My colleagues and I had a huge argument on the current shake down in the financial sector, well for the benefit of those who have not had electricity to watch the news as a result of PHCN’s failure, the helmsman of CBN the apex bank in Nigeria, Mr Lamido Sanusi recently sacked the MD’s of 5 top banks in Nigeria. There has been mixed feeling on the issues as many Nigerians see it as victimization of the MD’s and others feel it is a way to indict the past governor, Charles Soludo.
For me I stand my ground that this is the best thing I have seen happen in years, these MD’s have been living a life of excessive luxuries and spending lavishly on expensive lifestyle, well the D-day is her and they have been made to account for depositor’s money. The affected MD’s and figures stand at:
I am made to understand that before a registered company can apply for a loan of N44 billion, there should be a collateral of sort in place, but the above figure total of N716.47 Billion is mind blowing, apparently this is stranded depositors money. Well I understand this is Nigeria where nothing works, and people can get away with anything they do, these guys play golf on one course and take lunch in the same restaurant, compete in the air with private jets and cruise about on expensive yacht, they have reputation and their names would give them anything. Then at the end of the day they give young marketers unreasonable targets that they themselves can never achieve, indirectly sending them out as prostitutes making them do the unknown, risking them to AIDS, and other diseases.
Who is to blame here, the MD’s or the CEO’s who apparently know so much about their dealings, or better still the auditors like of PriceWaterHouseCooper (PWC) or Akintola Deloitte, these two auditors of international reputation and have been auditing these banks for God knows how long, walk into their offices now one of their core value is INTEGRITY, this word has been abused enough, people come out and boast they have integrity but turn around and commit worse offence, how can we measure integrity?
Afribank is victim of the selfishness of many people, the Transnational corporation Plc, owes it $200 million and the loan has been tagged non- performing loan which in financial term means that the loan has not been serviced for over 3 months now…well has it ever been serviced? The irony here is that the director of the stock exchange who is among the director of the company, and she dares to come out in public to suspend the shares of these company. Another company that wrecked a bank is AP, with so much loan, All so shocking to read but it boils down to what the society values. This is a country that simply worships money. Morals are out of the window. Both men and women alike do not think of tomorrow, they will do anything to live out today even if it may destroy their tomorrow. Everyone is in on the act. The Stock Market is in shambles as internal dealing is rife. There is no transparency. Abuja is a non performing debt on is on as no interest is shown by our President.
This is just the beginning of the breakthrough in Nigeria as only 10 banks has been audited and 5 cleared (Diamond bank, Guaranty trust bank, First bank, United bank for Africa, Sterling bank) leaving us with 14 more banks, some of the MD’s are going to court accusing CBN boss of injustice, while some are cooling their heels in EFCC nest, answering questions on how they spent money, we are yet to see the end of this, keep a date with me here as the path to our success unfolds……