CBN Fire commercial bank directors

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The Central Bank of Nigeria (CBN) has fired a few bank directors because of cases of insider abuse relating to non-performing loans.

Mr. Adedapo Adeleke, the director, Banking supervision, NDIC disclosed this when presenting on the topic “curtailing the growth of non-performing banks”; although he did not give details of the affected banks and the directors.

 

The NDIC director spoke at a training workshop organized for financial journalist by the agency in Kano on Friday and he cited this as one of the outcomes of measures that the regulators have been taking to reduce the growth of bad loans in the financial services industry.

Adeleke stated, “We have the Code of Corporate Governance and Code for Bank Directors. You sign these codes before you become a director. It is part of the employment terms. One of the things in these codes is that if you are having a non-performing loan, it is a ground to remove you from being a director.

“Some banks have also included this clearly in their Memorandum of Association. So, this is the stand of the regulator in terms of the NPL by a director and it is being enforced. Maybe the regulator has not been dramatic in publishing the names of those that have been removed.”

He said these were part of the measures regulators had taken to address the spate of the NPLs among banks.


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