In the banking and financial sector in Nigeria, the fear of @cenbank is the beginning of wisdom! Wise operators understand this. Banking is heavily regulated because, unlike other businesses, 80% of the money used by banks is depositors funds - "other people's money".
Shareholders are secondary. They make money if and when the bank is doing well. When we stabilized and reformed the sector after the #GlobalFinancialCrisis of 2008 from 2009-2014, we were clear that the depositor had to be king, and couldn't be allowed to suffer from bucaneering
shareholders. Unlike in some.other parts of the world, we made sure that NO BANK FAILED, NO DEPOSITOR LOST A KOBO. Proud to have, as Deputy Governor in charge of Financial System Stability (FSS) at the time, helped secure the livelihoods of millions of Nigerians.