The chief executive officers of three banks have resigned
from the board of the Nigerian Economic Summit Group.
The CEOs, Kennedy Uzoka of the United Bank for Africa (UBA);
Abubakar Suleiman of Sterling Bank and Adesola Adeduntan of First Bank Plc,
were reported to have resigned from the board in protest of the NESG’s
criticisms of the Central Bank of Nigeria’s interventions.
Asue Ighodalo, the chairman of NESG, is also the chairman of
Sterling Bank.
TheCable reports that a source at the NESG t on Thursday that the
issues have not been finalised and that there has been no discord in the board
whatsoever.
In a statement on Monday, the NESG had expressed concerns
about how the CBN “carried on the business of foreign exchange transactions,
loan disbursements (intervention funds) and price fixings without appropriate
policy clarity”.
It also said the distortions in the liquidity and interest
rate management is causing a grave disadvantage to domestic investors and
pensioners.
The NESG had also urged the federal government to overhaul
the management and support being given to the agricultural sector saying a huge
gap exists between food production and requirement of Nigerians despite the
huge sums disbursed by the CBN under its intervention programmes.
In response, the CBN had said its agricultural intervention
programmes averted a major food crisis during the thick of the lockdown.
According to the CBN, 103, 189 beneficiaries of its
development finance activities had received N59.12 billion through the NIRSAL
Microfinance Bank as of August 2020.
The apex bank also refuted claims that its lending process
did not have a proper framework explaining that participating financial
institutions carry out due diligence of applicants following which an
additional assessment process is embarked upon by the CBN before disbursements
are provided.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com