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Expert tasks CBN on banking crisis

By Babajide Komolafe

LAGOS—A financial expert, Dr Agbai Ina Obasi, has urged the Central Bank of Nigeria (CBN) to put a system in place that will make it difficult for bank workers and management to trigger crisis in their organisations.

The former Spring Bank Regional Director, Lagos and West, said for instance if the Chief Internal Auditors of banks  live up to their responsibilities, they can forestall crisis in the banking sector. He traced current banking crisis partly to the inability of the office of the chief internal auditors of the banks to function properly.

Obasi, who addressed newsmen yesterday on preparations towards the public presentation of his two books: Nemesis (An Insight into Bank Crisis) and Financial Independence: Lessons on Financial Freedom; said negligence and weaknesses on the part of the chief internal auditors to bring the managing director  to order even when it was obvious things were going wrong in risk assets management plunged the banking system to the credit crisis.


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