The Central Bank of Nigeria (CBN) has reiterated its commitment to ensure zero-tolerance to weak corporate governance practices in the country.
According to the CBN Deputy Governor in charge of Financial System Stability, Dr.Okwu Joseph Nnanna, who spoke at a training on corporate governance, anti-money laundering and combating of the financing of terrorism for bank directors, the issue of corporate governance had become topical globally.
He said: “It shouldn’t be return on assets or return on equity that should guide our behavior. What we are saying is that we should do banking the old-fashion way, where our words would always be our bond.
“And in the area of corporate governance, we at the CBN have seen some lapses which could have been corrected before they degenerate. Let me also put bit on record that we have no intention of making banks a revenue centre for the central bank,” he said.
He identified money laundering and the financing of terrorism as financial crimes, noting that they have disastrous economic effects.
The CBN Deputy Governor said: “It will not be wrong if one considers them as mutually reinforcing since weak corporate governance can be compromised by vendors of money laundering and terrorism and vice versa.”