Corporate governance, risk management crucial to healthy banks

by Daniel Osunkoya, for Next, February 18, 2010.

The Central Bank of Nigeria (CBN) says the basis of the current banking reforms is to improve on corporate governance and risks management in the financial services sector.

Sanusi Lamido Sanusi, the CBN Governor, who was represented by Kingsley Maghalu, his deputy in charge of Financial System Stability, said that the reform is projected to enhance the quality of the banks, to ensure financial stabilisation through the proposed Asset Management Company (AMC), to encourage sound evolutions of the financial system, and to connect the financial sector to the real economy.

Speaking on the topic, ‘Financial System Fallout in West Africa,’ at the third EuroFinance Annual Conference on Treasury, Risk and Cash Management, in Lagos on Wednesday, Mr. Sanusi noted, “Most of the banks in Nigeria did not really understand how important corporate governance is to their business continuity.”…(continue reading)

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