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#1 » by Erudite (f) (β917) » March 13th, 2018, 6:21 am

From the Book Launch: "Banking Reform In Nigeria, The Law, The Prospects & The Challenges" by Honorable Dr. Olabode Ayorinde


- Nigerian banks and CBN have failed to impact the livelihood of majority of common Nigerians - Osinbajo

- Against hefty profit declaration by banks, SMEs and businesses are dying or relocating from Nigeria

- Independence governance of the CBN and closer and more regular forensic scrutiny of banks is fundamental - Osinbajo

- Nigerians save their funds in banks at single digits interest rates but cannot access loans at less than double digits

- It is holding our bankers to account; it is insisting that they keep their books honestly and transparently and to sanction effectively those who so often step out of line - Osinbajo

Dr Ayorinde with VP Prof Osinbajo

The above and more were the highlights of the intellectual section held on Monday 12th 2018 at the ICC Abuja at the book launch. The Vice-President of the Federal Republic of Nigeria, Profesdor Yemi Osinbajo, leaders in Parliament, ministers, governors, banking professionals and stakeholders in the Nation’s economy on Monday, March 12, 2018, converged at the International Conference Centre, Abuja to unveil a book meant to chart the way out to revamp the banking sector.

The book: "Banking Reform In Nigeria, The Law, The Prospects & The Challenges" was written by eminent scholar, lawyer, chartered banker and influential member of House of Representatives, Hon. Dr. ‘Bode Ayorinde.

The launch and the session come at the heels of national widespread quest for the revamp of the banking sector and a quest for sustainable national development in Nigeria. Many are of the opinion that Nigerian banks are in an unhealthy profit-comparation war while failing in their primary roles of contributing to sustainable national growth and development and help to the growth of SMEs - the bedrock of sustainable national growth.

According to the VP,
“First, the under-banked population is said to be in the order of about 40 per cent, which means that a significant number do not even have access to banking facilities let alone banking products of any kind.

“The majority of those who have bank accounts for a variety of reasons are not able to access personal loans, mortgage or business loans

“This explains why financial inclusion has gained inclusive currency and resonance in the past few years.’’

He continued “It is an important consideration in any economy that the banking system must be able to provide loans.

“Regulation is at the heart of our whole financial and economic system.

“One thing that we have learnt from the last decade is that more often than not it is these ordinary citizens who pay for the misadventures of the financial services sector and the failures of government regulation.

“Not only do they lose their homes and moneys, sometimes even their live savings they also shoulder the cost of the bail outs in the banks.

“This is why, it is my view that independence governance of the CBN and closer and more regular forensic scrutiny of banks is fundamental,’’ he added.

”It is holding our bankers to account; it is insisting that they keep their books honestly and transparently and to sanction effectively those who so often step out of line.”

VP Osnbajo expressed gratitude on the conversation of the book on the financial sector and the economy adding that it would be a worthwhile contribution on what needed to be done in the regulation of the financial system.

In Attendant
The guests brainstormed at the occasion, reflecting a convergence of the powerbase and decision making assemblage of the nation’s economy. This was evidently led by the Vice President of Nigeria, Prof Yemi Osinbajo, the Senate President, Dr. Bukola Saraki, Speaker of House of Representatives, Hon. Yakubu Dogara and the National Leader of All Progressives Congress (APC), Asiwaju Bola Tinubu.

Other senior government officials that graced the event include the Governor of the Central Bank of Nigeria (CBN), Dr. Godwin Emefiele, the Chief Justice of Nigeria, Hon. Justice Walter Samuel Nkanu Onnoghen, Honourable Minister of Finance and other Ministers, the Governor of Ondo state, Oluwarotimi Odunayo Akeredolu who is the Special Guest of Honour at the event.

The Book
The book traces the historical development of banking business in Nigeria and critically examines all the laws relating to banking since inception. Posited to be an invaluable guide to the transformation of the banking industry, the book goes further to chronicle all attempts to reform and rebrand the banking industry in the past, including the most pronounced consolidation exercise of 2004/2005 that shook the industry to its foundations. The book being presented further examines the issue of bank capital requirement, distress management in banks and professionalism in banking business.

The meat of the book is the critical examination of legal and institutional framework for regulation and supervision of banks in 23 other countries and it concludes with an admonition for an urgent reform of the Nigeria banking industry offering some suggestions that would make the banking industry conform to the world’s best practices and in line with the policies of the current administration of President Muhammadu Buhari.

The Author
The author of the book, Hon. Dr. ‘Bode Ayorinde is a seasoned scholar, with specialization in International Banking and Finance Law. He is currently the Pro-Chancellor and Chairman of the Governing Council, Achievers University, Owo, Ondo State of Nigeria. He has been in this position since the foundation of the University.

Hon. Dr. Bode Ayorinde has played a major role in the House Committee on Banking and Currency. He served as the Chairman of the House Ad-Hoc Committee on Economic Recession. He is also the Deputy Chairman of House Committee on Rules and Business. Ayorinde is also a member of several House Committees including Banking and Currency, Finance, Tertiary Education and Services, Anti- Corruption, Justice, FCT Judiciary and FERMA.

Hon Ayorinde was the Convener of the highly successful Legislative Economic Summit held in Abuja last November, an event that facilitated policy makers, members of parliament at both Federal and State Levels and stakeholders at large to interface and proffer lasting solutions to the socio–economic challenges facing Nigeria as a nation. Deliberations from the event are still ongoing to bring contributions to the National quest on Nigerian Economic Reform.

Credit: The above was based on some references to reports by and
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#2 » by eMade (f) Premium (β24886) » March 13th, 2018, 6:44 am

:clap: Interesting.

:clap: About βCoins: 61200 Premium Members: 61848 Refer&Earn: 62508

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#3 » by omolomo (β637) » March 13th, 2018, 7:46 am

Guess how much the top 3 banks in Nigeria will be declaring as profits for last year. Talking of Gtb, Zenith and maybe Fidelity. It will be around 150-200 billion. I wonder if UK and U.S banks declare such.

I like work: it fascinates me. I can sit and look at it for hours.

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#4 » by Erudite (f) (β917) » March 14th, 2018, 6:19 am

Dr Bode Ayorinde, Mr. Rotim Akeredolu, VP President Yemi Osinbajo, Hon. Yakubu Dogara, Prof Tunji Ibiyemi and Mr. Godwin Emefiele during the public presentation of the books, Banking Reform in Nigeria:

From left: Author the books titled ‘Banking Reform in Nigeria’ and ‘The Law, Prospects and the Challenges in Nigeria’, Dr Bode Ayorinde, Ondo state Governor, Mr. Rotim Akeredolu, Vice President Yemi Osinbajo, Speaker, House of Representatives, Hon. Yakubu Dogara, Vice Chancellor, Achievers University, Professor Tunji Ibiyemi and CBN Governor, Mr. Godwin Emefi ele, during the public presentation of the books, in Abuja yesterday Photo:: Tidzalla Zacchaeus

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