The Central Bank yesterday appeared at a one-day public hearing on NDIC Act 2006, Cap N102 LFN 2012 (repeal and re-enactment) Bill, 2015, requesting that the Senate and the general public to reject the amendments as they are capable of causing chaos and anarchy in the financial sector. What exactly are those amendments? From what we gather they centre around the following issues;
- Power to licence banks,
- Power to supervise banks without reference to the CBN,
- Power to determine the licenses of banks
- Power to appoint itself as liquidator.
Now you understand why the Apex bank is vehemently opposed to the amendments. The CBN cannot sit back and let the National Assembly basically render their ‘supreme powers’ weak and provide them a competition that they do not need in a sector that they have controlled for decades. All ‘powers’ belong to the CBN and surely they don’t want that trampled with.