Central Bank of Nigeria has been advised to ensure regular reforms in the banking sector to enhance the nation’s economy.
A financial expert, Professor Yusha’u Ibrahim Ango, gave the advice in an interview in Kaduna.
Professor Yusha’u Ango, who noted that the revitalization of banks is necessary, stressed the need for effective corporate governance to address insider abuse. He also emphasized that executive directors and chairmen of banks should have limited tenures to allow for new ideas and leadership.
He warned against granting huge loan facilities to a single sector, such as the oil industry, at the expense of agriculture, manufacturing, and medical sectors, which are crucial for promoting socio-economic development.
According to the financial experts regulatory agencies should intensify their activities to check bad debt and corruption in the banking sector witnessed over the years adding that interests currently charged was against business interests.
SULEIMAN KAURA
