CBN Policies: 3 bank chiefs quit NESG over criticism

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Three chief executive officers of banks who are board members of the Nigeria Economic Summit Group (NESG) have pulled out yesterday over the group’s criticism of some policies of the Central Bank of Nigeria (CBN), especially on foreign exchange management.

The banks whose bosses were said to have resigned from the board include United Bank for Africa (UBA), First Bank Plc and Sterling Bank.

A member of the NESG media team told newsmen that the issues have not been finalised and that there has been no discord in the board whatsoever.

The NESG had, issued a 15-point statement jointly signed by its Chairman, Mr Asue Ighodalo, and the Chief Executive Officer, Mr Laoye Jaiyeola, on the state of the economy.

It was gathered that in the statement, NESG requested that President Muhammadu Buhari should withhold assent to the repealed and re-enacted Bank and Other Financial Institutions Act (BOFIA) 2020 recently passed by the National Assembly.

The group claims that the bill contains certain provisions that breach the constitution, confers immunity on officials of the CBN, and exempts actions by the apex bank from judicial review.

NESG said those provisions were draconian, tyrannical, and contrary to the development of a stable and transparently regulated financial sector.

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