Osinbajo, Others for Book Launch on Banking Reforms
Nigeria’s Vice President, Professor Yemi Osinbajo and leaders of the National Assembly, and other top government functionaries will on Monday, March 12, 2018, converge at the International Conference Centre, Abuja, to unveil a book meant to chart the way out to revamp the banking sector, in an ongoing national quest for sustainable economic development.
The public presentation and launch of the book, “Banking Reform in Nigeria: The law, The Prospects and The Challenges,” is written by Eminent Scholar, Lawyer, Chartered Banker and influential member of House of Representatives, Hon. Dr. ‘Bode Ayorinde.
The book traces the historical development of banking business in Nigeria and critically examines all the laws relating to banking since inception.
Posited to be an invaluable guide to the transformation of the banking industry, the book goes further to chronicle all attempts to reform and rebrand the banking industry in the past, including the most pronounced consolidation exercise of 2004/2005 that shook the industry to its foundations.
The book being presented further examines the issue of bank capital requirement, distress management in banks and professionalism in banking business. The meat of the book is the critical examination of legal and institutional framework for regulation and supervision of banks in 23 other countries and it concludes with an admonition for an urgent reform of the Nigeria banking industry offering some suggestions that would make the banking industry conform to the world’s best practices and in line with the policies of the current administration of President Muhammadu Buhari.
The author of the book, Hon. Dr. ‘Bode Ayorinde is a seasoned scholar, with specialization in International Banking and Finance Law. He is currently the Pro-Chancellor and Chairman of the Governing Council, Achievers University, Owo, Ondo State of Nigeria. He has been in this position since the foundation of the University.
Hon. Dr. Bode Ayorinde has played a major role in the House Committee on Banking and Currency. He served as the Chairman of the House Ad-Hoc Committee on Economic Recession. He is also the Deputy Chairman of House Committee on Rules and Business.
Hon. Dr. Bode Ayorinde is also a member of several House Committees including Banking and Currency, Finance, Tertiary Education and Services, Anti- Corruption, Justice, FCT Judiciary and FERMA.
Hon Ayorinde was the Convener of the highly successful Legislative Economic Summit held in Abuja last November, an event that facilitated policy makers, members of parliament at both Federal and State Levels and stakeholders at large to interface and proffer lasting solutions to the socio–economic challenges facing Nigeria as a nation. Deliberations from the event are still ongoing to bring contributions to the National quest on Nigerian Economic Reform.
Reforms in all Spheres of the Nation’s Economy continue to be an issue of heightened focus of both the Legislative and Executive arms of Government in Nigeria. A published report of the World Bank recently recognizes Nigeria as one of the 10 most improved economies in the World, lending credence to the fact that this engagement has been yielding dividends.
Hon. Bode Ayorinde opines that the banking sector has a pivotal role to play and calls for a comprehensive reform of the banking industry in Nigeria. In his words. “What becomes of a nation’s economic growth and development, security and welfare of her people , to a great extent is directly correlated and connected to the level of development of her banking industry “