Banks shifting from individual ownership — GTB Chair

Chairman of Guaranty Trust Bank (GTB), Mrs. Osaretin Demuren has called on bank directors to enhance their corporate governance practices to ensure stability and accountability in the banking sector.

Dumeren who is also the president of Bank Directors Association of Bank (BDAN) said this on the sidelines of BDAN’s 24th annual general meeting in Lagos Wednesday.

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“We have gone beyond 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.”

Demuren who served 33 years at the Central Bank of Nigeria (CBN) said it was important to also ensure that the emergence and appointment of directors in banks are properly vetted and should be given to only qualified candidates.

She also noted that banks should be in a position where it is not majorly owned by an individual, adding that this brings about slack in corporate governance.

The BDAN president whose tenure ended with the last AGM however, had her tenure extended by 90 days pending an election.

“I hereby crave your indulgence as we go through the transition period and assure that members will be carried along throughout the process,” she added.