By Agency Reporter, Published: Monday, 7 Dec 2009
The Central Bank of Nigeria has said it would commence a trans-border supervision of all the 24 banks in Nigeria by the first quarter of 2010.
The CBN Deputy Governor, Financial Sector Survellance, Dr. Kinsley Moghalu, who disclosed this on Monday, in an interview with our correspondents in Abuja , also said the apex bank was working on modalities for outsourcing the supervision of microfinance banks.
He also said that the CBN would from the beginning of the first quarter of 2010 issue a new code of corporate governance to banks and other financial institutions.
The need to issue the code, according to him became imperative owing to the abuse of office by some of the banks directors in the country.
The code, which according to him is a harmonised version of the code issued by the Securities and Exchange Commission, and other regulatory bodies, will block some of the loopholes in the financial sector.