The chief executive officers of three banks have resigned from the board of the Nigerian Economic Summit Group (NESG) in protest of the group’s criticisms of the Central Bank of Nigeria’s interventions, a report has revealed.
The three CEOs are Kennedy Uzoka of the United Bank for Africa (UBA); Abubakar Suleiman of Sterling Bank and Adesola Adeduntan of First Bank Plc, according to TheCable.
In a statement on Monday, the NESG had expressed concerns about how the CBN “carried on the business of foreign exchange transactions, loan disbursements (intervention funds) and price fixings without appropriate policy clarity”.
It also said the distortions in the liquidity and interest rate management is causing a grave disadvantage to domestic investors and pensioners.
In response, the CBN had said its agricultural intervention programmes averted a major food crisis during the thick of the lockdown.
The apex bank also refuted claims that its lending process did not have a proper framework explaining that participating financial institutions carry out due diligence of applicants following which an additional assessment process is embarked upon by the CBN before disbursements are provided.
According to the report, a source at the NESG said on Thursday that the issues have not been finalised and that there has been no discord in the board whatsoever.
The NESG, established in 1993, is a private sector-led think-tank and policy advocacy group which champions the reform of the Nigerian economy into an open, private sector-led economy that is globally competitive on a sustainable basis.