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Shareholders' group tasks CBN, CEOs of quoted firms on asset declaration
August 20, 2009

IBADAN Zone Shareholders Association has urged the Central Bank of Nigeria (CBN) to ensure that all chief executives of banks and other quoted companies declare their assets.

The Chairman of the Association, Chief Aderemi Oyepeju, while addressing journalists in Lagos, also advised the regulatory body to further investigate if the loans given out by these sacked banks' CEOs are granted to their relatives.

He said: "If president of Senate, National Assembly and state governors can declare their assets, why not CEOs of banks and quoted companies. They should be asked to do so in order for people to know the source of their wealth, both sacked and incumbent ones. Securities and Exchange Commission (SEC) should ask quoted companies CEOs to declare their assets to restore confidence in the market."

According to him, the interest of investors cannot be protected if there is no transparency in the market, adding that it would be difficult to manage share prices where there is no transparency and accountability.

He advised that investors should apply caution in buying of shares so that they will not loose more money in the stock market.

"The interest of investors can not be well protected ad share prices can not be managed where there is no transparency. Again I advice investors to be cautions because to say the truth, the time to invest is not now, I cannot ask anybody to go and invest his money where the market is so doubtful.

He continued: "For instance, they have just suspended about five banks, others still undergoing auditing and no one knows what is going to be the outcome of the auditing.

"Just this morning, I've ordered my stock broker to sell all my shares in banks because it is the commoner that usually suffers and that is what we are not happy about.

Oyepeju advised CBN governor to always be guided by the spirit of accountability and transparency in the discharge of his duty.

Concerning the newly appointed Managing Directors of banks, the chairman maintained that there is need to consult shareholders and other stakeholders in their decision making.

This, he said, would enable them to take decisions that would enhance the growth of the company.

"The newly appointed managing directors should consult shareholders and other stakeholders to keep them informed on their programmes to enable them know the way forward."

The Guardian Newsapaper, Thursday August 20, 2009.

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