As part of its determination to strengthen the financial sector, the Central Bank of Nigeria (CBN) has said it is collaborating with the Securities and Exchange Commission (SEC), the apex regulatory body of the capital market, to create a centralised registrar for all securities in the country.

In a paper entitled:  Overview of the four pillars of the banking reforms, presented by Director of Banking Supervision, Mr. Samuel Oni, at the seminar for business editors and financial correspondents in Benin-City, Edo State on Wednesday, he noted that the single registrar model was to ensure an effective coordination of securities instruments such as shares.

Oni, however, explained that there might not be any need to scrap the existing registrars, stressing that both regulators would work out the bottlenecks associated with the implementation.

The CBN top shot observed that the task of re-building a competitive banking industry structure should not be left for local banks alone, stressing that it was however mindful not to allow the foreign banks affect the development of the local banking sector.

He stated that the apex bank would also encourage domestic mergers and acquisitions that would create stronger banks, adding that it would license other banks that would drive regional economic development.

“We need foreign participation in order to build a strong and virile banking sector.  This does not mean we will allow their interest to affect our local banks. We have also concluded plans to license some banks that will drive regional economic development and the AMCON will soon be established to broaden resolution strategy,” he stated.