CBN calls for increased corporate governance standards at Nigerian banks

Oct 16, 2012

The Central Bank of Nigeria (CBN) has called on banks across the country to improve their corporate governance standards.

The Central Bank of Nigeria (CBN) has called on banks across the country to improve their corporate governance standards.

According to Mallam Lamido Sanusi, governor of the CBN, financial services consumers in the African nation are becoming "increasingly discerning and sophisticated" when it comes to choosing a bank, the Vanguard reports.

Investors too were also said to have become much choosier in recent times about which organisations they choose to have a relationship with.

Mr Sanusi has therefore urged banks with weak corporate governance standards in place to improve processes if they wish to remain competitive and keep pace with Nigeria's innovating and adapting banking industry.

He insisted that corporate governance is "not a matter for mere regulatory compliance but one of survival and enlightened self-interest".

Mr Sanusi added that if banks are seen to be weak or not properly run, they will "lose patronage and customers" and be regarded as a "sinking or rudderless ship".

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