The Central Bank of Nigeria (CBN) has said that the regulatory reforms adopted by the apex bank during the financial crisis out-stripped that of other countries.
Deputy Governor Financial System Stability, Kingsley Moghalu, who made this remark in Lagos at the? Financial Institution Training Centre? (FITC) 30th anniversary yesterday, said that Nigeria was the only country where stimulus package was done without tax payers’ money.
?
He said that the intervention package was achieved through banks’ contribution to the sinking funds of the Asset Management Corporation of Nigeria (AMCON).
“Nigeria is the only country in the world where stimulus package was done without tax payers’ money but through banks’ contribution? to the sinking funds of AMCON. So the tax payers’ money was not involved in resolving financial crisis,”? he added.
?
Moghalu who is also the chairman of FITC, further said that AMCON was unique when compared to? other asset management companies around the globe .
He said that apart from recapitalisation of the rescued banks, AMCON was established to buy a bad loan and restructure their various debts.
He said that leadership and corporate governance had a role to play in the successes and failures of companies during global financial crisis.
In Nigeria, he said that FITC has a critical role to play in cultivating and nurturing the right leadership at the various levels in the financial service industry through enhanced corporate governance and risk management education.
?
He pointed out that the various capacity development programmes and collaborative endeavours of the FITC have contributed immensely? to the promotion of good corporate governance in financial institutions in? Nigeria.
According to him,some of these programmes include;The continuous education programme for directors, the round table on corporate governance, the FITC-IFC partnership on corporate governance,and the several research publications? among others.
?