Breaking News

Sen Salawu condemns CBN’s action over troubled banks

By Demola Akinyemi

Ilorin – The National Chairman of Action Alliance, (AA), Senator Suleiman Salawu on Sunday in Ilorin,  condemned  the decision of the Central Bank Governor, Dr. Sanusi Lamido Sanusi over the five banks chief executives  describing it as a panic action that will never yield any good result .

Addressing newsmen over the arrest of some banks Executives in the country by the CBN, Senator Salawu  explained that it was a selective approach adding“Federal Government is heavily indebted to many construction firms and other private organization while the same situation applies to many state administrations”.

He also said  above all that it  will eventually destabilize the sound financial policy put in place over years by the management of the effected banks and which made them among the strongest banks in Africa.

Senator Salawu was of the opinion that the action of Central Bank of Nigeria is sending wrong signal to the world economy.

He also said that, the government that claims to believe in the rule of law should have followed due process but instead Dr. Sanusi went ahead by sacking the Chief Executives of the five banks without recourse to the rules and regulations.

“If we should allow the Sanusi’s action on the five banks to stand, financial industry of the nation will collapse. This will be a question of time. The CBN is a regulatory body and should not


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