in The Gambian financial system sector," Access Bank Nigeria said in a statement released following the Central Bank announcement.
"We would like to reassure all customers that we continue to operate as a responsible entity," it read.
The Gambian unit of Nigeria's Keystone Bank was also nationalised last week.
Nigeria's central bank has barred the country's banks from recapitalising their offshore subsidiaries with funds from home.