He left several controversial decisions in his trail, including a hijack and decimation of erstwhile independent organisations in the financial services regulatory sector. Of particular note is the Nigeria Deposit Insurance Corporation (NDIC), whose operations have been severely hampered by an amended Act signed into law on the 26th of May by former President Buhari's last day in office! The new Act, amongst others, requires the NDIC to seek CBN's 'concurrence' to execute its mandate contrary to IADI principles and international best practices on Corporate Governance.
The new Act, amongst others, requires the NDIC to seek CBN's 'concurrence' to execute its mandate contrary to IADI principles and international best practices on Corporate Governance.He left several controversial decisions in his trail, including a hijack and decimation of erstwhile independent organisations in the financial services regulatory sector.
The new Act also empowers the CBN to appoint 4 out of 7 directors for the Board, thereby usurping the President's powers to appoint the Corporation's Board members as had been the practice. More importantly, this arrangement totally erodes the Board's independence and balance of opinion. Perhaps the Corporation's Managing Director, who is Mr. Emefiele's appointee and erstwhile Director, Banking Supervision at the CBN could explain the process leading to the promulgation of the new Act, as investigations reveal that there was no governing Board at the time the Act was hurriedly passed.
The plan was for Emefiele to liquidate most banks through NDIC, which is now under his control, then sell them all to his cronies at a giveaway price as he did with Skye Bank.
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