The Board of Directors of the eight troubled banks that benefitted from the Central Bank of Nigeria (CBN) intervention funds last year were yesterday assailed by the apex bank for causing the failure of their institutions. Top executives of the banks were accused of not effectively overseeing the activities of their banks by failing to moderate management's risk appetite, undue emphasis on short term profit-taking, conflicts of interest and the out-of-control executive compensation.
CBN accuses banks' boards of negligence (http://thenationonlineng.net/web2/articles/44721/1/CBN-accuses-banks-boards-of-negligence/Page1.html)