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“We have gone beyond where banks should be owned by individuals. Once that is out of the way, then corporate governance can be entrenched. But when you have an individual, whether directly or indirectly behind, then it is now left to the regulator or the nation to call that person to order.”
Demuren who served 33 years at the Central Bank of Nigeria (CBN) said it was important to also ensure that the emergence and appointment of directors in banks are properly vetted and should be given to only qualified candidates.
She also noted that banks should be in a position where it is not majorly owned by an individual, adding that this brings about slack in corporate governance.
By Nume Ekeghe
The President, Bank Directors Association of Nigeria (BDAN), Mrs. Osaretin Demuren, has called on directors of financial institutions in the country to increase their corporate governance practices in order to ensure stability and accountability in the banking sector.
She said this yesterday on the sidelines of BDAN’s 24th annual general meeting in Lagos yesterday.
She noted that it was important to also ensure that the emergence and appointment of directors in banks are properly vetted and should be given to only qualified candidates.
She said: “Corporate governance should be entrenched in bank directors. Even when recruiting directors, you have to find out on what basis and not everyone is corporate governance compliant.”