The Central Bank of Nigeria has done a lot to reform the financial institutions in Nigeria. However, the banking industry needs to show that it is really getting things right in the area of regulations. Unless the banking sector is able to prove a long track record, the global community will not believe that the management of banks in Nigeria is really ready to uphold the rules when it comes to corporate governance.
The following grey areas need to be dealt with:
1. Banking Reforms
2. Corporate governance
3. Risk-focus and rule-based regulations
4. Further consolidation policies
It is surprising that the largest bank in Nigeria is smaller than half of the assets owned by the largest bank in Morocco. This explains that Nigerian banks are not yet strong enough in asset acquisition.