former Managing Director, United Bank for Africa Plc, Mr. Tony Elumelu, said on Monday that there were too many directors on the boards of Nigerian banks.
Elumelu said at the 2010 Stakeholders’ Forum of the Bank Directors Association of Nigeria, held in Lagos, that banks’ boards should be streamlined to include only 12 members, including the executive directors.
He said, “Boards work better when they are not more than 12 people. Based on developments in the advanced countries, I strongly feel that Nigerian boards are too large. Big banks like HSBC and Deutsche Bank don’t have large numbers of board members.”
Buttressing his points, Elumelu said that a report on governance of the 25 largest European banks by a London-based consultancy firm, Nestor Advisors Limited, showed that banks’ boards were too large and not sufficiently independent.
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