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Nigeria’s soaring image
through banking sector
By Ovuakporie Efe
Thursday, October 8, 2009
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President
Yar’Adua
Photo: Sun News Publishing |
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Corruption is a world-wide phenomenon that cuts across every race
and tribe; it is not an indigenous property of Nigeria . What is
however a cause for concern is the extent of its existence in the
different sectors which has greatly impeded Nigeria ’s image
amongst other nations of the world. Corruption has rapidly ravaged
like a wide fire through successive administrations in Nigeria to
the extent that it has become common place in every facet of our
human endeavours.
There is no doubt, that corruption has been a major bane to
our national economic development.
At the inception of the Yar’Adua’s administration
in May, 2007, the glaring reality of the ravages of the malaise
could no longer be wished away. It became apparent that some drastic
measures had to be put in place to combat the stronghold and save
the nation from the shackles of the impending doom.
President Yar’Adua came up with several reforms to checkmate
the malaise. One of such measures included the Banking sector reforms
geared towards strengthening Nigeria’s financial and banking
sectors with a view to cushioning the current global meltdown as
well as serve as an instrument of addressing the integrity problem
that has for long been slipping through the pores of our skins and
ravaging it beyond repairs.
There is no gain saying the fact that the health of the nation
is intertwined to the financial sector; that is, if the financial
sector is healthy, chances are that the economy will likely follow
suit.
The sanitation of the banks is in my opinion a step in the
right direction. Though I must confess that my opinions are not
formed on expertise but rather on pedestal grounds; I am merely
speaking as a concerned Nigerian whose desire it is to see Nigeria
transform from its present level to a great height. I desire to
see the eagle which represents strength in our national coats of
Arm truly strong and reliable; I desire to see Nigeria , the giant
of Africa truly occupy its once enviable position as the Giant of
Africa. The only way to ensure this is to create a level playing
field, which brings me to the need for us to ensure maximum discipline
in the banking sector if we actually desire to save our economy
and restore back confidence in our own dear native country.
The Banking reforms embarked upon by the Central Bank of Nigeria
(CBN) under the able leadership of the Governor, Sanusi Lamido Sanusi
is fast gaining impetus as it has done a great deal to not only
boost our transparency but also succeeded in restoring confidence
in Nigeria’s financial institutions. Depositors are no longer
scared of the safety of their deposits; as a matter of fact, the
well informed ones can now go to sleep with the hope that the banks
would manage their risks.
The consented efforts by the CBN to stabilise the banks, seek
full recapitalisation through loan recovery and attract the much
desired investments, strengthen the corporate governance and credit
practices is yielding positive results to Nigerians and to the overall
image of the country.
The International Monetary Fund (IMF) recently endorsed the
ongoing banking reforms. The Fund’s country Chief and Representative
in Nigeria , David Nellor, who gave this endorsement, described
the CBN’s intervention in some banks as very essential in
building a viable financial sector that can promote the goals being
set for the vision 2020.
Also, the Chargé d’affaires of the Nigerian Embassy
in Tunisia , Abdel Kader Musa, has commended the efforts of the
Federal Government to consolidate its financial sectors. Mr.
Kader made the revelation while addressing the recent Conference
of African Ministers of Finance and Central Bank Governors on the
Global Financial Crisis in Tunis , Tunisia , where he represented
his country’s Ministry of Finance and Central Bank. The chargé
d’affaires said the government had injected nearly 1. 7 trillion
Naira (NGR 183.325 = 1US$) into the system and had taken relevant
regulatory and supervisory actions whose scope extends to non-bank
financing institutions.
He noted that while the international community were still struggling
to come to grips with the analytical tools to understand the full
dimension of the financial crisis, Nigerian government had already
intensified its efforts towards economic diversification and efficient
utilization of domestic resources, under its 7-Point Agenda.
The Nigerian government’s quick response to the crisis becomes
more significant in the light of the country’s position in
the ECOWAS sub-region, he said, concluding that “ Nigeria
will do everything possible to enhance its efforts to foster strong
regional integration as a means of mitigating the financial crisis”.
In the same vein, the Deputy Secretary Neal S. Wolin, in his remarks
to the Corporate Council on Africa ’s U.S. Africa Business
Submit held a few days ago has also commended the Nigerian Government
for her bold steps to improve her investment climate and strengthen
her financial sector.
“In Nigeria , the bold actions of the new Nigerian Central
Bank Governor, Lamido Sanusi, provide another example of transformative
African Leadership in a country whose history has been deeply marred
by corruption and internal conflict.”
I feel good that our efforts at strengthening the economy
is being recognized and commended by other nationalists and even
by the IMF, but my fear however is will our bad behaviours and attitudes
allow this sanitation exercise to be sustained. I must confess that
I am saddened that some Nigerians who would never appreciate the
good efforts of government to see the light of day have already
started running down the system. Several attempts initiated by successive
government to fight corruption in Nigeria have often encountered
these turgid reform resistance soldiers. There is a persisting and
recurrent attitude of distrust among Nigerians. And every leadership
initiatives have suffered and borne the brunt of this negative attitude.
My question now is why do some of us always seem to find excuses
for the corrupt instead of solid support for those who fight corruption?
The testimonies of these notable financial gurus are a sure indication
that the Rebranding Campaign Project championed by Prof Dora Akunyili
is beginning to yield its desired results. World-wide people are
now beginning to refer to Nigeria as a focal point in financial
matters. This is a big plus to Nigeria ’s image perception.
Nigeria again has started to stand tall and in good time would take
its rightful position in the comity of nations.
Madam rebranding, if this is one of the benefits of your Rebranding
campaign project then I urge you to carry go! Preach the message
make them hear! Hither to, one only heard the negative sides of
Nigeria as if Nigeria is all about crime. I cannot deny that there
are indeed bad elements amongst Nigerians but this in my own view
is quite infinitesimal to label all Nigerian as potential fraudsters
and criminals. Sanusi Lamido Sanusi, the ambassador of financial
stability is proudly a Nigerian. This development has instantly
made me one of your disciples.
I Implore you Madam to take the message to every nook and crannies
of Nigeria to ensure that Nigerians not only support you in your
quest but also that they embrace a patriotic mindset in the new
spirit of Rebranding. Prof, I use this medium to invite you to the
rescue. Please help me tell Nigerians that before Nigeria can truly
commence economic and physical regeneration; there is the urgent
need for it to absolutely shed its negative image perception. Educate
them on the need to change their negative mindsets which has cost
us substantial loss. Madam, teach them the principles of patriotism
that would help to inspire proud in us. Madam, do not relent until
we reach our goal.
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