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Business CBN Gov Emefiele Warns Nigerian Bank Directors Against Corporate Governance Practices



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Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, at a keynote address yesterday warned bank directors in the country against indulging in corporate bank governance, asking them not to come crying to the CBN when trouble strucks.

Excerpt from Vanguard:

“The level of corporate governance in banks can sometimes reflect the culture of governance in the system.

In the advanced countries, we found that the level of corporate governance in the banks before the global financial crisis was an extension of the larger governance culture in those countries. They were seen as private and profit making institutions and so the values of capitalism drove those institutions to the extreme and many of them collapsed.

“This is what we have to avoid. And the responsibility is on you as bank directors. We do not want the privatisation of profits and socialisation of losses. You don’t run your bank well and when it is about to collapse, you start looking for CBN for accommodation.”

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