3 bank directors resign from NESG in protest to CBN immunity letter

Nairametrics can authoritatively confirm that some members of the board of directors of the Nigerian Economic Summit Group (NESG) have voluntarily resigned from their position.

Their resignation appears to be related to the recent spat between the NESG and the CBN following a controversial press release that purportedly claimed Godwin Emefiele was seeking immunity. The report also attacked the recent macroeconomic policies approach of the CBN in ensuring economic stability.

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Back Story: Nairametrics earlier reported the CBN’s reaction to wide-ranging claims made against it by the NESG which suggested that section 51 of a proposed Banking and Other Financial Institution (BOFIA) Bill sought immunity for the CBN Governor, Godwin Emefiele.

The official press statement released by the CBN aimed at allaying some of the fears raised by the group which majorly bothered on its policy trust and issues such as its agricultural borrowing programme, immunity clause among others. The CBN, while admitting to taking extraordinary measures in order to stabilize the economy, fact-checked the issues raised by NESG.

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However, the much-publicized and controversial attack on the apex bank did not go down well with some of the directors, who are upset that they were not carried along before the press release was issued. This is according to information provided to Nairametrics by a reliable source with knowledge of the resignations. Nairametrics reliable gathers that as a response of disapproval to the criticisms of the CBN, at least three bank directors namely – Kennedy Uzoka, the Group Managing Director of UBA Plc; Adesola Adeduntan, Managing Director of First Bank and Abubakar Suleiman, Managing Director of Sterling Bank Plc abruptly tendered their resignations on Wednesday.

Responding to the harsh criticism and demand by the group to review the recently enacted BOFIA Act, the chairman of The Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Uba Sani challenged the competence of the group. He said that the group lack the moral right to comment on the amendment of the BOFIA Act, especially when the Act went through public hearing and received thirty-two (32) memoranda in support. He described NESG’s critique as ”a shock and disappointment”.

We further gathered that the group’s last statement on Tuesday with the caption ‘Matters of Urgent Attention’, which did not have the approval of members of the Board, is what appears to have irritated most of the members and causing the disaffection amongst them. The Nigerian Economic Summit Group (NESG) is a non-profit, non-partisan private sector organization with a mandate to promote and champion the reform of the Nigerian economy into an open, private sector-led globally competitive economy.