CSOs Back CBN On Recapitalisation Of Banks

A coalition of civil society organisations (CSOs) has thrown their weight behind the plan of the Central Bank of Nigeria CBN to recapitalise the commercial banks, saying the decision is healthy for Nigeria’s economy and it will make the banks stronger, and as well attract investors.

Addressing the press at Ikeja, Lagos State, the spokesperson for the CSOs and former chairman of ICAN, Lagos and District Society Mr.Alesta Wilcox said the banks in Nigeria now are weak, and it discourages investors.

He noted that recapitalisation is to make the banks healthy and stronger, arguing that when banks are healthy, they will be able to recruit more staff.

The coalition which comprises constitutional Rights Advocate Initiative, Cadrell Advocacy Center, Movement for Nigeria Restructuring, center for Social & Economic Rights ,Committee for the Protection of People’s Mandates, Coalition Against Corrupt Leaders CACOL and Commonwealth Institute of Advanced & Professional Studies noted it is supporting the recapitalisation move because, there are plans by some benefiting from the weakness in the banking sector to sabotage it.

“We are a coalition of civil society organisations. Our role is to act as watchdogs to the government in the overarching interest of the Nigerian people.

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“Our gathering today is to alert the federal government, the Central Bank of Nigeria, the Economic and Financial Crimes Commission (EFCC), the Department of State Services (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, “the coalition  warned.