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ACAMB flays rating of Nigerian banks

By VANGUARD
The Association of Corporate Affairs Managers of Banks (ACAMB) has  condemned in totality the publication by The Africa Report, a bi-monthly published by Paris-based Groupe  Jeune Afrique which was quoted by The Punch, a Nigerian daily, classifying Nigerian banks into an unknown and unacceptable ratings.

The association questioned the source of the information of the publication, noting that the only acceptable and recognised authorities in this regard remain the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) which have the facts and figures on the state of health of the industry.

ACAMB also pooh-poohed the rating on a number of grounds which bothered on ethical issues, professional competencies and historical antecedents.

A statement issued in Lagos yesterday by the Association said that earlier ratings by international and reputable organizations/agencies gave credence to the viability and healthy state of Nigerian banks.

ACAMB noted that early this year, Forbes, a leading global magazine listed selected Nigerian Banks among the list of 2000 biggest companies in the world; attributing the success story to the outcome of the reform and consolidation in the industry.

In the same vein, African Business Research Limited, a research-oriented consultancy, specializing on Africa financials corroborated the position of Forbes, explaining that the Nigerian Banking industry was stable, vibrant and capable of meeting its financial obligations to all stakeholders.

“Various Fitch Ratings, an equally reputable international agency, as well as the respected international Banker Magazine, have equally accredited the  banks healthy, showing strong presence in the global ratings of banks”, ACAMB asserted.

The Association cautioned the Nigerian media and the Nigerian public not to be deceived by the ratings of Banks as pushed to them by foreign media, noting that such could have ulterior motives that are not patriotic.

It urged all stakeholders to disregard the report and await the capital and assets audit exercise of the apex bank on this critical matter.


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