I lost money to failed banks - CBN Governor
Abuja - Governor of Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, confirmed that he lost a lot of money in three failed banks in 2005.
Soludo, appearing before the Senator Nkechi Nwaogu-led Committee on Banking, Insurance and other Financial Institutions, said he had made up his mind that he would not preside over institutions where Nigerians would lose their money again, adding that with the reforms in the banking sector, investors should be rest assured of the safety of their investments and savings in the sector. He urged Nigerians to invest in the banking sector through the public offers by buying shares.
According to him, the present banking sector is robust and safe for such investments. Responding to questions from the Senate Committee, Soludo said, “the banking era we are getting into is quite different from the one we had before. I lost my money in three banks and I knew the pains. I have experienced it and know how it is”.
The Apex bank Governor reinstated that he was committed to ensuring the banking sector is profitable for even the low income investors. “Given the potential of the economy and their investments, we have not seen anything in the banking sector yet”. Soludo said the returns on equity were still very low in the sector. “You are still going to see a much higher returns in years to come, because of the potential of their investments and the economy”.
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