The Central Bank of Nigeria disclosed that around NGN177 billion (US$1.4 billion) depositors' funds are now trapped. This follows the withdrawal of operating licenses of 14 under-capitalized banks by CBN. According to CBN, the affected banks were found to be insolvent with negative shareholders' funds and also failed to achieve the NGN25 billion minimum capitalization norm prescribed by CBN at the end of the year. The banks are African Express Bank, AllStates Trust Bank, Assurance Bank of Nigeria, City Express Bank, Eagle Bank, Fortune International Bank, Gulf Bank, Hallmark Bank, Lead Bank, Liberty Bank, Metropolitan Bank, Societe Generale Bank, Trade Bank and Triumph Bank. Newspaper Thisday reported that CBN also decided to hand over chronic debtors of these banks to the Economic and Financial Crimes Commission. Speaking to newsmen in Abuja, CBN's Governor Charles Soludo said of the NGN177 billion trapped, NGN107 billion was uninsured private sector deposits.