NigeriaAccess Holdings reports 19.3% of equity abroad, double the cap.

The central bank gave Nigeria’s biggest bank 12 months to comply.

The Banks and Other Financial Institutions Act caps foreign-subsidiary investment at 10% of shareholders’ funds unless the central bank approves more.

“Do we have one or two troublesome subsidiaries? I can think of one,” said chairman Aigboje Aig-Imoukhuede.

CEO Innocent Ike says the group will comply before the March 2027 deadline.

How each outlet framed it
Premium Times Nigeria
reports the bank's own chairman naming a troublesome subsidiary, tying exit to the CBN 10% investment cap (BOFIA 2020)

Sources: Premium Times Nigeria