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The Central Bank
Governor, Lamido Sanusi, has said that the bank will not hesitate to
use corrective measures on its regulated institutions who default its
guidelines.

“If we say we will
do something, we will do it, you all saw what we did with the banks,
the microfinance banks and we will do it to all regulated institutions”
Mr Sanusi said adding that institutions that are not compliant with
laid down guidelines would not be certified, or have their
certifications withdrawn.

Mr Sanusi said this
at the official commissioning of Superflux International Limited’s
factory in Lagos yesterday. He said the Central Bank was making moves
to help the real sector of the economy despite criticisms that it is
not its duty to be directly involved in addressing challenges of the
real sector.

He said the
Superflux project was funded from the Central Bank and Bank of Industry
packages, though the banks helped set the project rolling in the first
place. “This is one company, I am confident that in due course we would
see more others make use of our (CBN and BOI) initiatives. It is our
collective responsibility to provide support for our industry”.

Evelyn Oputu, the
Managing Director, Bank of Industry said the bank’s mission is about
value addition. Mrs Oputu urged banks to also look out for individuals
and companies with integrity, potentials and value that they can loan
money to.

Tokunbo Talabi, the
president and CEO of Superflux International Limited, stated that
though it has taken a while for the company to get to its present
position, he is optimistic that things will get better.

“There are still
challenges. We have inadequate infrastructure, which we all know, and
having to face the fact that some people believe nothing good can come
out of a local structure. Funding is also another issue” Mr Talabi said.

He said it took him 35 minutes to convince his former boss at Guarantee Trust Bank on why he needed funds from the bank.

“Bank Of Industry’s
initiative is a needed catalyst for economic growth” he said, adding
that “Superflux was birthed to constantly stir up stereotypes,
dormancy, and status quo with the sole aim of finding new and improved
ways of handling situations. We have an overwhelming obligation to be
accountable to our customers and to meet their expectations.”