Banks overhead cost to drop – Sanusi

Abuja — Central Bank of Nigeria Governor, Sanusi Lamido Sanusi, said in Abuja yesterday that the overhead cost of banking operations in Nigeria would reduce by 30 per cent in the next three years.

Sanusi spoke at the 4th Annual Banking and Finance Conference, organised by the Chartered Institute of Bankers of Nigeria.

He said independent power plants would be installed for banks in Lagos. “It is expected that in the next three years, we will reduce overhead cost in the banking industry by 30 per cent.

“We are also working towards establishing an independent power plant for the supply of power to banks operating from Lagos,” he said. He said the apex bank would ensure that banks were prepared to meet the needs of depositors and investors.

“The Central Bank has established the consumer protection division to provide platform on which consumers can seek redress.

“The consumer protection division is expected to commence the programme of consumer education and enlightenment and should collaborate with Consumer Protection Council,” he said.

He added that a comprehensive review of bank to bank charges had commenced with the aim of making the charges realistic and friendly. The governor said the measure would go a long way in instilling discipline in the market and ensure sustainable economic growth.

Sanusi noted that for the nation to have a resilient economy, all stakeholders must be committed in all reforms and initiatives in the banking and capital market. He recalled that CBN had given N199 billion to small and medium_scale enterprises for tenures of 10 to 15 years at an interest rate of 7 per cent.