Sambo Extols Reforms in the Banking Sector

Vice President Mohammed Namadi Sambo has said that the Federal Government is identifying with the on-going reforms undertaken by the Central Bank of Nigeria (CBN) to reposition the banking sector and urged Nigerians to lend their support.

 

Speaking at the opening of the 4th Annual Banking and Finance Conference of the Chartered Institute of Bankers and Nigeria today, Arc Namadi Sambo emphasised that the reforms were aimed at providing a more resilient financial system and market discipline that will bring greater efficiency to the banking industry and the economy at large.

He also urged the Chartered Institute of Bankers of Nigeria (CIBN) to complement the efforts of the Central Bank of Nigeria in evolving a sustainable and sound financial system, adding that “this role should manifest in the areas of human capital development, ethics and corporate governance and self-regulation which are specific areas of responsibility of the Institute.

The VP reiterated that Federal Government is committed to the development of infrastructure to give a new lease of life to the citizens as it has already injected $10 billion in the power sector and arrangement has been put in place to commence the building of dams to sustain electricity generation in the country.

He disclosed that the administration is also committed to a strong and stable financial system grounded in appropriate balance innovation and regulation as it has set in motion initiatives to strengthen its fiscal policy framework including transition to output budgeting and strengthening its medium term fiscal programme arrangement.

He charged the banking sector not to allow the rod experienced in the recent past to repeat itself, noting that “the banking sector as a melting pot of the economy has a major responsibility in the on-going reform efforts by the government and if the economy eventually attains the cruising point, the benefit will trickle down to everyone in the society.

In his remark, the Central Bank Governor, Malam Sanusi Lamido Sanusi, said Nigeria is the only country in the world that has financial crisis but no depositors’ money was lost. He disclosed that the Central Bank of Nigeria was making vigorous efforts to support the Federal Government in meeting its developmental needs by giving N200 billion to the manufacturing sector; N199 billion for small and medium enterprises as well as arranging for an MOU with PENCOM to use N400 billion from the pension fund for the power sector, adding that this amount would provide 4000MW of electricity.

He noted that since inception the Central Bank of Nigeria has experienced crisis and has also initiated reforms aimed at strengthening the economy.  He said the recent global financial crisis called for changes which made the CBN to act decisively to sustain the banking system.

Other dignitaries at the occasion include the former Governor of CBN, Joseph Sanusi, the President of Chartered Institute of Bankers, former presidents of the Institute and many others.

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