The Brandish Meetings of Minds has through one of its keynote speakers, Femi Awoyemi, called for the fundamental reforms of the Central Bank Of Nigeria, CBN, at the inaugural session of its forum held at White House Hotel in Ikeja, Lagos recently.
Being one of the two keynote speakers in a forumn tagged ‘What Nigerian Banks Should Do Differently’ the founder of one of Nigeria’s foremost financial information hub, said that a total overhauling and reform of the apex bank is necessary for disruption in the banking industry.
In a paper titled ‘Liquidity and Credit Portfolio Management: How Nigerian Banks can Win Anew’, Awoyemi said that the CBN needs to redefine its role as an economist rather than a ‘senior’ bank to other banks in the system. “The job of the central bank is just managing the banks and in this case, it is actually functioning like another bank. In climes where your see achievements around their banking sector, you will realize that they have actually done one common thing; reform their central bank.”
Awoyemi explained that banks cannot have the desired disruption needed to move it forward without a total reform of the CBN because the banking system in Nigeria is quasi feudal where power flows from the very top (CBN) to the bottom.
Discussants also lent their voices to the session on how Nigerian banks can win anew. Among the discussants are Sola Salako, Emeka Opara, Bunmi Oke and Kelechi Nwosu.
Speaking on the rationale behind the Brandish Meeting of Minds, Analyst-In-Chief of Brandish, Ikem Okuhu explained that the worsening lot of Nigerian banks especially in a Nigerian economy that is in a frighteningly severe circumstances, calls for a proactive approach to its multi faceted problems.
He said: “Just as doctors do not treat themselves, it looks like the banks are in similar situation and cannot help themselves. In these dire circumstances, expert opinion and serious national conversations need to be galvanized in search of new ways banks in Nigeria can alter business approaches and processes to help themselves and by so doing, lift the economy.