Recognizing Tinubu's understanding of the impact of policies on the nation's well-being, Santuraki advised against solely relying on advisers and encouraged Tinubu to personally drive the reformatory steps required for economic rebuilding.
Santuraki highlighted the importance of tightening restrictions on corporate owners and increasing regulatory oversight. He emphasized the need to make it less convenient for banks to receive government spending intervention, as some banks may become reckless knowing that the Central Bank of Nigeria (CBN) will intervene.
In an exclusive interview with journalists in Abuja, Santuraki stated that the banking sector is the lifeline of the economy. While acknowledging occasional challenges, he commended the effectiveness of the time limit introduced for bank Managing Directors.
However, he also mentioned that certain banks found ways to circumvent this regulation due to their outdated corporate structure. “They found a way around it, I think the regulators have seen that loophole and have blocked it. I think they should implement it to the letter so our banking institutions are not dominated by single individuals. You know there’s a saying that the best way to rob a bank is to own one.
“So, those corporate owners’ restrictions should be tightened. Government should also increase regulatory oversight. They should not make it easy for banks to receive Government Spending Intervention because some of them will become very reckless with what they do since they know that at the end of the day, the CBN will intervene.
“The government is very important in our solutions, and once we do that, we will this Tinubu government will get it right,” the ex-Bank of Agriculture MD remarked.
Continuing, he added, “Some of our banks are expanding to other regions in Africa and have offices abroad, which indicates to you, the level of maturity that exists in that sector.
“As such, the regulators should not relent. They should continue to exercise very seriously oversight as far as the Banking Sector is concerned.”
