CSOs back CBN on banks’ recapitalisation, hint of plot to derail agenda

By Lukman Olabiyi

Coalition of Civil Society Organisations have thrown their weight behind the plan of the Central Bank of Nigeria (CBN) to recapitalise the commercial banks, saying the decision is healthy for the Nigeria economy as it will make the financil institutions stronger, resilient and strong-footed to attract investors.

The coalition also hinted of plans by some criminally-minded persons, hiding under some faceless CSOsto derail the planned recapitalisation exercise.
The coalition made these known yesterday at a press conference held in Ikeja, Lagos.
The spokesperson for the civil society organisations and former chairman, Institute of Chartered Accountants of Nigeria (ICAN) Lagos District Society, Mr. Alesta Wilcox, said the banks in Nigeria are weak which discouraged investors.
He noted that recapitalisation agenda by the CBN is to make the banks healthier and stronger, arguing that when banks are strong, they will be able to recruit more staff and undertake more audacious projects.
The coalition, which comprises constitutional Rights Advocate Initiative, Cadrell Advocacy Center, Movement for Nigeria Restructuring, Center for Social & Economic Rights, Committee for the Protection of People’s Mandates and Commonwealth Institute of Advanced & Professional Studies held that they were supporting the recapitalisation move because of its benefits.

“We are a coalition of civil society organisations. Our role is to act as watchdogs to government in overarching interest of the Nigerian people.
“Our gathering today is to alert the Federal government, the Central Bank of Nigeria, the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), the Bankers Committee and the Nigerian media to an organised plot by some vested interest within the Nigerian Banking System to begin to orchestrate a diversionary gaslighting campaign to stop the proposed banking sector reforms using some faceless civil society organisations who will begin to make prepreposterous claims and allegations against some Nigerians who critical to the success of the planned banking recapitalization.
“We also have credible intelligence report that they intend to make some unsubstantiated allegations against the current CBN Governor, Mr. Olayemi Cardoso, the Mr. Olawale Edun, the Finance Minister and Coordinating.”the coalition warned.

The coalition explained further that some investors in the banking sector are planning to sabotage the recapitalisation, and their goal is to either delay or force the Central Bank of Nigeria to drop the ongoing reforms of the banking sector so as to elongate the stay of their Pay Masters at the helm of affairs at some of the sick banks which require the recapitalization most.
“ It is germane to say that some of the banks which require the recapitalization most are the very ones in need of the injection of capital off the back of the recapitalization programme. But these vested interests would rather leave the banks in their sick state so as to prevent the truth from being unearthed.” The civil society stated.