Breaking News

ANAN condemns sack of management of five banks

By Peter Duru
The National President of the Association of National Accountants of Nigeria ANAN, Mrs. Iyamida Gafa has criticized the recent sacking of the management of five banks in the country by the Governor of the Central Bank of Nigeria CBN, describing the action as selective.

Mrs. Gafa who added her voice to the criticisms that have trailed the action of the CBN boss, denounced what she portrayed as a ‘lopsided’ exercise by the apex.

The ANAN President who spoke to Journalists in Makurdi after paying a courtesy call on the Benue State Deputy Governor, Chief Steven Lawani, expressed utter displeasure with the policies of the new CBN boss.

She wondered why the exercise was not holistic and far reaching as anticipated by Nigerians stressing that it shouldn’t have been a case of using some banks as scapegoats as replicated in the recent action of the CBN.

Mrs. Gafa said, “We are not satisfied with the exercise because the reports have just come out in only five (5) banks that were said to be non_performing”.

“The other banks have not been given a clean bill of health either and so we do not know what is happening behind the scene. We had expected that all the banks would have been taken at the same time”, she insisted

The ANAN President blamed the present situation on accountants and auditors whom she said have failed to carry out their responsibilities as expected.

She reminded them that they have a vital role to play in the production of accurate accounts for banks and other corporate organizations in the country especially in the face of recent developments in the financial sector.

According to her, “Unfortunately, the accountants and auditors have stayed too long in these banks that they have become part of the management and as such, have failed to point out these ills”, Mrs. Gafa lamented.

Proffering solution to the quagmire, the ANAN boss suggested the engagement of external bodies to properly advise banks, suggesting the rotation of auditors in organizations after every five (5) years as a way of ensuring sanity in the banking sector.


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