The Economic and Financial Crimes Commission (EFCC) has put on its watch list the batch of bank Managing Directors (MDs) sacked last Friday: Francis Atuche (Bank PHB), Charles Ojo (Spring), and Ike Oraekwuotu (Equitorial Trust).

They were fired by Central Bank of Nigeria (CBN) Governor, Lamido Sanusi, less than two months after he got rid of five bank MDs - Okey Nwosu (FinBank), Cecilia Ibru (Oceanic), Sebastian Adigwe (Afribank), Barth Ebong (Union Bank), and Erastus Akingbola (Intercontinental).

Lamido injected another N200 billion into Bank PHB, Spring, and Equitorial Trust, and advised Wema Bank and Unity Bank to recapitalise by June 30, 2010.

A source in the EFCC said on Sunday that the Commission has watchlisted those newly sacked, to prevent them from escaping from the country, as Akingbola did.

Sanusi repeated in Istanbul, Turky on Sunday that there are no plans to nationalise any of the troubled banks, because the history of government in banks shows that it is not a good manager of banks.

He told journalists at the World Bank Group/International Monetary Fund boards of governors annual meeting that the bank reform is to ensure they do not jeopardise deposits and loans.

"I can assure you that the moment the government owns the banks, you are going to have politicians nominating the Directors. And it is not just nominating the Directors, they are going to be looking for loans and it becomes one big parastatal for political patronage," he said.

Sanusi assured that President Umaru Yar'Adua, Finance Minister, Mansur Muhtar, and himself know that handing over the banks to the government is not good for the financial system.

He disclosed that the result of the audit in 14 banks released last week was better than the one in 10 banks released on August 14.

In another development, Nigeria and other African countries are negotiating with the World Bank and the International Monetary Fund (IMF) for maximum benefits from the institutions, according to Muhtar, who also spoke in Istanbul.

He said the focus of the Nigerian delegation is how to optimise the country's membership at the meetings, and how the needs of Africa, and Nigeria in particular, will be taken into account.

The delegation is steering clear of the past error of weak representation, having defined "our collective vow" beginning from home and later in Istanbul, he explained.

And in Abuja, Minister of State for Finance, Remi Babalola, stressed the urgent need for stakeholders to restore confidence in the financial system to ensure that the sector continues to play a critical role in the economy.

A statement issued by his Communications Assistant, Oluyinka Akintunde, urged the sustenance of the reform to address gaps and make the banks more globally competitive.

He noted that the financial system has plenty of challenges, ranging from risks to stiff competition, as well as the desire for a risk-based premium assessment system.

"Financial institutions must adopt sound governance practices and exemplary conduct to cope with the day-to-day challenges of the global financial markets, and for them to excel.

"We must realise that although technology and management skills are important, the basis for our financial market competitiveness may have more to do with sound corporate governance principles, than mere possession of advanced technology or even management skills," Babalola said.He promised legal, regulatory, and administrative frameworks that would ensure economic growth, particularly in the financial sector.

By Rotimi Durojaiye (Istanbul, Turkey), Kingsley Ighomwenghian (Lagos) and Alexandra Mede (Abuja)