Commends pioneering role of FCMB

Ogun state governor, Otunba Gbenga Daniel has cautioned the Central Bank of Nigeria (CBN) on the implementation of the on-going banking sector reforms.

Speaking recently at the official commissioning of the Abeokuta Branch and regional headquarters of First City Monument Bank (FCMB) at Abeokuta, Ogun state, he noted that "in view of the weighty implications that the activities of the banking industry have for the national economy and the well being of our people, there is no doubt that the reform of the sector has been long overdue."

"Consequently, I wish to align myself with the reforms of the banking industry being carried out by the Central Bank of Nigeria under its new leadership. There can be no denying the fact that we need strong banks with a solid and impressive financial base that serves as a self-propelling incentive for them to engage in actual banking and support genuine entrepreneurs."

"However, let me also add that there is need for caution so as not to over-regulate the industry to the extent of sitting individual enterprise or disregarding local peculiarities. In implementing the laudable reforms of the Nigerian banking sector, there is a need to be mindful that we do not throw away the baby with the bath water", he averred, adding that even though the reasons advanced for increasing the paid-up capital of the banks are tenable and unassailable, but the idea of creating mega-banks should be given a second thought."

The governor on the other hand commended the First City Monument Bank (FCMB) for its pioneering role in the nation's banking industry, saying, "we are all appreciative of the pioneering role that the First City Group, the owners of First City Monument Bank, has been playing in extending the frontiers of banking practice and development in Nigeria. Banks of this stature and nature should be encouraged to thrive by all well meaning people. We in Ogun state are happy to be prime beneficiaries of ths success story of the bank and therefore, heartily and warmly welcome the First City Monument Bank to Abeokuta, the state capital."

Deputy Managing director FCMB, Mr. Ladi Balogun in his address stated that FCMB intends to be most valuable financial partner to the government and people of Ogun state. " As we acquire even grater financial muscle through our capitalisation initiatives, we intend to deploy this capital towards this our beloved state to enable it achieve its full potential. No doubt, Abeokuta will be a major beneficiary of this deployment", he remarked.