Mixed reactions trail CBN's agenda on banks' ownership, reforms
MIXED reactions yesterday trailed plans by the Central Bank of Nigeria (CBN) to curtail sole proprietorship of banks in its ongoing reforms in the sector. Specifically, two shareholders groups that spoke with The Guardian argued that the CBN should restrict its functions to that of regulations, rather than attempting to dictate to existing board members. The CBN governor had on Wednesday in Lagos said: "We have not offered any of these banks to any investor and do not intend to force the banks on any investor. However, the Central Bank of Nigeria (CBN), would not allow these banks to go back into the same one-man structure that they were in before now. We will look for and advise the banks to look for appropriate core investors, local or foreign, that will bring in the governance and status that would ensure we preserve the long term value of shareholders by building an institution. "
The Guardian Newspapers