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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   ..... NATIONAL NEWS Consolidation: Bankers ask CBN to bankroll redundancy payoffs By Emma Ujah Monday, September 20, 2004 ABUJA — As the race for mergers and acquisitions get hotter among banks in the on-going consolidation exercise, bankers   have requested the Central Bank of Nigeria (CBN) to bankroll  redundancy benefits to be paid to staff that would be relieved of   their jobs. This was one of the major requests tabled before the apex bank and prime mover of the on-going financial sector reform at the   two-day retreat organised by the CBN and the West African Institute for Economic and Financial Management (WAIFEM) for   banks’ managing directors and members of their boards in Abuja at the weekend. Other demands of the banks include the reduction of both liquidity ratio and the cash reserve ratio in order to free more cash for   operations. They also asked a 90 per cent waiver in terms of fees due to regulatory agencies such as the Securities and   Exchange Commission (SEC) and the Corporate Affairs Commission (CAC), just as have been granted by the Nigerian Stock   Exchange (NSE). However, the Governor of CBN, Prof. Charles Soludo told journalists at the end of the session that the bank was not in a   position to grant the request of the banks, as he simply said “we can’t do that”, but assured that his administration was taking   other measures aimed at reducing the cost of the consolidation to the barest minimum. “We are doing a number of things to reduce the cost of consolidation to the banks. In fact our target is to make the Nigerian   consolidation exercise the cheapest in the world. We are also looking at some other recommendations that emerged from this   frank interaction with various stakeholders. “One of the concessions which the banks have secured is their request to be allowed to use the Small and Medium Industries   Equity Investment Scheme (SMIEIS) fund to give credit to staff that would be affected by the expected rationalization in the   industry. The latest figure from the CBN showed that over N24 billion has been realized under the scheme in which banks   contribute 10 per cent of their before tax profit.”   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact © 1998- 2004. Vanguard Media Ltd.

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