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CBN blames economy slow down on banks

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By Amaka Agwuegbo & Providence Obuh
LAGOS—The Governor of Central Bank of Nigeria, CBN, Malam Lamido Sanusi, has blamed the slow rate of economic growth on the fraudulent activities and sharp practices being perpetrated by the management of some banks and other financial services providers.
Speaking on ”Strengthening the Nigerian financial services sector for economic growth and best practices in corporate governance” at the Lagos State Council of the Nigerian Union of Journalists’ Press Week, Sanusi, who was represented by the Head, Banking Supervision, Mr. Joseph Ajewole, said CBN had evaluated the situation and would proffer solutions that would bring about positive changes.

According to Sanusi, management of some banks and other financial services providers engage in activities that are detrimental to the growth of the economy.

“The aim of CBN is to promote good corporate governance culture since the inability of the board and management of banks in checking the excesses is responsible for the rot in the system.

In his welcome address, the Chairman Lagos NUJ, Alhaji Wahab Alabi, said  as a result in the upheaval in the financial sector, the union thought it wise to bring the man at the helm of affairs to explain issues.

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