Here are the main news stories as a result of the recent firing of the heads of Intercontinental, Oceanic, Finbank, Afribank, and Union Banks:

1. NSE suspended trading the five bank’s shares. The decision will be reviewed in 2 weeks.
2. According to Renaissance Capital, these banks were systematically important with more than 5% of assets and deposits in the Nigerian banking system.
3. Guardian reported on Monday that 8 foreign investors were ready to take control of the 5 banks.
4. The CBN’s audit of all banks should completed by mid-September. 5 other banks passed the audit, according to Renaissance Capital. They include First Bank of Nigeria Plc, the nation’s largest lender, Diamond Bank Plc, Guaranty Trust Bank Plc, Sterling Bank Plc and United Bank for Africa Plc.
5. 14 banks are yet to be audited.
6. According to Tunde Lemo, CBN’s deputy governor, the fired executives may face prosecution.
7. ThisDay newspaper reported that the CBN may end up injecting up to N1trillion into these banks.
8. Renaissance Capital upgraded its recommendation on Zenith Bank Plc to “buy” from “hold” and suspended ratings on three other lenders that failed a central bank audit. Ratings were suspended on Intercontinental Bank Plc, Union Bank of Nigeria Plc and Oceanic Bank Plc.
9. CBN said it will guarantee the foreign loans of the 5 banks. Officials from CBN will visit London soon to “explain its actions and dialogue with investors and foreign correspondent banks.
10. Zenith, along with First Bank, Access Bank Nigeria Plc, First City Monument Bank Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc are RenCap’s top picks because they “show up well” in terms of the central bank’s requirements of transparency and liquidity, Lagos-based RenCap analyst Kato Mukuru wrote in the note.