Business
Why We Sacked Troubled Banks’ CEOs – Sanusi
Central Bank of Nigeria (CBN) Governor Lamido Sanusi has said that chief executives of troubled banks were sacked to rebuild trust, as investors doubt the system. He added that the measures was taken to make way for investors to invest when the world recovers from the financial meltdown.
Sanusi was answering questions from African listeners to the BBC phone – in Radio programme as he defended the Nigerian banking bailout.
He said: “When the rest of the world recovers and investors have money to put in, they are going to go to Ghana, Angola, South Africa and to Egypt not because those countries have greater opportunities but because people don’t trust the Nigerian system and it is important that we rebuild that trust if we want to be a player on the global stage”.
Continuing, he said that the Central Bank would push for coordinated cross-border banking supervision in Africa during the International Monetary Funds (IMF) annual meeting in Turkey next month.
Sanusi said he would meet with African central bankers at the IMF conference to find a way to build a regulatory framework for the continent.
In the current global financial context, the AFDB’s participation will be more critical as financial institutions have generally retreated from equity investment and equity funds.
WAEMF’s business strategy is well aligned with the Banks medium-Term strategy, which emphasizes private sector development, regional integration, infrastructure development, support to fragile states, and need to strengthen key partnerships with DFIs. The proposed investment will contribute to the emergence of regional champions, create opportunities for women, and facilitate trade flows within the West African sub-region.
The bank is seeking to redress the devastating effect of the financial crisis on regional trade, through the recent introduction of mechanisms such as the Trade Finance Initiative (TFI).
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