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Nairaland Forum / Nairaland / General / Politics / Cbn Is Ass Hole: Stanbic Ibtc Boss (1043 Views)
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Cbn Is Ass Hole: Stanbic Ibtc Boss by realmen: 11:08pm On Dec 15, 2009 |
Atedo Peterside faults CBN on code of corporate governance Business Dec 15, 2009 By Babajide Komolafe Chairman, IBTC Stanbic Bank, Mr. Atedo Peterside, has faulted the Central Bank of Nigeria (CBN) on the provision of one code of corporate governance for operators in the financial sector. “Our regulator-imposed corporate governance codes and arrangements does not take cognisance of vastly differing ownership/management dynamics, nor are they adjusted or fine-tuned for the unique set of risks facing each institution. “Our insistence on a One-Size-Fits-All approach to Corporate Governance will therefore continue to lead us to sub-optimal outcomes.”, he said at the 2009 Public Lecture of the London School of Economic Alumni Association of Nigeria held last week in Lagos. Earlier, the Deputy Director, Banking Supervision, CBN, Dr. Kingsley Moghalu, said the apex bank, in collaboration with other regulators in the financial services sector under the aegises of the Financial Sector Regulatory Coordinating Committee (FSRCC), was working on a comprehensive reforms of the sector. This, he said, includes the development of a hamonised code of corporate governance for the sector. He said there was conflict among the different codes issued by each regulator and this is exploited by operators to engage in arbitrage. He said the hamonised code will eliminate the areas of conflict and opportunities for arbitrage adding that the code will be enforced through sanctions and penalties. Peterside, however, faulted this approach, saying it is like recommending the same diet for everybody, a situation that makes people with excess weight to overfeed while people who are underweight may be underfed. He said that a hamonised, one-size-fits-all code would create a situation where people with excessive power will have more power and become more dominating in their organisations. Peterside also faulted the response of the CBN to the financial crisis vis-a-vis the Expanded Discount Window, saying it tantamount to continuously over feeding an over-weight child. He also warned that the proposed Asset Management Company could exacerbate mral hazard problem in the banking industry. He said, “Misuse of the CBN’s Expanded Discounted Window as a permanent funding source created a moral hazard problem. It also encouraged illiquid banks to delay asset disposals, cost-cutting measures and the general conservation of cash in their day-to-day operations thereby making it even more likely that the regulator will eventually turn off the tap and bring down the hammer. “If care is not taken, the envisaged Asset Management Company could exacerbate the moral hazard problem. Our dysfunctional legal system is now being put to the test again. Unfortunately, the patient might die long before we resolve a suit on who has the authority to give him the required medication. |
Re: Cbn Is Ass Hole: Stanbic Ibtc Boss by biina: 2:28am On Dec 16, 2009 |
So he wants a different set of regulations for each bank or just seeking preferential treatment for his own? ![]() |
Re: Cbn Is Ass Hole: Stanbic Ibtc Boss by mbulela: 3:51am On Dec 16, 2009 |
you should know that if any one needs preferential treatment in this matter, it is not Stanbic IBTC. stanbic-IBTC are no saints but corporate governance is not an issue for them at all. so that option is not valid. |
Re: Cbn Is Ass Hole: Stanbic Ibtc Boss by biina: 5:33am On Dec 16, 2009 |
mbulela:so on behalf of who is Atedo complaining/campaigning? |
Re: Cbn Is Ass Hole: Stanbic Ibtc Boss by bibiking1(m): 6:13am On Dec 16, 2009 |
one-size-fits-all my ass! When it does not favor his interest he comes out with venom, when it does he sits by sanusi's side. |
Re: Cbn Is Ass Hole: Stanbic Ibtc Boss by Ibime(m): 10:39am On Dec 16, 2009 |
Y'all calm down. . . . this piece was pulled by realmen to sensationalise things. . . . I guess he thinks these are strong arguments against his anti-hero Sanusi. . . . .rather, these are the usual critiques of (a.) moral hazard (b.) regulation etc that you would find on CNBC, Bloomberg etc by various economists. . . . it does not denote incompetence on the part of CBN, rather these are generic economic arguments . . . every economic decision has advantages and disadvantages. . . . Mr Peterside is just laying them out for you. . . . what he is saying is similar to something like this. He also makes some good points: realmen: and: realmen: |
Re: Cbn Is Ass Hole: Stanbic Ibtc Boss by buchio7(m): 11:05am On Dec 16, 2009 |
na wah, oh! D man was jst making his candid opinion on an issue relating to a constituency which he belongs to(mind u d guy has had a good career in banking) . Is it out of place 4 him to state dat due to d varying cultures n capacity of banks u cant apply 1 stringent policy across board? I tire 4 una doomsday advocates, sha! |
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