Nigeria’s leading Institutional reformer, Jonah Ubanmhen has taken a more active stance towards the future stability of the Nigerian Banking System, and hammered out an ambitious restructuring plan to manage the present unrest with the Nigerian Banks.
There has been report of multiple shocks with the banking system, and following a series of board meetings of the Central Bank of Nigeria last week, tensions were expected to come to a head. However, Jonah said there is need to seek an expansion plan to defuse the tensions that had threatened to un-nerve the society. Now, “it seems likely there will be a more constructive atmosphere with agreement on some issues, and disputed questions shelved for another day,” he said.
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Jonah is expected to make a presentation at an expert panel next week, set up to work out the appropriate level of contingency reserves for the CBN, effectively addressing the current Nigerian Banking system.
“The restoration of confidence of the money, debt and capital markets, the banks and financial institutions and the credibility and financial solvency of our country is of utmost importance for the financial stability of the banks and financial markets,” Jonah said in a statement Thursday.
In addition, he said “We will react to new emergencies with existing and potential new tools. These tools might again look different, with different conditions, duration and safeguards to remain firmly within Nigerians mandate. But there can be no doubt that, if and when needed, we can and will design and deploy new instruments to secure our primary mandate to restore Nigerian banks to stability,”
The government will act more quickly and decisively, the society demands strong leadership and assurance from their government, so they can have confidence in the banking system again.
