LAGOS—In apparent move to abridge the Central Bank of Nigeria (CBN)’s autonomy, House of Representatives plan to hand down bank supervision function to the Chartered Institute of Bankers of Nigeria, (CIBN).

This move was disclosed by the Chairman House Committee on Banking and Currency, Mr. Jones Onyereri who said this would be an integral focus of the House in 2013 to ensure that it separates bank supervision function away from CBN.

Meanwhile, there is a bill before the House, which seeks to amend the CBN Act 2007 by transferring the power of the board of the apex bank to approve its budget to the National Assembly. The bill also proposes to cut the membership of the board from 12 to seven and to appoint another person, other than the CBN governor, as the chairman of the board.

According to Onyereri, “The core function of the CBN is really on the monetary policy matter; in Nigeria, CBN also uses its core mandate of bank supervision, now we need to hear from CIBN, we are looking at the institute critically.

“With the kind of challenges we have, it has come to the time that we should separate that function away from CBN.”

Make an independent one; probably the Financial Supervisory Committee, to deal with issues of bank supervision. We need to hear from CIBN and then take it from there.” However, Onyereri at the special ACIB Induction for the pioneering graduates of the Chartered Bank MBA of the institute, urged CIBN to rise up to the challenge in making contribution to monetary policy issues, ensuring the Monetary Policy Rate (MPR) comes low, being the reason why banks increase their interest rates as this slows down economy growth.

While on the cashless policy by CBN, he said it should be allowed to transient down to significant reduction of charges by banks, stating that before moving to other states, CBN should allow the pilot scheme get to at least 80per cent of Lagos State.

Onyereri decried the underperformance of banks in granting loans to customers, while suggesting that the only way to break the barrier was through empowering the SMEs as CBN plans to bring intervention funds for Micro Finance Banks was a viable measure.
The Chairman House Committee on Banking and Currency further disclosed that when it resumes plenary in 2013, it would focus on cashless policy, financial inclusion, Micro finance banks, amending the NDIC Acts to make it stronger.

How can the national assembly in its right mind give CIBN which are made of bankers to supervise themselves?

LAGOS—In apparent move to abridge the Central Bank of Nigeria (CBN)’s autonomy, House of Representatives plan to hand down bank supervision function to the Chartered Institute of Bankers of Nigeria, (CIBN).

This move was disclosed by the Chairman House Committee on Banking and Currency, Mr. Jones Onyereri who said this would be an integral focus of the House in 2013 to ensure that it separates bank supervision function away from CBN.

Meanwhile, there is a bill before the House, which seeks to amend the CBN Act 2007 by transferring the power of the board of the apex bank to approve its budget to the National Assembly. The bill also proposes to cut the membership of the board from 12 to seven and to appoint another person, other than the CBN governor, as the chairman of the board.

According to Onyereri, “The core function of the CBN is really on the monetary policy matter; in Nigeria, CBN also uses its core mandate of bank supervision, now we need to hear from CIBN, we are looking at the institute critically.

“With the kind of challenges we have, it has come to the time that we should separate that function away from CBN.”

Make an independent one; probably the Financial Supervisory Committee, to deal with issues of bank supervision. We need to hear from CIBN and then take it from there.” However, Onyereri at the special ACIB Induction for the pioneering graduates of the Chartered Bank MBA of the institute, urged CIBN to rise up to the challenge in making contribution to monetary policy issues, ensuring the Monetary Policy Rate (MPR) comes low, being the reason why banks increase their interest rates as this slows down economy growth.

While on the cashless policy by CBN, he said it should be allowed to transient down to significant reduction of charges by banks, stating that before moving to other states, CBN should allow the pilot scheme get to at least 80per cent of Lagos State.

Onyereri decried the underperformance of banks in granting loans to customers, while suggesting that the only way to break the barrier was through empowering the SMEs as CBN plans to bring intervention funds for Micro Finance Banks was a viable measure.
The Chairman House Committee on Banking and Currency further disclosed that when it resumes plenary in 2013, it would focus on cashless policy, financial inclusion, Micro finance banks, amending the NDIC Acts to make it stronger.

How can the national assembly in its right mind give CIBN which are made of bankers to supervise themselves?
LAGOS—In apparent move to abridge the Central Bank of Nigeria (CBN)’s autonomy, House of Representatives plan to hand down bank supervision function to the Chartered Institute of Bankers of Nigeria, (CIBN).

This move was disclosed by the Chairman House Committee on Banking and Currency, Mr. Jones Onyereri who said this would be an integral focus of the House in 2013 to ensure that it separates bank supervision function away from CBN.

