Nigerian banks urged to strengthen controls

Banks operating in Nigeria have been urged by a former banking supervisor to embrace effective internal controls to safeguard their financial integrity, protect depositors' funds and forestall fraud.

At a national seminar on "Effective Internal Audit/Inspection in Banking Institutions: Regulators' Perspective", the Chairman /Managing Consultant of Astral Consulting Limited, Mike Ejinima, noted that the sophistication of a bank's internal control system depended on the bank's "size, organisatio