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FIRAS CONSULTS LIMITED RISK MANAGEMENT FRAMEWORK PROGRAM |
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FIRAS CONSULTS LIMITED ORGANISED A RISK MANAGEMENT FRAMEWORK PROGRAM FOR DIRECTORS, MANAGEMENT & OFFICERS OF MICROFINANCE BANKS IN KWARA STATE JUNE 15, 2011 |
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FIRAS CONSULTS LTD organised a one-day Risk Management Framework program for Directors, Management and Officers of Microfinance Banks in Kwara State, Nigeria on June 15th, 2011. The program had the following cardinal objectives: |
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REGULATORY REFORM IN THE NIGERIA MICROFINANCE BANKING SECTOR |
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PROPOSED AGENDA |
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The clamor for the reform of the Nigeria microfinance banking sector intensified late last year 2010, following the reported remarks by President Goodluck Jonathan on the failure of the banks to achieve the policy objectives for licensing them. The regulatory authority, CBN appears also concerned about the performance of some of the banks and the state of their prudential soundness. This concern must have informed the mass target examination conducted on all the banks last year. Media reports quoted the CBN Governor as saying that the outcome of the examination had indicated that the financial condition of many of the banks is unhealthy, and that the CBN will be determining those that may still continue to operate by September last year. |
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Following the target examination, the CBN announced the revocation of the licenses of 224 microfinance banks based, according to the apex regulatory body, on the outcome of the target examination conducted on all microfinance banks. However sequel to the representation made by the National Association of Microfinance Banks, and the post-revocation review of the cases of individual banks affected, the number of those whose licenses were revoked was reduced by 121 for those who were given Approval-in-Principle [AIP], with the condition that all deficiencies observed during the target examination be fully addressed to the satisfaction of CBN. |
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