The Central Bank of Nigeria (CBN) has directed that all facilities to board members and staff above N1 million should henceforth be disclosed in the Credit Risk Management System (CRMS).

CEOAFRICA news desk gathered that this move was in order to curb the new trend of insider dealings threatening the gains of the banking sector reforms.

The CRMS has been described by CBN as a central data base which makes it mandatory for all banks to render their returns in the spirit of the new prudential guidelines.

The CBN, in a circular by Tokunbo Martins, Director of Banking Supervision, CBN, has threatened to sanction any bank that refuses to comply as it has evidence of insider dealings in some banks.

According to the view by some analysts, the growing ugly trend is a reflection of lack of expertise at the regulatory bank, particularly risk management and credit evaluation for which the banks are taking undue advantage.

However, some analysts, while commending CBN for the gains of the sector reforms warned that unless urgent steps are taken, some smart operators will rubbish the whole process.