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UK envoy backs banking sector probe

THE newly posted British High Commissioner to Nigeria, Bob Dewar, has said the ongoing investigation in the banking sector in Nigeria is a welcome development which will restore confidence in the nation’s economy as well as the continent in general.

Dewar made the remark at a cocktail reception for the London Chamber of Commerce and Industry Trade Mission in collaboration with Guaranty Trust Bank (GTB) at the residence of the envoy in Ikoyi, Lagos.

Addressing guests, the envoy commended the efforts of the Central Bank Governor to sanitise the banking sector, describing it as a welcome development.

He noted that the ongoing clean up in the sector would also act as catalyst to boost measures in recovering from the global meltdown.

His words: “The economic reform of CBN which is to ensure that prudential rules are respected in the banking sector is a welcome development. In line with commitment to globalisation, the CBN reform will improve governance, transparency and rebuild confidence.”

It is an important message to us because we need the right policy frame work. The reform will not only improve Nigeria economy but that of Africa Continent as a whole but also restore international credit confidence.”

While urging guests to make best of the opportunity, Dewar expressed optimism that the forum will afford both, countries, Nigeria and UK investment opportunities.

He noted that UK has a lot of investors in Nigeria through foreign direct investment such as British Airways, John Holt among others.

He commended GTB for sponsoring the event which he stressed was important in building business relationship between both countries.

Various investors, mostly British and local had their business potentials and document presented at the event. The Mission is also billed to visit Ghana , Kenya and South Africa .


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