Restricting the foreign ownership of Nigerian banks is not a sustainable policy at a time when fresh capital and risk management skills are needed in the sector, Nigeria's new central bank governor said yesterday. "It is not a sustainable policy," Central Bank Governor Lamido Sanusi said when asked about a ban on foreign takeovers of Nigerian banks. "We do need the capital to come in, we do need the skills on risk management, and secondly, at this time we may need to recapitalise banks. What you want to do is open up all the possibilities," he said. Sanusi, former managing director and head of risk management at Nigeria's First Bank, who was appointed central bank governor earlier this month, said he did not have a timeframe for easing restrictions on foreign ownership of banks. The central bank currently has to approve the acquisition of more than five per cent of a Nigerian bank by a foreign firm. Sanusi said his predecessor imposed an additional restriction that no foreign bank could own more than 10 per cent of a Nigerian one. "The central bank does need to approve any takeover more than five per cent, so frankly it is unnecessary to have a 10 per cent restriction," he said on the sidelines of a summit of leaders from regional economic bloc Ecowas. Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .