CBN insider credit crackdown forces some bank owners, directors out of banking system
The Central Bank of Nigeria (CBN) has disclosed that some bank owners, shareholders and board members have exited the banking industry following stricter enforcement of insider credit rules, warning that directors who persist in insider credit abuses could lose their board positions. The post CBN insider credit crackdown forces some bank owners, directors out of banking system appeared first on…
The Central Bank of Nigeria (CBN) has announced that some bank owners, shareholders, and board members have left the banking sector due to stricter enforcement of insider credit rules. According to Dr Olubukola Akinnwunmi, the CBN's Director of Banking Supervision, the regulator's February 2025 insider credit circular and commitment to enforcing prudential requirements have led to these departures.
Akinnwunmi warned that directors persisting in insider credit abuses could lose their board positions, emphasizing that corporate governance is fundamental to banking-sector resilience.
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