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Bank CEOs who resigned from NESG finally give reasons

BY David Olalele

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Managing directors of three commercial banks who resigned from the board of the Nigerian Economic Summit Group (NESG) have eventually given reasons for their actions.

The managing directors include Kennedy Uzoka of UBA Plc; Adesola Adeduntan of UBA Plc and Abubakar Suleiman of Sterling Bank Plc.

They all left the NESG board on Wednesday, September 9, following the group’s criticism of Central Bank of Nigeria (CBN) policies.

After making many efforts to know the cause of the occurrence, two of the bank chiefs later spoke in confidence.

The directors explained that they were not consulted by the NESG leadership before taking the position.

They also attributed their action to serious corporate governance breaches in the NESG management that needed to be addressed.

According to them, “We were not consulted on the statement, and as directors of the NESG, and also managing directors of banks, we needed to consult with our board and get the nod.”

Techeconomy.ng gathered that a bank CEO said should they have concerns about CBN’s policies and handling of the economy the Bankers’ Committee provides a forum for them to discuss such issues with the regulator.

He, however, claimed that condemning regulators is not a global best practice in the financial sector.

According to him, “Have you seen the Bank of America criticize the Feds, or Barclays Bank criticizing the Bank of England? Apart from that, there is also the issue of corporate governance in NESG.

“One of the directors’ in NESG and publisher of a newspaper, leaked an official statement and internal memo from NESG Chairman by publishing it in his newspaper.”

@TechEconomyNG connects past-present-emerging technological impacts on Businesses, People and Cities. All Correspondence to: [email protected]

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