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Troubled Banks: Center for Shareholders call for score cards

By Peter Egwuatu
Barely close to one year that the Central Bank of Nigeria (CBN)’s newly appointed management took over the affairs of the troubled banks, the Centre For Shareholders’ Enlightenment Limited has called on them to present their score card to their shareholders and other stakeholders.

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The troubled banks are : Intercontinental Bank Plc, Afribank Nigeria Plc, Union Bank Nigeria Plc, Bank PHB Plc, Spring Bank Plc, Fin Bank Plc, Unity Bank Plc and Wema Bank Plc

Speaking at a press briefing over the weekend in Lagos, Chairman of Centre For Shareholders Limited and former Director General of the Securities and Exchange Commission (SEC), Mr. Wole Adetunji said, “ We have been following the goings-on in the Banking industry of Nigeria over the past one year or so and we acknowledge the prompt response by the executive management team of these banks to call to duty made by the CBN aimed at sanitizing the industry.

We noted in particular your indefatigable efforts in clearing the rot that you met on ground upon assumption of duty. We do appreciate the tremendous progress that your Bank had recorded over the period through your deft management prowess.”

He stressed that the financial system and in deed the capital market thrives on prompt information, a prerequisite for informed investment decision making

To this extent, he called on the management of these troubled banks to come out and present an update on the progress made so far since they took over the affairs of the banks to their shareholders and the general public.
In his words, “ The rescued banks management are being invited to present an update on the progress made so far by the banks since assumption of duty at a day seminar being organized by our organisation for Thursday, June 3, 2010 at Sheraton Hotel Lagos. However formal invitation have been sent to them and we hope they will use that day to intimate the shareholders and the public of their progress and challenges so that solutions could be proffered.”
He expained that in the absence of Annual General Meeting (AGM) of these trubled banks where stakeholders could ask relevant infor

Adetunji, said the Center For Shareholders’ Enlightenment Limited by Guarantee has one of its noble objectives, the enlightenment of the Nigerian public on the operations of the Nigerian financial system general and particularly the capital market.

According to him, “ This is to enable the organisation contribute its own quota to the development of the Nigerian economy as a whole.

The former SEC boss also commended the Commission for the new rules made recently, saying this will help to further sanitise the capital market.

He advised the Commission to be proactive in its responsibility of regulating and developing the market, adding that the major problem has been with that of implementation.


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