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Banks’ regulators tasked on efficiency

By Emma Arubi

WARRI — BANKS regulatory authorities and monitoring units have been charged to wake up to their responsibilities by executing their functions timely and without fear or favour.

Branch Controller of the Central Bank of Nigeria, CBN, Asaba, Delta State, Dame Elizabeth Oyibo Agu, made this call in a paper, entitled Professionalism in Banking and Ethical Practice, presented at the 2010 annual luncheon of Warri branch of the Chartered Institute of Bankers, held in Warri, last weekend.

She said the sweeping bank reforms by the CBN governor revealed that bank managers freely engaged in high degree of professional misconduct that had become worrisome to industry watchers.

According to her, most bankers have succumbed to the pressure of “fraud triangle” of opportunity, pressure and rationalisa-tion.

She noted that jumbo pay and greed, amongst other vices, were what affected the level of ethics in the industry, stating that, “the remuneration of bank staff tends to make them see themselves as millionaires and do everything possible to remain affluent and flamboyant.”

Agu stated that these factors militated against professionalism in banking and ethical practice in the finance service industry in Nigeria.


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