Banks must address insider dealings to achieve stability – Marcel Okeke
The Chief Executive Officer of Mascot Consult Limited, Mr. Marcel Okeke, has said that Nigerian banks must address insider dealings in-order to maintain stability of their franchise.
Okeke who also discussed the need to Strengthen” Nigeria’s Banking System” and Assessed Central Bank of Nigeria(CBN) regulations spoke in a virtual interview with Proshare Webtv on Monday.
Giving a historical overview of Nigerian banking Okeke highlighted the fact that the crisis and incidents that led to the collapse of several banks in the country, was partly due to insider dealings and activities that were not curtailed.
Speaking on the recent intervention of the Central Bank of Nigeria in the leadership issues of First Bank Nigeria Limited and FBN Holdings Plc, he re-echoed these concerns raised by the regulator on poor corporate governance, insider dealing and bad loans.
The CEO of Mascot Consult Ltd acknowledged the fact that recently the Economic Financial Crimes Commission(EFCC) had issued a directive for all bankers in the country to declare their assets by June 1,2021,saying this may rake up a lot of old wounds as it were.
Mr. Okeke believes that this was one proactive step that will sanitize the system and to an extent tackle the “Insider Dealings” in the financial services industry.
But an expert who spoke to us under conditions that his name would not be mentioned stated that Mr Okeke are one of those Nigerians who always sees a messiah where there was non, saying that all EFCC Chairmen who left that seat all had the issues of corruption hanging on their necks and wonders how any sane Nigerian could expect a government that have lost its anti-corruption toga to sanitize any system.
He posited that the so called move to sanitize the banks will apparently end up in insincerity and nepotism as a government that has become lawless by disregarding our laws and appointing people based on tribalism and nepotism can not sanitise any bank.
According to him the appointment of the EFCC Chairman is being challenged in court for running counter to our laws and there is no way an illegality can solve another illegality
