, “Two months into his governorship, Malam Sanusi embarked on the bailout of Afribank, Intercontinental Bank, Union Bank, Oceanic Bank and Finbank and dismissed their chief executive officers in a move designed to show that banking is no longer business as usual but institutions that must serve the economy as a whole.

“Another key reform of the banking sector introduced by Mr Sanusi has been to limit the tenure of bank CEOs to a maximum of 10 years. They will have to leave office at the end of their term regardless of their record. This policy has already led to change of leadership at UBA, Zenith and Skye banks,” the release said.

The Magazine’s editor added that the reforms initiated by Sanusi have been hailed as necessary to sanitise the banking industry and that observers have argued that, had these reforms not been initiated, “Nigeria would have entered into another round of banking distress.”

The CBN governor was quoted as saying that the banking reforms were built around four pillars: enhancing the quality of banks, establishing financial stability; enabling healthy financial-sector evolution and ensuring that the financial sector contributes to the real (non-financial) economy.

“Until now, the banking system was servicing the banking sector and not the economy as a whole. What we want to ensure now is that the banking industry services Nigeria,” Sanusi said,

culled from: http://labarai.com/?p=125