| Fraud in quoted companies: is this a trend? |
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The recent problems at WEMA Bank bring to two, in less than a year, the number of banks with credibility problems. Remember Spring Bank? And four public companies if you add Nampak and Cadbury.
After the bank recapitalisation exercise, two key things were supposed to happen: one, we have bigger and stronger banks and two, the regulatory authorities, the CBN and NDIC are better able to perform their oversight duties, as there are fewer banks to monitor. These, unfortunately, have not been the case. While we have 24 big and ‘supposedly’ strong banks the oversight duties have not measured up. |
