Economic Stability, Growth Depend On Integrity Of Banking System, Says Group

The Ethnic Youth Leaders Council of Nigeria has stated that the integrity of Nigeria’s banking system is critical to the country’s economic stability and growth.

The Ethnic Youth Leaders’ stance follows complaints from Nigerians about unjustified deductions from customers’ accounts.

The group, which supported the House of Representatives move to investigate unwarranted deductions and allegations in the banking system in response to a petition submitted on Wednesday, also stated that accountability must be maintained at all levels within the nation’s financial institutions.

Addressing reporters in Abuja on Friday, Godwin Maliga, Chairman of the Middle Beth Forum and President of the Arewa Consultative Movement, Kabir Yusuf, urged the House of Representatives and the Economic and Financial Crimes Commission (EFCC) to conduct a forensic audit of the financial institutions.

The group expressed concern about some of the profits declared by some banks, which have sparked some criticism.

Profit declarations by banks have raised serious concerns about their authenticity and whether the figures were manipulated to mislead stakeholders.

Following the criticism surrounding this development in the banking system, the group stated that “stakeholders must demand accountability from financial institutions, while regulators must strictly enforce compliance.”

“Our banking system’s integrity is critical to Nigeria’s economic stability and growth. We must ensure accountability at every level of our financial institutions.

“We urge all relevant authorities to act quickly in addressing these serious concerns so that justice can be served and public trust in our banking sector is restored.”