CBN urged to implement new corporate governance standards

Jun 29, 2012

The former head of the Finance Houses Association of Nigeria has called on the country's central bank (CBN) to adopt new corporate governance standards.

The former head of the Finance Houses Association of Nigeria has called on the country's central bank (CBN) to adopt new corporate governance standards.

According to Eddie Osarenkhoe, a past president of the body, this would enable it to stop chief executives of financial institutions making excessive use of their powers.

Indeed, he told the News Agency of Nigeria that by curbing these actions, it could better act as a check and balance on the banking sector.

Mr Osarenkhoe said this would also help the country overcome its continuing financial crisis and stop one person or company from dominating the industry at the expense of others.

He warned that the lack of corporate governance in Nigeria in the last few years has severely dented the confidence of investors, which means changes need to be made in order to improve sentiment.

CBN was advised that aggressive measures need to be introduced to tackle excesses in the sector.

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