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2009-07-07:ACAMB Condemns Ratings of Nigerian Banks by the Africa Report

The Association of Corporate Affairs Manager of Banks (ACAMB) has condemned in totality the publication by The Africa Report, a bi-monthly published by Paris-based Groupe  Jeune Afrique which was quoted by The Punch, a Nigerian daily tabloid, classifying Nigerian Banks into an unknown and unacceptable ratings.

The Association questioned the source of the information of the publication, noting that the only acceptable and recognized authorities in this regard remain the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) which have the facts and figures on the state of health of the industry.
ACAMB also pooh-poohed the rating on a number of grounds which bothered on ethical issues, professional competencies and historical antecedents.

A statement issued in Lagos yesterday by the Association said that earlier ratings by international and reputable organizations/agencies gave credence to the viability and healthy state of Nigerian Banks.
ACAMB noted that early this year, Forbes, a leading global magazine listed selected Nigerian Banks among the list of 2000 biggest companies in the world; attributing the success story to the outcome of the reform and consolidation in the industry.

In the same vein, African Business Research Limited, a research- oriented consultancy, specializing on Africa financials corroborated the position of Forbes, explaining that the Nigerian Banking industry was stable, vibrant and capable of meeting its financial obligations to all stakeholders.
“Various Fitch Ratings, an equally reputable international agency, as well as the respected international Banker Magazine, have equally accredited the Nigerian Banks healthy, showing strong presence in the global ratings of Banks”, ACAMB asserted.

Source:Vanguard

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