• Friday, July 19, 2024
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Increase in minimum capital requirements for Nigerian banks – Part 4

Increase in minimum capital requirements for Nigerian banks (Part II)

It is also interesting to observe that the official title of the Governor of the US Federal Reserve Bank is Chairman of the Board of Governors.

On the website, we have full disclosure of the following names:

Jerome H. Powel – Chairman

Philip N. Jefferson – Vice Chairman

Michael S. Barr – Vice Chairman for Supervision

Michelle W. Bowman

Lisa D. Cook

Adriana D. Kugler

Christopher J. Waller

The current external auditors of the Reserve Bank of India are:

Read also: Banks to deposit excess dollars at CBN Lagos, Abuja office

The accounts of the Reserve Bank for the year 2019–20 were audited by M/s Prakash Chandra Jain & Co., Mumbai, and M/s Haribhakti & Co., LLP, Mumbai, as the Statutory Central Auditors, and M/s Kothari & Co., Kolkata, M/s Suri & Co., Chennai, and M/s Bansal & Co., LLP, New Delhi, as the Statutory Branch Auditors.

When Britain was desperately searching for the right governor of the Bank of England, it eventually appointed a Canadian, Mr Mark Kerney.

At his farewell dinner at Mansion House, London, he quoted extensively from William K. Black’s book:

“THE BEST WAY TO ROB A BANK IS TO OWN ONE: HOW CORPORATE EXECUTIVES AND POLITICIANS LOOTED THE SAVINGS AND LOANS INDUSTRY”

In this expert insider’s account of the savings and loan debacle of the 1980’s, William Black lays bare the strategies that corrupt CEO’s and CFO’s in collusion with those who have regulatory oversight of their industries—use to defraud companies for their personal gain.

I actually met Mark Kerney at a lecture he delivered at the London School of Economics. He was spell-binding and absolutely professional. He certainly knew his onions. What was truly amazing was his humility. At the end of the lecture, he was not in a hurry to leave. He answered all the questions from the audience. Indeed, when it was time to leave, he shook hands with all and sundry—right down to those of us at the back of the lecture hall. He was accompanied by only one assistant, whom he instructed to hand out his own card and collect ours in case we wanted to get in touch with him. Such humility is very rare indeed.

As a gesture of goodwill, the King’s College Old Boys Association (KCOBA) has mandated that I deliver copies of Professor Kenneth Rogoff’s book titled:

Read also: Banks recapitalisation and the issues at SEC

“THIS TIME IS DIFFERENT : EIGHT CENTURIES OF FINANCIAL FOLLY”

To Mr Yemi Cardoso and his fellow Gregorian, Mr Phillip Ikeazor, Deputy Governor of the Central Bank of Nigeria.

Professor Rogoff was formerly the Chief Economist at the IMF (International Monetary Fund), and he is currently Professor of Economics and Maurit C. Boas at Harvard University. This is what the erudite professor and distinguished scholar have to say:

That was before Haiti and Somalia came on the scene. In those two countries, every street corner has its own Central Bank governor!