By Udeme Clement
The Association of Senior Staff of Banks Insurance and financial institutions (ASSBIFI), has said that moves by the CBN and the commercial banks to contribute N1.5 trillion over a period of 10 years to fund the newly established Asset Management Corporation of Nigeria (AMCON), set up to buy bad debts will not solve the problem facing the sector.

An official of ASSBIFI, Afribank unit, Otio Nathaniel, said though the money would be contributed over a period of  10 years, it would not holistically address the challenges confronting the sector in order to restore confidence of the public. “Banking is an important sector of the economy.

As such, CBN as the monetary authority in the country must ensure that the ongoing reforms reflect not only short-term development agenda, but policies to stimulate growth in the long-run as well”, he stressed.

He said, “what the current management of CBN should do is to align it developmental policies and reform strategies with the existing structures put in place by the former governor of CBN. If you look at some of the policies formulated by the former management of the apex bank and study them carefully, you would see that they are still very useful and if properly implemented, would move the industry forward.”