Nigeria: Soludo's Banking Consolidation a Sham - Sanusi

28 February 2010

Kano — The banking consolidation exercise carried out by the then governor of the central bank Prof. Charles Soludo has come under fire from the current CBN Governor Sanusi Lamido Sanusi who said the exercise was a sham and that many of the banks never raised the capital which they claimed they did.

Sanusi in a 23-page convocation lecture titled, "The Nigerian Banking Industry: What Went Wrong and the Way Forward" he delivered at the Convocation Square of Bayero University Kano on Friday said the consolidation helped to create bigger banks while it failed to overcome the fundamental weakness in corporate governance in many banks.

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