The Central Bank of Nigeria (CBN) on Thursday restated its commitment to prevent foreign banks from acquiring Nigeria's mega banks or allow them to have more than 10 per cent equity in such choice banks in the country. It said however, that foreign banks with investment interests in Nigeria were free to apply for licences to establish banks provided they are to operate within the nation's stipulated banking regulations.

The apex bank said the clarification became necessary following insinuations by the media in respect of comments by the Mayor of London, Mr. Alderman Lewis during his visit to Nigeria last month that the Nigerian government was not opening up its banks for foreign competition.

But the CBN Head of Corporate Affairs, Mr. Festus Odoko, who issued a statement on Thursday, faulted the mayor's submission, pointing out that the mayor stood the truth on its head concerning the CBN policy. The policy introduced last year by the apex bank was in part to protect the Nigerian economy from being hijacked by foreigners.