Being a PAPER PRESENTED BY MR. BISMARCK J. REWANE TO THE BOARD OF FIRST PENSION CUSTODIAN - OCTOBER 14TH , 2009

The current economic situation will challenge all financial institutions. Nigeria has handled the first wave - financial market turmoil - relatively well.

 

The second wave - a serious economic downturn - will hit both capital and profits, but the Nigerian banking system is probably better positioned than most other systems to deal with the second wave.

 

Read the full story here>>

“…Manipulate the truth long enough and eventually you’re selling something that doesn't exist."

---

Sanusi Lamido’s sanitation of the banking industry will continue apace and perhaps with less finesse than it was under the consolidation CBN Chief, Professor Chukwumah Soludo. 

 

This approach will definitely have a number of positive impacts, not only on the commercial banks, but the entire domestic financial services system.

The tight-coupling of the financial services sector post bank consolidation however, makes stiff regulatory actions imperative, yet the CBN should be reminded of the need to conduct itself in a manner that recognises the cause & effect nature of Government/Bank relationships beyond the pursuit of the CEO’s to an averagely financial-literate citizenry.

 

We leave you to make your own judgement and conclusions.

 

Read the full executive summary here….

 

Download the full 83 page Report here…..

“In February 2009, we made the call that the year would be devoted to ‘reconciling ourselves with the obvious leadership meltdown plaguing our financial services sector’. We opined that 2010 would be the year we identify and empower the market to embark on the road to recovery which we forecasted to begin in Q2 2010. While we are yet to enter Q2 2010, we are concerned with the rate of recovery of the market based on our assessment that indicates that the market is operating on the premise that any road will lead us towards recovery; without a thought-led and economy-integrated roadmap.”

- Proshare Monthly Market Report for February 2010