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Stakeholders to discuss banking sector reform

Stakeholders to discuss banking sector reform

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Oyetunji Abioye

Vice President Yemi Osinbajo, federal lawmakers, ministers, governors, key players in the finance and related sectors will converge on Monday to deliberate on ways to revamp the banking sector.

This is said to be in line with an ongoing national quest for sustainable economic growth and development.

According to a statement by the organisers of the forum, the gathering will witness the public presentation and launch of a book titled, ‘Banking reform in Nigeria: The law, the prospects and the challenges’.

The book was written by a lawyer, banker and member of the House of Representatives, Dr. ‘Bode Ayorinde.

Other guests expected at the event are the Senate President, Dr. Bukola Saraki; the Speaker of the House of Representatives, Yakubu Dogara; and the National Leader of the All Progressives Congress, Asiwaju Bola Tinubu.

The statement listed other senior government officials that would grace the event as the Governor of the Central Bank of Nigeria, Godwin Emefiele; the Chief Justice of Nigeria, Walter Onnoghen; and the Minister of Finance, Mrs. Kemi Adeosun.

The Governor of Ondo State, Oluwarotimi Akeredolu, is a special guest of honour at the event.

The book, the statement said, traced the historical development of banking business in Nigeria and critically examined all the laws relating to banking since inception.

Posited to be an invaluable guide to the transformation of the banking industry, the book  chronicled 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 author also examined the legal and institutional framework for regulation and supervision of banks in 23 other countries.

The book concluded with an admonition for 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 MuhammaduBuhari.

 The author, Ayorinde, is a seasoned scholar with specialisation in International Banking and Finance Law.

He is currently the Pro-Chancellor and Chairman of the Governing Council, Achievers University, Owo, Ondo State.

Ayorinde was the convener of the Legislative Economic Summit held in Abuja last November.

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