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FG Will Turn Around Nation’s Financial System – Osinbajo

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Vice President Yemi Osinbajo, has said that the federal government was poised to ensure financial inclusion as it will turn around the financial system that favours only the strong and excludes the weak.

Osinbajo made this known yesterday at the public presentation/launching of the book: “Banking Reform In Nigeria”, authored by Bode Ayorinde.

The vice president said the way banking business has been designed; there is room for financial inclusion.

“We run an economic system that essentially  favours the strong and excludes the weak. It has been our task as government to turn that around, first by social investment programmes, we provided in the budget N500 billion and a more financial inclusion strategy”.

Osinbajo commended Dr. Bode Ayorinde for his activism on Nigeria’s economy, the most recent being the convening of the highly successful legislative economic summit held last November.

Ayorinde stated that it is in an attempt to sincerely examine the banking industry that the book was written.

“I strongly appeal that innuendoes should not be inscribed to my genuine intentions as I have a very cordial relationship with the vast majority of players in the banking industry, the relationship which I cherish and that I would want to sustain,” he said.

Similarly, Governor, Central Bank of Nigeria, Godwin Emefiele, stated his delight to be part of the book launch and applauded the author for launching the book at a time like this. According to Emefiele, “He has raised pertinent issues, and we will listen to them. I will take the book home and see how we can make positive impact in the banking sector.”

The book reviewer, Professor Ademola Popoola, former dean, Faculty Of Law, Obafemi Awolowo University also applauded the author, saying that the book would chart the way to revamp the banking sector in an ongoing national quest for sustainable economic development.

According to Popoola the author has more interest in banking than in law and the book will open a new chapter in the development of banking industry in Nigeria. The book traces the historical development of banking business in Nigeria and critically examines all the laws relating to banking since inception. Posited to be an invaluable guide to the transformation of the banking industry, the book goes further to chronicle all attempts to reform and rebrand the banking industry in the past, including the most pronounced consolidation exercise of 2004/2005 that shook the industry to its foundations.

The book further examines the issue of bank capital requirement, distress management in banks and professionalism in banking business. The meat of the book is the critical examination of legal and institutional framework for regulation and supervision of banks in 23 other countries and it concludes with an admonition for an urgent reform of the Nigeria banking industry offering some suggestions that would make the banking industry conform to the world’s best practices and in line with the policies of the current administration of President Muhammadu Buhari.


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