Nigerian Banks Bailed Out N400 billion, Heads Roll.

That the Nigerian government has finally bailed out some of the banks in the country with a staggering $2.5 billion (N400 billion), may come as no surprise to many analysts who have insisted that the Nigerian banking system was on shaky ground despite the constant denial by the former governor of the Central Bank, Emeka Soludo. However what might be surprise a few are the names in the five banks bailed out - Afribank, Finbank, Intercontinental, Oceanic and Union Bank.

With the exception of FinBank, the rest are considered amongst Nigeria's top ten banks. It was also widely believed that Union Bank had enough cash deposits from its numerous customers to weather the the global financial crisis that has now begin to take its toll on Nigerian banks.

The CBN also wasted no time in sacking the CEOs of the affected banks, amongst them two time winner of the African Businesswoman of the Year - Cecilia Ibru of Oceanic Bank, and sealing off their premises with armed police. It has also been quick in replacing the sacked officials.

However with the CBN yet to complete its audit of all Nigerian banks, it may yet find itself bailing out some more banks in the country. How many execs that will join the others on the chopping block and its effects on the volatile stock market remains to be seen.