Meanwhile, there is a bill before the House, which seeks to amend the CBN Act 2007 by transferring the power of the board of the apex bank to approve its budget to the National Assembly. The bill also proposes to cut the membership of the board from 12 to seven and to appoint another person, other than the CBN governor, as the chairman of the board.

According to Onyereri, “The core function of the CBN is really on the monetary policy matter; in Nigeria, CBN also uses its core mandate of bank supervision, now we need to hear from CIBN, we are looking at the institute critically.

“With the kind of challenges we have, it has come to the time that we should separate that function away from CBN.”

Make an independent one; probably the Financial Supervisory Committee, to deal with issues of bank supervision. We need to hear from CIBN and then take it from there.” However, Onyereri at the special ACIB Induction for the pioneering graduates of the Chartered Bank MBA of the institute, urged CIBN to rise up to the challenge in making contribution to monetary policy issues, ensuring the Monetary Policy Rate (MPR) comes low, being the reason why banks increase their interest rates as this slows down economy growth.

While on the cashless policy by CBN, he said it should be allowed to transient down to significant reduction of charges by banks, stating that before moving to other states, CBN should allow the pilot scheme get to at least 80per cent of Lagos State.

Onyereri decried the underperformance of banks in granting loans to customers, while suggesting that the only way to break the barrier was through empowering the SMEs as CBN plans to bring intervention funds for Micro Finance Banks was a viable measure.
The Chairman House Committee on Banking and Currency further disclosed that when it resumes plenary in 2013, it would focus on cashless policy, financial inclusion, Micro finance banks, amending the NDIC Acts to make it stronger.

How can the national assembly in its right mind give CIBN which are made of bankers to supervise themselves?

http://www.vanguardngr.com/2013/01/reps-move-to-curb-cbns-supervisory-role/

This space is booked!
Voltron will be right back after these messages!
Thank God its not those first to comment idiots

First to comment. Dancing Azoonto.
@Topic, who cares. The Honourable is in sane. How can d institute of bankers supervise d bank. I think wit d moves, bankers wil all turn millionaires in one day

This people dont know the technicalities involved in running a Central Bank, they are making these moves not because of the economy, but because of audacious manner SLS deals with them By the way, the legislators are wary of cashlass society, because they dont want their illegal transactions to be traced.

Jimmy Boy: This people dont know the technicalities involved in running a Central Bank, they are making these moves not because of the economy, but because of audacious manner SLS deals with them By the way, the legislators are wary of cashlass society, because they dont want their illegal transactions to be traced.

I agree with you.

Anyway that no concern me. I and some nairalanders are having a good time here:

https://www.nairaland.com/1142592/lets-team-up-ensure-all

We shall me it!

franchizy: First to comment. Dancing Azoonto.
@Topic, who cares. The Honourable is in sane. How can d institute of bankers supervise d bank. I think wit d moves, bankers wil all turn millionaires in one day

Are u really sure??
Nice try, u can do better before 2020

Jimmy Boy: This people dont know the technicalities involved in running a Central Bank, they are making these moves not because of the economy, but because of audacious manner SLS deals with them By the way, the legislators are wary of cashlass society, because they dont want their illegal transactions to be traced.

are u talkin abt dead and burried cashless society that the clueless aboki (sls) initiated? u really tink cashless policy can stop our polithiefcians 4rm stealing in bilions? U must be kidding

I seconded propossed bill.I do not support the CBN full supervisory role on banks without the national assembly.

punishing Sanusi i guess

I suppose this must be a very important matter affecting the constituents of Onyeneri et al that requires URGENT PRIORITY attention
What happens after Sanusi, the obvious target of this amendment drive is no longer the CBN Governor?
The representaTHIEVES will amend to undo what they are planning to do now?
Typical black man mentality- can't see beyond our nose, the immediate vendetta agenda!!!

_____________________________________________________________________________________
2015 - Next level democracy!!!
Have you identified and checked out candidates for the next LG councillor & chairman; state assembly & federal representative & senator plus governor & presidential elections

K

Thank God 2014 is just around the corner so that the bigot (SLS) would have completed his heinous reign at the echelon of the Apex Bank! Sanusi was purely a square peg in a round hole in that exalted position all what he did while their is just to wield to himself financial muscles in order to prepare himself for either the Senate or Presidency (mark my words)! Sanusi is a certified psychopath!

lacasa:

K

k? what do you mean by k? you quoted everything and just typed k? is there some kind of allowance for replying. Jess!

Nice

sparko1:
k? what do you mean by k? you quoted everything and just typed k? is there some kind of allowance for replying. Jess!

