The Central Bank of Nigeria’s (CBN) proposal to recapitalize the commercial banks was supported yesterday by the Coalition of Civil Society Organisations.

It said that the action will strengthen the banks and draw foreign investment to the nation, describing it as beneficial for the economy.

The group that applauded the decision at a press conference in Lagos included the Constitutional Rights Advocate Initiative (CRAI), Movement for Nigeria Restructuring (MfNR), Centre for Social and Economic Rights (CSER), Committee for the Protection of People’s Mandates (CPPM), and Cadrell Advocacy Centre.

Alesta Wilcox, the coalition’s head and a former chairman of the Lagos branch of the Institute of Chartered Accountants of Nigeria (ICAN), claimed that the current state of Nigeria’s banks deters foreign investors from making investments in the nation.

He claimed that the fifth recapitalization will strengthen, bolster the health, and attract additional employees to the banks.

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Recapitalization, according to Wilco, will foil the scheme by which special groups profit from the weakening of the banking industry to undermine it.

“We are a coalition of civil society organisations,” he continued. In order to protect the interests of the Nigerian people, it is our responsibility to monitor the administration.

“We would like to notify the Nigerian media, the Federal Government, the Central Bank of Nigeria, the Department of State Services (DSS), the Bankers Committee, and other interested parties about an organised scheme by some vested interests in the Nigerian banking system to start a diversionary gas-lighting campaign to stop the proposed banking sector reforms. This plan will involve some anonymous civil society organisations making absurd accusations and claims against some Nigerians who are essential to the planned banking recapitalization programme.

Wilcox claimed, “We also have credible intelligence that they intend to make some unsubstantiated allegations against Mr. Olawale Edun, the Finance Minister and Coordinating, and Mr. Olayemi Cardoso, the current Governor of the CBN.”