Segun James
Following the decision of the Central Bank of Nigeria(CBN) to raise the capital base of banks in the country, a coalition of civil society organisations in the country have thrown their weight behind the plan.
According to them, the decision was healthy for Nigeria’s economy, adding that it would make the banks stronger as well attract investors.
They noted that at the last recapitalisation exercise, N25 billion was worth about $200 million, but the said amount is not worth $20 million today, hence the need for the exercise.
Addressing the press at Ikeja, Lagos State, the spokesperson for the civil society organisations and former chairman of the Institute of Chartered Accountants of Nigeria (ICAN), Lagos and District Society, Mr. Alesta Wilcox, said the banks in Nigeria now are weak, which discourages investors.
He noted that the recapitalisation exercise was to make the banks healthy and stronger, arguing that when banks are…
Source: Thisday Newspaper
