Bank Directors Advocate for Improved Corporate Governance In The Sector

The President, Bank Directors Association of Nigeria, Mrs Osaretin Demuren, has called on bank directors to enhance their corporate governance practices to ensure stability and accountability in the banking sector.

She said this during BDAN’s 24th annual general meeting in Lagos on Wednesday.

According to her, it is important to ensure that the appointment of directors is properly approved and that only qualified candidates are appointed.

“Corporate governance should be entrenched in bank directors. Even when recruiting directors, you have to find out on what basis, and not everyone is corporate governance-compliant,” she said.

She added, “We have gone beyond banking where banks should be owned by individuals. Once that is out of the way, then corporate governance can be entrenched.

“But when you have an individual, whether directly or indirectly behind, then it is now left to the regulator or the nation to call that person to order.”

The BDAN president, who was set to step down, had her tenure extended by the council and members by another 90 days pending an election and appointment of a new president.

In her opening remarks, she said, “I took over as the president of BDAN in October 2018, at the 21st annual general meeting.

“Since assuming office, I can confidently say that with the support of my colleagues, we have been able to deliver on the mandate of the association by increasing members’ participation, increase in revenue as evident in our financial statements and improved quality of our programmes.

”There is still more to be done notwithstanding especially with regards to advocacy with the regulators. I am sure whoever takes over as president will further deliver on our aspirations.

“I am therefore informing this meeting that this is the last meeting I will be acting in the capacity as president as my tenure as the chairman of Guaranty Trust Bank has come to an end and we are in a transition period.

“In view of this, we will also have a transition period where I will be speaking with my colleagues chairmen of banks on who will be my successor.”

She assured that members would be carried along throughout the process.