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For shoddy job, shareholders want FG to review CBN policies

By Peter Egwuatu
Shareholders of banks whose managing directors were sacked by the Central Bank of Nigeria(CBN) following alleged misuse of shareholders’ funds have called on called on the Federal Government to set up committee to review the  recent action and policies of the apex bank in order to avoid a  reoccurrence of policy somersault which significantly affected the Nigerian capital market in the wake of global financial meltdown.

The Chairman of Ibadan Zonal Shareholders Association of Nigeria, Chief Aderemi Oyepeju told Saturday Vanguard, “ We, the shareholders are advising the Federal Government to set up committee that will review the dismissal of the five banks  managing directors and their executive directors.

We don’t want any policy somersault of the CBN because it was such actions that contributed to the crash of the stock market. You can remember that the CBN had instructed banks to adopt a common year end which made them to start asking the stockbrokers to pay up their margin loan facility so as to meet the common year end financial requirement.

It was at that point that the market crashed because all the banks were chasing them to recover their money”

“We would like the managing directors and executive director of these banks to be reexamined because the CBN was too hasty to take the action it did when there are other banks that are yet to be examined.”

Mr. Adebayo Adeleke, Secretary General of Independent Shareholders Association of Nigeria (ISAN), berated the CBN for the rush in taking the decision to sack the five banks’ chief executives and their directors.

According to him, “ From the responses we are getting from debtors over the state of their indebtedness to those affected banks, it shows that the CBN did not do a thorough job.

They should have done a thorough job before coming out with how much people are owing to these banks which led to the dismissal of these banks’ officers.

There was a little bit of rush on the part of the CBN and now the action has caused a lot of panic and eventual withdrawal of funds from these banks.

“ To remedy this situation, we are calling on the CBN to do more enlightenment campaign to assure investors and depositors that their money is still safe with these banks despite its action. They should also review the debtors’ debts position to these banks and come out with correct figures to make its case acceptable and get needed confidence to move the economy forward.”


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