‘Banks must advise on solution to economic crisis’

August 15, 2016

The chief executives officers of Deposit Money Banks are key stakeholders in the economy and there is the need for them to continually advise the Federal Government on the ways out of the current economic crisis, the President/Chairman of Council, Chartered Institute of Bankers of Nigeria, Prof. Segun Ajibola, has said.

He enjoined the CEOs of commercial banks to constitute a cohesive body that can positively influence policymakers and enhance economic recovery.

He reminded the body of its crucial role in the quest to boost economic growth and development.

Ajibola spoke at the inaugural meeting of the CIBN Body of Bank Chief Executive Officers in Lagos.

According to the president, the body will act as a think-tank that can advise the Federal Government and regulators on emerging or topical issues affecting the industry, among other key economic and advisory functions it would perform

He said, “We are aware of the enormous tasks ahead of us which is why we need your support, cooperation in building a virile cohesive industry with ethical conduct and professionalism as its key pillar. More than ever, we desire a formidable CIBN Body of Bank Chief Executive Officers for the benefit of all.”

The Chairman, CIBN Body of Bank Chief Executive Officers, Mr. Herbert Wigwe, reminded its members that Nigeria was going through a difficult time that required cooperation in order to resolve its challenges.

Wigwe, who will steer the body for the next two years, said, “I think if there is a need for cooperation in the market, definitely for all of us who are here, in the entire history of our careers, it has never been like this before. We can only work together as a team if we are going to come out of the current problem that we face

“With the deteriorating macroeconomic indicators, I think the entire industry would feel it more than any other sector in the economy. If we remain a body that is not truly united, we will all suffer for it at the end of the day.”

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