The Central Bank of Nigeria, CBN, headquaters, Abuja
By Victor Ahiuma-Young
LAGOS—ASSOCIATION of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, yesterday directed members to be actively involved in whistle-blowing on persons known to be involved in the practice of cash racketeering to save the financial sector from liquidity crisis beleaguering the system.
The body also pleaded with the anti-corruption agencies to intensify efforts in preventive activities by working with financial system operators and regulators to ensure that access to such cash was prevented at the commercial banks and the CBN.
ASSBIFI in a statement by its National President, Mrs Oyinkan Olasanoye, said: “As a responsible association, if all such funds were in the banking system today, the liquidity position would be different.”
“As a leading and responsible trade union in the financial sector, and a critical stakeholder in the financial system, we are inclined to state the following position of our union in the light of the inglorious development and economic malaise: The Nigerian financial system remains weak in liquidity and under-capitalized partly because the funds in private vaults running outside the system are competing in volume with what is accounted for in the financial system, if not more.
‘’The government of the day should continue to strengthen the relevant anti-corruption institutions and build a strong system around strong values and personalities. And government should encourage people to speak the truth to power at all levels, whether through citizens’ media or the regular mass media.
“The government should go beyond the financial reward to whistle-blowers, and put in place laws that will protect the whistle-blowers against any form of retaliation. We also encourage our members in the insurance and banking sector to get involved in the whistle-blowing of any person or persons known to them to be involved in the practice of cash racketeering.
‘’This is intended to save our system from liquidity crisis beleaguering the system. As a responsible association, we can safely say that if all such funds are in the banking system today, the liquidity position will be different.
“ASSBIFI shall continue to support the efforts of government to rid the financial system of corruption at all levels. We, therefore, demand that anti-corruption agencies intensified efforts at preventive activities by working hand in hand with the financial system operators and regulators to ensure that access to such cash is prevented at the commercial banks and the CBN.
‘’Government must not mistake the shocked silence of the populace for ambivalence as the people shall demand in due course a more proactive approach to anti-corruption, against the present reactionary trend.
“The people shall d
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