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Labour urges CBN not to politicise development in banking sector

The NLC President, Mr Abdulwaheed Omar, on Wednesday urged the Central Bank of Nigeria (CBN) not to politicise the ongoing reform in the banking sector to achieve its objective.Omar told the News Agency of Nigeria (NAN) in Lagos that politicising the current reform in the financial sector would defeat the essence of the reform.


The CBN Governor, Mr Sanusi Lamido Sanusi, had penultimate Friday sacked the Managing Directors and Boards of five banks for alleged mismanagement of depositors’’ funds. He also announced in London on Aug. 28 that a time table on the planned sale of the five banks would soon be released to enable investors to express their interest.

The banks are Union Bank of Nigeria (UBN), Oceanic Bank Plc, Intercontinental Bank Plc, Finbank Plc and Afribank Plc. The NLC president said the development in the banks was a very delicate one and should be handled with care in order not to make the situation worse.

*Bank Crisis: CBN Governor Sanusi Lamido Sanusi addressing House Committee on Banking and Currency over crisis in five Banks at National Assembly Abuja. Photo by Gbemiga Olamikan.
*Bank Crisis: CBN Governor Sanusi Lamido Sanusi addressing House Committee on Banking and Currency over crisis in five Banks at National Assembly Abuja. Photo by Gbemiga Olamikan.

“The apex bank must not politicise what it is doing to reform the banks because it is a very sensitive and serious issue. If the necessary changes in the financial sector is allowed to be clouded by politics, the whole essence will be defeated and we will return to square one,’’’’ Omar said.
He commended Sanusi for taking the bold step to sanitise the rot in the sector, stressing that efforts must be made to sustain it.“If the banks operate transparently, we can restore the confidence of investors that would improve the activities of the bank,’’ the labour leader said  Omar added that the current sanitisation would allow the new executive invest in the productive areas, especially industries that would be able to pay back loans and accrued interest.
On ASUU, the NLC president said it was absurd for the government not to finda quick solution to the strike.As an important regulator in educational growth of the nation, it does not portray us well if the government feels unconcerned about the nation’’s education system,’’ he said.

Omar said it was the responsibility of those in governance to ensure that everything works well, even if they do not have a stake in such an area.
He said the NLC would dialogue with the striking unions and find a way to make government see reason and resolve the impasse.


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