Integrity Of Nigeria’s Banking System Crucial For Stability, Say Ethnic Leaders

The Ethnic Youth Leaders Council of Nigeria has emphasised that the integrity of the country’s banking system is essential for maintaining economic stability and fostering growth.

The statement followed increasing complaints from Nigerians about unwarranted and inexplicable deductions from their bank accounts.

The group’s position was sequel to the House of Representatives’ decision to investigate the allegations, which stemmed from a petition submitted against a bank on Wednesday.

At a press briefing in Abuja, Godwin Maliga, chairman of the Middle Beth Forum, and Kabir Yusuf, President of the Arewa Consultative Movement, 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 concerns over the profits reported by some banks, which have sparked public criticism.

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

However, they said this record-breaking profit has raised questions about the accuracy of some bank’s financial statements.

Amid growing concerns about transparency in the sector, the group stressed the importance of ensuring accountability.

“Stakeholders must demand accountability from financial institutions, while regulators must rigorously enforce compliance,” they said.

“The integrity of our banking system is paramount for economic stability and growth in Nigeria. We must ensure accountability at all levels within our financial institutions,” the statement continued.

They urged the relevant authorities to take swift action, adding, “We must address these grave concerns to restore public confidence in our banking sector.”