Integrity Of Nigeria’s Banking System Crucial For Stability –Group

A group, Ethnic Youth Leaders Council of Nigeria, has said the integrity of the country’s banking system is essential for maintaining economic stability and fostering growth.

The assertion, according to the group, emanated from increasing complaints from Nigerians about unwarranted deductions from their bank accounts.

The group’s position followed the House of Representatives’ decision to investigate the allegations which stemmed from a petition submitted on Wednesday.

In a press briefing in Abuja yesterday, the chairman of the Middle Beth Forum, Godwin Maliga, and president of the Arewa Consultative Movement, Kabir Yusuf, called on the House of Representatives and the Economic and Financial Crimes Commission (EFCC) to conduct a thorough forensic audit of Nigeria’s financial institutions.

The group expressed concern over the profits reported by some banks, which have sparked public criticism.

“About a fortnight ago, Guaranty Trust Bank announced a staggering N1trillion profit for the first half of 2024, marking the first time a company in Nigeria has declared such a figure,” the group noted.

They said this record-breaking profit had, however, raised questions about the accuracy of some banks’ financial statements, and stressed the importance of ensuring accountability.

“Stakeholders must demand accountability from financial institutions, while regulators must rigorously enforce compliance. The integrity of our banking system is paramount for economic stability and growth in Nigeria. We must ensure accountability within our financial institutions at all levels,” they added.