Savannah Bank

[1] Some prominent people associated with the bank were Senator Jim Nwobodo, a shareholder and chairman,[2] Senator Felix Kolawole Bajomo, an executive director,[3] and Shettima Mustapha, a Federal Minister and board member, but not a shareholder.

The Nigeria Deposit Insurance Corporation took over as liquidator, sealing the bank's offices.

In a ruling on 20 October 2006, the Abuja High Court said the CBN had acted properly in revoking the bank's licence.

[8] Richard Abrahams of the Bank of America was appointed chairman of the interim Board of Directors.

[9] Jim Nwobodo said the new Savannah Bank would be launched carefully to ensure emergence of a world class and competitive institution.