Shareholders Association urges CBN to check false profits by banks

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(Nigeria) Mr Godwin Anono, Chairman, Standard Shareholders Association of Nigeria, SSAN, Monday advised the Central Bank of Nigeria, CBN, stop banks in the country from declaring paper profits. The association chairman said that the practice of declaring paper profits was a common phenomenon in the past.
He told the News Agency of Nigeria in Lagos that many commercial banks in the country were not doing badly of late.
``Everybody knows that the volume of the net income of any company is what lures the general public to its shares in the capital market. But, in spite of that it is utterly wrong and criminal for any bank to post a net profit after tax that does not reflect its true financial condition,`` he said.
Anono urged the apex bank to expose any bank that deceived its shareholders and the public by declaring huge profits when it did not.
He said that those banks with huge returns should give more credit facilities to the general public, especially entrepreneurs.

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