Date Published: 09/14/09
SHAKE-UP IN FIVE BANKS, THE POSITION OF AFENIFERE
The recent shake-up in five banks, viz: Union Bank, Oceanic Bank, Finland Bank, Intercontinental Bank and Afribank, by the Central Bank of Nigeria (CBN), has attracted the attention of Afenifere, especially as it affects the generality of common Nigerians who have their monies in the banks and who depend mostly on the banks for their livelihood. We wish to make our position clearly known as follows:
The hype with which the actions are taken raises suspicion, and
The hype may eventually affect not only the banks but also the whole economy negatively.
As a result of this, we wish to suggest:
That, all the actions of the Central Bank of Nigeria and the Economic and Financial Crimes Commission (EFCC) should conform with the rule of law and due process
That, the CBN must take a holistic look at all Nigerian banks and all areas of banking generally
That, the interest of depositors must continue to be protected
That, other banks, also showing signs of going down, must also be dealt with in the interest of the economy and the people.
Finally, all Nigerians in positions of responsibility must ensure they perform their duties fairly and without bias. We are watching. We have not yet seen any evidence of any ethnic consideration in the actions of the CBN. But as this is still an ongoing matter, we await the outcome of the investigations and the court actions.
However, we wish to note that when Unity Bank had problems sometime ago, public funds were injected into the institution without the removal of its Chief Executive or the dissolution of its Board. Afenifere implores CBN to ensure it sets a transparent template ensuring adherence to due process in its role as the regulatory authority in the Banking Sector. This sector is critical to the growth and economic well-being of the Nation. We expect CBN’s actions to be of general application to all the banks so that a regime of transparency and accountability may be entrenched in the Banking Sector to encourage confidence and further investment in our economy.
Afenifere will always support actions intended to combat corrupt practices in our country, a malaise which is now endemic in public and private institutions. And we shall support all bonafide policies and actions aimed at combating corruption.
CHIEF REUBEN FASORANTI, OFR
Afenifere Leader.
