Macro-economic instability, poor governance and lack of or inadequate risk management have been identified as some of the factors responsible for the sharp practices bedeviling the banking sector, stock market and general investment in Nigeria.

The new President/Chairman of Council of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Mr. Teslim Tunde Busari, stated this during his investiture as the 23rd president of the institute in Lagos.

Other factors responsible for the  frauds in the banking sector, stock market and general investment in the country, according to Busari, include “insider loans, inadequate supervision and regulatory complacency.”

“It is common place to find companies and corporations indulge in “structured finance” by which non-profitable company is made to look buoyant. Also, it is common place to find subsidiary companies created by banks being used by the same bank to siphon funds out of the bank through pre-meditated and deliberate banking facilities,” he said.

Busari, who did not exonerate professionals in all these sharp practices, said: “The professional cadre also has a role to play in all these evils around us.”

He commended the efforts of the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Central Bank of Nigeria (CBN) and the office of the Attorney-General of the Federation in sanitizing the society.