Welcome to SABOSA
Savannah Bank Old Staff Association (SABOSA), where the legacy of Savannah Bank’s esteemed former staff lives on.
Brief History of Savannah Bank
Savannah Bank has a rich and complex history in Nigeria. Originally operating as Bank of America, it changed its name to Savannah Bank in 1976. The bank was once among Nigeria’s top financial institutions, known for its extensive network and significant market presence.
In 1999, International Resource Associates of London acquired a majority stake in Savannah Bank, and by April 2000, the bank was under new management. However, in February 2002, the Central Bank of Nigeria (CBN) withdrew Savannah Bank’s license, citing insufficient assets to meet liabilities and non-compliance with regulatory obligations. This led to the Nigeria Deposit Insurance Corporation (NDIC) taking over as the liquidator and sealing the bank’s offices.
Vanguard: Reps probe CBN, NDIC over closure of Savannah bank
By Levinus Nwabughiogu (2019) Seventeen years Savannah Bank was shut down, the House of Representatives…
DailyTrust: Savannah Bank re-licensed for operation, not liquidated – NDIC
The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that Savannah Bank, one of the Nigerians’…
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