Posted by: searchafrica | December 3, 2010

CBN Threatens To Sack More Bank Mds


sanusi lamido sausi

The Central Bank of Nigeria, CBN, says it is worried by reports that some managing directors of banks were taking directives from former managing directors and key shareholders. The apex bank has, on this account threatened to remove managing directors of banks found to have allowed their predecessors and some key shareholders to meddle with the day to day running of such banks.
The action, CBN says, runs counter to the corporate governance reform it was currently pursuing.
The CBN in a memo noted that: “Board members and chief executive officers who are unable to assume full responsibility for their institutions assume the risk of not retaining this status. The corporate governance and other reforms of the banking sector have been instituted to ensure the sustainable growth of the sector and best-practice standards therein for the benefit of all stakeholders and the economy.



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