Civil societies back recapitalisation of banks 

Coalition of Civil Society Organisations have thrown their weight behind the plan of the Central Bank of Nigeria (CBN) to recapitalise the commercial banks, saying the decision is healthy for Nigeria’s economy and it will make the banks stronger, and attract investors.

Addressing the press in  Ikeja, Lagos state, the spokesperson for the civil society organisations and former chairman of ICAN, Lagos and District Society, Mr.Alesta Wilcox, said the banks in Nigeria now are weak and discourages investors.

He noted that recapitalisation is to make the banks healthy and stronger, adding that when banks are healthy, they will be able to recruit more staffs.

The coalition which comprises of constitutional Rights Advocate Initiative, Cadrell Advocacy Center, Movement for Nigeria Restructuring, Center for Social & Economic Rights ,Committee for the Protection of People’s Mandates, Coalition Against Corrupt Leaders (CACOL) and Commonwealth Institute of Advanced & Professional Studies, noted that it is supporting the recapitalisation move because there are plans by some benefiting from the weakness in the banking sector to sabotage it.

“We are a coalition of civil society organisations. Our role is to act as watchdogs to the government in the overarching interest of the Nigerian people.

“Our gathering today is to alert the federal government, the CBN, the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), the Bankers Committee and the Nigerian media to an organised plot by some vested interests within the Nigerian banking system to begin to orchestrate a diversionary gas-lighting campaign to stop the proposed banking sector reforms.

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