CBN Gov Advised to Monitor His Deputies

Central Bank Governor, Sanusi Lamido, has been advised told to closely monitor the activities of his deputies and scrutinise their reports to ensure it is accurate and correctly reflects the state of the banking sector in Nigeria.
Economists, last week, reasoned that this is important to avoid any further regulatory lapses that could jeopardise the stability of the industry and undermine depositors’ confidence.
Osasah gave the warning on the backdrop of the misleading report by the former CBN Deputy Governor in charge of banking supervision who gave all the banks a clean bill of health, contrary to current revelation in the industry.
M2 recalls that about a fortnight ago, Sanusi sacked five bank CEOs for allegedly running their banks aground. The CBN boss alleged that the affected banks, Oceanic bank, Intercontinental bank, Union bank, Afribank and Finbank had become perpetual borrowers from the extended discount window and later the Interbank market.