MDs of 3 banks resign from NESG over CBN attack

Prominent board members of the Nigerian Economic Summit Group (NESG) under the leadership of Laoye Jaiyeola and Asue Ighodalo, have resigned from the board to protest an attack on the policies of the Central Bank of Nigeria (CBN).

Daily Trust confirmed that three directors - Kennedy Uzoka, the GMD of UBA Plc, Adesola Adeduntan, MD of First Bank, and Abubakar Suleiman, MD of Sterling Bank resigned on Wednesday.

Recall that Ighodalo serves as Chairman of Sterling Bank where Suleiman is the MD.

Our reporter learnt that the Group’s statement on Tuesday tagged, ‘Matters of Urgent Attention’, which did not have the input of members of the Board, and directed at CBN, is what appears to have drawn the ire of members and caused the latest uproar amongst.

NESG amongst other claims, kicked against granting immunity to the CBN and its officers from judicial review of acts undertaken in the exercise of their administrative duties.

CBN in a response said its extraordinary policies saved Nigeria’s economy from the brink of collapse at the onset of the COVID-19 pandemic.

A management source who spoke with our reporter said there have been serious disagreements amongst the board members over the current management’s sustained and unfounded criticisms of some of the policies of the Federal government and the Godwin Emefiele-led CBN.

Reacting to this, an economist and CEO, BIC Consultancy Services, Dr Boniface Chizea said: “it is easy to be on the sideline and make criticisms. Most of us were surprised that they chose to put out their recommendations through the public sphere when we know they have an unfiltered access to the Governor where they can raise these issues and also listen to the CBN’s position.”

He said the NESG and the CBN are joint stakeholders in the affairs of the country.