As part of efforts to strengthen bank examination in the country, the Central Bank of Nigeria has been advised to set up an academy for bank examiners.
The academy would be for the training and retraining of CBN workers and other bank inspectorate emploees.
Making the call for the academy in a paper he presented at the 2009 annual national seminar of the Institute of Management Consultants of Nigeria, the Managing Director, LOP Consulting Limited, Mr. Abdul-Lateef Owoyemi, said that the regulation and supervision of the nation‘s banks and other financial institutions needed to be more robust and dispassionate.
Owoyemi, in the paper titled, ”The Global Financial Meltdown and its Effects: The Collapse of the Nigerian Stock Market and its Consequences,” said there was the need to commend the CBN Governor, Mr. Lamido Sanusi, for having the courage to take the right action on time, saying that lessons in integrity and true professionalism were being learnt.
Recalling the recent crash in the value of investments at the Nigerian Stock Exchange, he said, ”Most Nigerians have now learnt their lessons about stock markets at first hand. They now know that there is no gain without pain.
“Whatever enterprise that can make you an instant billionaire or millionaire, can also turn you into an instant pauper.”
He said with the lessons learnt as a nation and as individuals, from both the global financial meltdown and the Nigeria‘s stock market’s collapse, the political and corporate leaders should become more serious and more concerned about public good, and be less devoted to acquiring unseemly wealth for themselves and their families.
According to him, ”The limited available resources should be most judiciously utilised. More money should be made available for infrastructural development nationwide, high speed rail system, road network, power supply, expanded air and sea port facilities, intellectual manpower development and information technology infrastructure and security of lives and property.
"Most government contracts should henceforth specify the employment of a specified number of Nigerian graduates, per say N10m in order to reduce unemployment and spread wealth.”
He said economic diversification towards a 30/30/20/20 mix, among oil, agriculture, manufacturing and service/tourism, within the next five years had become imperative if the country hoped to survive and prosper.
He added that there was a crying need for an urgent manpower reduction at the three levels of government so as to achieve within three years by all level, at least a 50/50 mix between capital and recurrent expenditure.
He said, ”We cannot continue to fritter away all the monthly allocations on staff salaries and overheads.”
On the stock market, he said the status of the NSE as a private enterprise should be carefully re-evaluated to achieve more accountability to the millions of unsophisticated investing members of the public, who need better protection, adding that no employee or manager of the NSE should directly or indirectly own any interest in any stock broking firm or registrar.
He said, ”While it may be lawful for senior managers of the NSE to serve on the Boards of publicly quoted companies, such partisan involvement can only rob negatively on the public image and integrity of the NSE. Nigeria is not yet of the sophisticated level to appreciate such sophistry or high logic.
"Efforts must be made to elevate the culture of integrity and professional independence on the part of Nigerian stockbrokers. The wheeling and dealings and insider abuses, now rampart among some of them, rank them alongside unregistered estate agents and other charlatans.”
He also said that the involvement of the Securities and Exchange Commission in the activities of the stock market should become more intimate and proactive as it now appeared too remote, one-handed and reactive.