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Adeosun, Emefiele Back Scrapping Of BoI

By Modupe Gbadeyanka

Minister of Finance, Mrs Kemi Adeosun and the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, have supported the scrapping of the Bank of Industry (BoI) for the National Development Bank of Nigeria (NDBN).

However, acting Managing Director of the bank, Mr Waheed Olagunju, has opposed this.

At the one-day public hearing organised by the Senate Committee on Bank, Insurance and Other Financial Institutions in National Assembly on a bill seeking to establish NDBN on Monday, Mrs Adeosun and Mr Emefiele argued that the bill would help to foster the nation’s economic recovery.

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The Minister, represented at the occasion by a Director in Ministry of Finance, Mr Christopher Gabriel, noted that the proposed move was in line with reconstruction of the Federal Government, emphasising that it would address the economic problems confronting financial institutions in Nigeria.

Also in his submission, Mr Emefiele, represented by a Deputy Governor on Financial System, Mr Okwu Nnanna, said the bill, when passed, would address the challenges facing the economy.

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But Mr Olagunju, disagreed, insisting that the BoI was performing the functions the new bank is expected to carry out.

He advised the government, rather than scrapping the BoI, should provide it with more capital to be able to further support the real sector.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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