The Association of Corporate Affairs Managers of Banks (ACAMB) has decried the huge debt portfolios of corporate bodies, institutions, governments and individuals to the banks and asked that the litany of banksâ€™ debtors to urgently honour their financial obligations to the Banks in order to remedy the situations.
ACAMB in a press statement issued at the end of an emergency general meeting on Tuesday, 18th August in Lagos, cautioned that a lot of publications, media and commentaries (local and international) were likely to take advantage of the well-intended position of the CBN to assume an â€œalmighty financial analysts statusâ€ to create confusion in the Nigerian banking industry.
It noted that the regulatory authoritiesâ€™ remedial action should neither be misconstrued nor misrepresented to already â€œover-loadedâ€ members of the public but be appreciated for its proactiveness and far-reaching positive consequences.
â€œWe are worried that the subject is being exploited negatively particularly by a section of the Nigerian stakeholders to degrade the banking industry thereby destroying an important economic institution in the country despite the good intention of the authorities,â€ ACAMB stated.
The Association also advised banks, customers and the general public against using the cleansing exercise to de-market the five banks, noting that the injection of fresh funds into the banks was intended to stabilize them against liquidity crunch with the ultimate goal of rejuvenating the Nigerian economy.
ACAMB explained that the â€œstress pointsâ€ identified by the regulators in banks were indirect fall-outs of the global financial meltdown which was ravaging nations, institutions and communities to the extent of rendering some bankrupt.
â€œThe Nigerian nation and its institutions, including the financial sector have not been declared bankrupt, rather measures are being intensified to forestall any positive distress while also enhancing the existence of healthy and vibrant financial institutionsâ€, ACAMB posited.
The Association, therefore, enjoined all customers to go about their normal banking transactions without panic, reiterating the fact that the CBN and government have assured that no bank would be allowed to fail in Nigeria.