Breaking News
Translate

CBN reverses self on directors’ tenure

By Emma Ujah , Peter Egwuatu & Oscarline Onwuemenyi

SOKOTO—THE   CENTRAL BANK, yesterday, reversed its earlier directive that directors of banks were now to serve a two-year tenure which could be renewed once.

This was just as the Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar, yesterday, said that CBN policies will endanger the nation’s economy if not checked just as the apex bank reversed itself on non-executive directors’ tenure saying that the four-year renewable tenure subsists.

The Sultan, speaking during a courtesy visit by the Securities and Exchange Commission, SEC, team led by the Director General, Ms Arunma Oteh, said that what the CBN did was to expose the nation to insecurity.

He said: “When we meet with the CBN governor we shall advise him on the policies that are not favourable to the economy. Whatever the banks should do, they should take into consideration its security implication to the nation.

“If the economy is down and out we would have a lot of insecurity problems because the poor man will resort to violence and crimes.”

Noting that the economy was a good ingredient for sustaining peace and unity


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.