When u ar using a small phone quoting portions of a post is not possible; even with PC some posters no sabi. Besides, this particular poster may hav send the k mistakenly or taken off his/her initial post leaving only an alphabet since u are not allowed to clean off everything u had sent. Maybe somebody should post a tutorial on this.

ITbomb:
Nice

Na U and God be that!!!!
::::::::::::::::::::::::::::::::::::::::::::::::
@Op

Those Reps always give Sanusi the opportunity to Laugh them off....... CIBN ko CIBC ni!!!!

What's with the k and nice,after quoting the entire OP ??

It's either the House of Representatives has lost focus or the members are still grief-stricken concerning the manner F. Lawan & co. were humilated for taking bribes.
Mediocrity has been taken to the highest level. The CBN should be allowed to perform her statutory function.

kinguwem: It's either the House of Representatives has lost focus or the members are still grief-stricken concerning the manner F. Lawan & co. were humilated for taking bribes.
Mediocrity has been taken to the highest level. The CBN should be allowed to perform her statutory function.

Was CBN that caught them or just independent body? Stop making CBN looks as if it is innocent in managing the nation money. The height of corruption starts from the Apex bank because it is responsible for most of the funds that is leaving the shore of the country.

CBN should be left alone and even grant them full Autonomy.

I believe the politicians have learnt their lessons... Specialized agencies should not be tribalized and professionals with god track records should be appointed and approved to Man them.

Our leaders are so childish.... This is a war between doing the right thing and doing their corrupt bidding.

Smh

preciousoz: CBN should be left alone and even grant them full Autonomy.

I believe the politicians have learnt their lessons... Specialized agencies should not be tribalized and professionals with god track records should be appointed and approved to Man them.

Our leaders are so childish.... This is a war between doing the right thing and doing their corrupt bidding.

Smh

On what reason should CBN be fully autonomous? The reason why you can not see some individuals within the sector see bank as avenue to manage it they way they like not what the laws of that sector say speak much of your shallow opinion. We have seen Islamic banking cropped up in the past due to the decisions of some certain people within the Apex bank. Can we let such things continue without intervention?

To be autonomous doesn't mean it can not be monitored by external body within the nation but the operation has to be carried out as enacted by laws within the banking system. No this your exaggerated full autonomy.

all4naija: On what reason should CBN be fully autonomous? The reason why you can not see some individuals within the sector see bank as avenue to manage it they way they like not what the laws of that sector say speak much of your shallow opinion. We have seen Islamic banking cropped up in the past due to the decisions of some certain people within the Apex bank. Can we let such things continue without intervention?

To be autonomous doesn't mean it can not be monitored by external body within the nation but the operation has to be carried out as enacted by laws within the banking system. No this your exaggerated full autonomy.

Please read my post again and pls mae sure you understand it very well before commenting/ passing verdict on who is shallow or not.

Are you even a graduate ? What is wrong with Islamic Baning? Do you even know what you are talking about ?

No harm intended bro...

preciousoz:


Please read my post again and pls mae sure you understand it very well before commenting/ passing verdict on who is shallow or not.

Are you even a graduate ? What is wrong with Islamic Baning? Do you even know what you are talking about ?

No harm intended bro...

I wish I can understand what you are talking about. Indeed, you seem to be indifferent about the topic the moment you see the Islamic Banking term in my comment. Graduate is not the issue at hand but your very idea to mislead the forum advocating for full autonomy. I am beginning to get wary of your ineptitude to see how the duty of CBN has been carried out by some unhealthy elements within the system.

Please, spare me this your attempt to look educated. But you failed to convince me of that.

all4naija: I wish I can understand what you are talking about. Indeed, you seem to be indifferent about the topic the moment you see the Islamic Banking term in my comment. Graduate is not the issue at hand but your very idea to mislead the forum advocating for full autonomy. I am beginning to get wary of your ineptitude to see how the duty of CBN has been carried out by some unhealthy elements within the system.

Please, spare me this your attempt to look educated. But you failed to convince me of that.

Please don't quote me if You can't argue Objectively. If you realy know what you talking about, You come up with facts and don't resort to insults.

I wonder why youths can't communicate without sounding Rude.

Bros dey your Lane as am not in this forum for your Type. If you ready to engage in a healthy discourse, then You will learn to be Civil.

All the best.

preciousoz:

Please don't quote me if You can't argue Objectively. If you realy know what you talking about, You come up with facts and don't resort to insults.

I wonder why youths can't communicate without sounding Rude.

Bros dey your Lane as am not in this forum for your Type. If you ready to engage in a healthy discourse, then You will learn to be Civil.

All the best.

Okay! See ya!