In what appears to be the first public endorsement by the Federal Government of the banking sector reforms being carried out by the governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, the Federal Executive Council (FEC) on Wednesday commended his efforts in repositioning the sector.
This is as the Central Bank of Nigeria (CBN) confirmed that it would undertake another round of banking consolidation to further stimulate and strengthen the nation’s economy.

Briefing State House correspondents after the weekly Federal Executive Council’s meeting presided over by President Goodluck Jonathan, Dora Akunyili, minister of information and communications joined by Labaran Maku, minister of state for information and communications, said “in order to further strengthen the financial sector and ensure its maximum contribution to the economy, the CBN is considering other banking sector regulation initiatives.

These will include the replacement of the current universal banking model with commercial, mortgage and non-interest banks with strong emphasis on corporate governance and board performance”.


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