CBN revokes Express Discount House licence

[Mirror]

The Central Bank of Nigeria (CBN) yesterday said it had revoked the operating license of Express Discount Limited due to the company shareholders' inability to inject new funds into it after the opportunity given to them to do so was not explored.

The revocation of the operating license of EDL took effect from July 18th 2013, as contained in the Federal Government Official Gazette No. 49 Vol. 100 of 19th July 2013.

The decision, according to the apex bank's Director of Banking Supervision, Mrs Tokunbo Martins, was pursuant to Section 2 paragraph (d) of the CBN Act, 2007 which confers on the CBN the responsibility of promoting a sound financial system in Nigeria.

Apart from the failure of the owners to re-capitalise the entity, Martins also disclosed that examination conducted by the CBN on the company showed that Discount House maintained false and misleading books of account.

National Mirror