First Bank Nigeria PLC has provided a recipe that would shape the future of the banking industry with the presentation of a research report by its research chair entitled: ‘ Fifty years of banking sector reforms in Nigeria, past lessons and future imperatives.’
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The report which was presented recently in Nnamdi Azikiwe University, by Prof Francis Okafor, First Bank’s professor of Banking and Finance at the university critically analyzed the various reforms that have taken place in the banking sector in the last 50 years, while presenting a blueprint for future banking reforms.
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Presenting the 102-page report at the conference centre of the university’s School of Post-graduate Studies, before members of academia from the university and sister institutions in the south east, Okafor stated that though the banking sector has undergone remarkable improvement in the past 50 years, some key elements must be considered if future reforms must improve the sector more.
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Okafor listed some of the elements to include,? institutional arrangement for banking reforms, timing and periodicity of reforms, need to harmonize reforms in the financial sector and managing the cost of reforms. Others are,? dealing with recurring irritants in banking, guideline for future recapitalization and measures for expeditions handling of banking crimes.
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Anambra State governor, Mr. Peter Obi and the deputy governor of the Central Bank of Nigeria, Mr Kingsley Muoghalu who were represented by the state commissioner for finance, Mr Eze Echesi and controller of Awka branch of CBN, Mazi Azubuike Okoro,? commended the First Bank for their commitment in the banking industry and for the financing of the report which is? geared at providing a strong banking sector for Nigeria.
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