Cashcraft Asset Management Ltd
2A,
BUSINESS NEWS
Home continuation 3
CIBN
seeks review of financial sector laws
The President, Chartered Institute of Bankers of
In a paper
titled: Role of Banks in National Development presented at the 2008 Annual Law
Week of the Obafemi Awolowo University Ile-Ife, Osun State, last Thursday,
Akingbola listed the laws to include: the Dishonoured Cheques (Offences) Act,
Central Bank of Nigeria Act and the Fiscal Responsibility Bill among others.
The Fiscal Responsibility Bill, he said, required
special mention in view of its impact on the national development.
According to a statement on Tuesday, the bill is
intended to moderate fiscal excesses of various tiers of government and will be
of benefit in the management of liquidity by the CBN.
The statement quoted Akingbola, who is also the
Group Chief Executive of Intercontinental Bank Plc, as saying that there was
the need for government to improve infrastructure, especially electricity.
He said that the epileptic power situation in the
country compelled banks and other operators in the economy to rely more on
electricity generating sets.
“This makes the cost of operations high and keeps
Nigerian businesses at a disadvantage vis-ŕ-vis businesses in other economies,”
he noted. He added that government should seriously take up this challenge and
find a lasting solution to poor infrastructural facilities.
According to Akingbola, one of the greatest
challenges facing the post-consolidation era is the inadequacy of skilled and
experienced human capital stock.
He observed that the activities of banks had
expanded as a result of the consolidation as many banks had diversified their
activities into insurance, capital market and mortgage financing.
“Many of them have also gone offshore and some are
now involved in the management of
Source:
The Punch Newspaper
September 3, 2008