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June 24, 2024

CSOs back FG on recapitalization of banking sector

CSOs back FG on recapitalization of banking sector

By Olasunkanmi Akoni

A Coalition of Civil Society Organisations have expressed support for the Federal Government on planned recapitalization of commercial banks by of the Central Bank of Nigeria, CBN, describing it as healthy for Nigeria economy which will attract investors.

Spokesperson for the coalition and former chairman of ICAN, Lagos District Society, Mr. Alesya Wilcox, addressing the media on Monday, at Ikeja, Lagos State, said the banks in Nigeria are currently weak, unattractive to investors.

Wilcox, noted that “Recapitalisation is to make the banks healthy and stronger, when banks are healthy, they will be able to recruit more staff.”

The coalition which comprises of constitutional Rights Advocate Initiative, Cadrell Advocacy Center, Movement for Nigeria Restructuring, center for Social and Economic Rights, Committee for the Protection of People’s Mandates, Coalition Against Corrupt Leaders, CACOL and Commonwealth Institute of Advanced and Professional Studies, noted “We are supporting the recapitalisation move because, there are plans by some benefiting from the weakness in the banking sector to sabotage it.

“We are a coalition of civil society organisations. Our role is to act as watchdogs to government in overarching interest of the Nigerian people.

“Our gathering today is to alert the Federal Government, the Central Bank of Nigeria, the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), the Bankers Committee and the Nigerian media to an organised plot by some vested interest within the Nigerian banking system to begin to orchestrate a diversionary gas-lighting campaign to stop the proposed banking sector reforms using some faceless civil society organisations who will begin to make preposterous claims and allegations against some Nigerians who critical to the success of the planned banking recapitalization programme.

“We also have credible intelligence that they intend to make some unsubstantiated allegations against the current CBN Governor, Mr. Olayemi Cardoso, Mr. Olawale Edun, the Finance Minister and Coordinating Minister for the Economy and some investors in the banking sector.

“Some investors in the banking sector are planning to sabotage the recapitalisation, and their goal is to either delay or force the Central Bank of Nigeria to drop the ongoing reforms of the banking sector so as to elongate the stay of their Pay Masters at the helm of affairs at some of the sick banks which require the recapitalization most.


“It is germane to say that some of the banks which require the recapitalization most are the very ones in need of the injection of capital off the back of the recapitalization programme. But these vested interests would rather leave the banks in their sick state so as to prevent the truth from being unearthed.

“One of the critical pillars upon which the economic reforms agenda of the Federal government is anchored is the proposed banking sector reforms. Nigeria cannot afford another banking sector crisis. It will throw more Nigerians into the unemployment market. This why, we are raising this alarm.”