9 November 2009
Abuja — entral Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi has said that the banking sector is not in crisis. Sanusi who delivered a keynote address at the 2009 Annual Bankers' Dinner of Chartered Institute of Bankers of Nigeria (CIBN) at the weekend in Lagos said: "We don't have a banking crisis. 'Nigeria does not have a banking crisis.
Not a single depositor has lost a single kobo in Nigerian banks. Not a single bank has defaulted on its obligation to its creditors. Not a single correspondent has shut its lights." "There are some people that have a crisis, such as some sacked bank Chief Executive Officers. Some borrowers who have refused to pay have crisis and not the banking system." He said if they did not create crises for those people, the banking system would have had a crisis. "We have averted the crisis and placed it on their head. We had to embark on these actions to arrest the slide", he said. He said that the assets and liabilities of the banking system rose from N2.7 trillion in 2003 to N15.3 trillion in February and to N16.5 trillion in August.
He said that despite the multiple increased in the number of shareholders from N5.9 million in December 2003 to over N10 million in 2008, some banks were found in almost zero shareholders' funds.
At the occasion, the Chattered Institute of Bankers Nigeria (CIBN) advocated free flow of credit in banking industry.
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