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20% women representation on financial institutions’ board low –Emefiele

20% women representation on financial institutions’ board low –Emefiele

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Uche Usim, Abuja

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, on Thursday, disclosed that female representation on boards of financial services institutions currently at 20 per cent and 16 per cent in management teams worldwide remained low.

He therefore canvassed for absorption of more women into top management positions in banks and other financial institutions in Nigeria and overseas. 

Speaking in Abuja at the 2018 International Women’s Day (IWD) celebration organised by the apex bank, Emefiele said though the figures were an improvement compared to what obtained in the last decade, they signified slow growth for women in the financial services institutions. He said: “I am happy to note that female representation has grown to 20 per cent in boards of financial services institutions and 16 per cent on their management teams, yet, I believe this pace of growth is slow.

“Indeed, at current growth rates, women would make up only 30 per cent of management teams in the financial services industry on a global scale by 2048.”

To change the narrative in Nigeria, Emefiele said the CBN as a policy has ensured that 28 per cent of its total employees are women, which he said was an increase from 24 per cent in 2013.

He also said the apex bank has established a staff crèche in Abuja and was working towards establishing another one in Lagos as a way of ensuring that childbirth and motherhood do not rob women the chance to pursue their careers. He also disclosed that female directors have risen from only one in 2001 to  six at the moment.

Emefiele added that CBN adopted the theme: “Women Inspiring Change” for this year’s IWD because it provides a robust opportunity to honour the huge contributions of women in achieving CBN’s organisational mandate and goals.

“In realisation of male domination of senior positions of the financial industry, the Bankers’ Committee adopted the quota system to increase women representation on boards to 30 per cent and that of senior management level to 40 per cent by the 2014.

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