In order to enhance the effectiveness of the Committee, the Nigeria Deposit Insurance Corporation, the Nigerian Stock Exchange and the National Board for Community Banks were co-opted as observers.
The objectives of the reconstituted Committee were to: •  coordinate the supervision of financial institutions;  •  cause the reduction of arbitrage opportunities, usually created by differing regulatory and supervisory standards, among supervisory authorities in the country;  •  deliberate on the problems experienced by any member in its relationship with any financial institution;  •  eliminate any information gaps encountered by any regulatory agency in its relationship with any group of financial institutions;  •  articulate the strategies for the promotion of safe, sound and efficient practices by financial intermediaries; and  •  deliberate on such other issues as may be specified from time to time.