Lagos — Former President of the Nigerian Bar Association (NBA), Mr. Olisa Agbakoba (SAN), and human rights lawyer, Mr. Bamidele Aturu , yesterday said Nigerians who are interested in the development of the country need to support last week's removal of five managing directors of banks by the Governor of the Central Bank of Nigeria (CBN), Alhaji Lamido Sanusi, saying it was a positive development for the banking sector.

Specifically, Agbakoba, who described the development as "the most fundamental reform since consolidation", stated that the reform agenda would not be complete without a transformational overhaul of the institutional, legal and regulatory framework of the financial sector.

On his part, Aturu commended Sanusi for the removal of the five banks MDs, adding that he supported the steps taken by the apex bank to restore the confidence in the banking sector.Aturu, however, noted that the only criticism was that it was wrong for the apex bank not to have taken over the banks completely.

In a press statement, Agbakoba said it was preposterous that the country have no laws on insolvency and bankruptcy, adding that laws relating to credit administration are obsolete at least by 80 years.

He also described as a disgrace the fact that Nigeria does not have laws supporting the credit bureaus, saying that even though the country has risk assessment guidelines and policy, yet it does not have any legal framework supporting risk analysis and assessment.The former NBA boss revealed that the reform agenda of Sanusi was a second and vital steps of the initial programme laid out by the former governor, Prof. Charles Soludo.He said what was required now was to push the reform of the financial services sector to its logical conclusion where banks are seen first and foremost as public trust catalysing economic development.