I will hasten to add that, in a perfect world, directors of a company serve as a check on the excesses of the management, but where the directors themselves collude and are involved, it becomes difficult to protect other stakeholders’ interests. The situation is further compounded where the management has a stronghold on the non-executive directors.
Given the observed lapses in our system, the CBN has taken a position that directors would be held responsible/accountable for any misdemeanor on the part of the management of their institutions. Directors must live up to their responsibility and protect the interests of all stakeholders alike.