Nigeria: NESG Endorses CBN Regulatory Actions

2 September 2009

Abuja — The Nigeria Economic Summit Group (NESG) yesterday endorsed the regulatory actions of the Central Bank of Nigeria (CBN), which saw the chief executive officers of five ailing banks sacked by the apex bank.

Members of the NESG, who visited President Umaru Musa Yar'adua at the State House in Abuja, said the regulatory functions should be widened to cover all facets of the economy not just the banking sector. The group, which noted that the Nigerian economy is growing, also said there is the need for the president to pay more interest to due process and rule of law.

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