A coalition of Civil Society Organisations (CSOs) has alerted the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), the Bankers Committee and the Nigerian media of an organised plot by some vested interest within the Nigerian Banking System to thwart plan to reform the banking sector.
The group made up of over eight CSOs, include Centre for Anti-corruption and Open Leadership (CACOL), Constitutional Rights Advocate Initiative, Cadrell Advocacy Centre, Movement for Nigeria Restructuring, Centre for Social and economic Rights, Committee for the Protection of Peoples Mandate, among others, and also fingered politicians in the plot.
The CSOs in a press conference on Monday also said that faceless CSOs are used by the perpetrators to attack those people who are critical of the plot against the reforms.
The communique issued by the group was read on its behalf by Alesta Wilcox, former chairman, Institute of Chartered Accountant of Nigeria (ICAN), stressing the need to rescue Nigeria banking institution and the economy
The communique read, “We’re a coalition of civil society organisations. Our role is to act as watchdogs to the government in the overarching interest of the Nigerian people.
“We’ve followed the various economic policy reform programmes of the present administration, we have at different times expressed our views on them. So, the purpose of today’s press conference is not a rehash of our views on the policy options so far taken by the present administration.
“Our gathering today is to alert the Federal government, the CBN, EFCC), DSS, the Bankers Committee and the Nigerian media to an organised plot by some vested interest within the Nigerian Banking System to begin to orchestrate a diversionary gas-lighting campaign to stop the proposed banking sector reforms using some faceless civil society organisations who will begin to make preposterous claims and allegations against some Nigerians who critical to the success of the planned banking recapitalization programme.
“We also have credible intelligence that they intend to make some unsubstantiated allegations against the current CBN Governor, Mr. Olayemi Cardoso, Mr. Olawale Edun, the Finance Minister and Coordinating Minister for the Economy and some investors in the banking sector. What is their goal? It’s to either delay or force the CBN to drop the ongoing reforms of the banking sector so as to elongate the stay of their Pay Masters at the helm of affairs at some of the sick banks which require the recapitalization most. It is germane to say that some of the banks which require the recapitalization most are the very ones in need of the injection of capital off the back of the recapitalization programme. But these vested interests would rather leave the banks in their sick state so as to prevent the truth from being unearthed. Recapitalization programmes as you well know require forensic audit of the loan books. This is what they do not want,” the CSOs added.
“In the case of one of the banks, the ages of some of the Non-Performing Loans (NPLs) will shock the Nigerian public. They date back to the 1970s with interest capitalized running into decades. But thankfully, there has been a successful sale of the debt to a company as it is done the world over. This has received a “No Objection” verdict from AMCON and approved by the CBN. But the vested interested, do not want the fresh injection of capital into the bank. Why? They will lose their ravenous positions to new Executives who will be appointed by the investors. If indeed they care about the interest of the bank in question, why don’t they want new capital injected to save the bank. It is like the parent of an anaemic child rejecting blood donation even when the doctors have certified the blood to be clean.
“One of the critical pillars upon which the economic reforms agenda of the Federal government is anchored is the proposed banking sector reforms. Nigeria cannot afford another banking sector crisis. It will throw more Nigerians into the unemployment market. This why we are raising this alarm. They have secured the services of some faceless civil society and some online media to advance this gaslight campaign, “the CSOs added.
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