NIGERIAN BANKS AS THE BIGGEST SUPPORTER AND ENCOURAGER OF CORRUPTION IN NIGERIA
December 16, 2020 | News
Without a doubt, all the public money/wealth ever stolen, misappropriated and diverted to other selfish use by Nigerian Politicians/Public Office Holders, other than that intended to benefit the Nigerian masses, were carried out and done through the ‘transactions’ engineered by Nigerian Commercial Banks.
NIGERIAN BANKS AS THE BIGGEST SUPPORTER AND ENCOURAGER OF CORRUPTION IN NIGERIA
Without a doubt, all the public money/wealth ever stolen, misappropriated and diverted to other selfish use by Nigerian Politicians/Public Office Holders, other than that intended to benefit the Nigerian masses, were carried out and done through the ‘transactions’ engineered by Nigerian Commercial Banks. This includes all the raw-cash in Naira and foreign currencies; usually starched-away/hidden in empty-water tanks, abandoned in caravans/apartments/stores, septic tanks/suck-away pits, underground, and those mint currencies often hawked and sprayed in social gatherings, as well as foreign currencies hawked around hotels and airports, and even the ones used to bribe party delegates and electorates to vote in a certain direction during different stages of elections. I have often asked where did they get the money from? Where did some Nigerian politicians get the sort of bulk cash, they use to carry out all of the above listed disturbing practices? Obviously not from the sky! They are gotten from Nigerian Commercial Banks.
As such, we can conclusively say that indeed, Nigerian Commercial Banks are the number one encourager and supporter of the increasing levels of corruption in the country. This was reiterated in a shot viral video online by Babatunde Ogala, a former lawmaker of the Lagos State House of Assembly. In his words: “The institutions today that supports corruption in Nigeria are the Banks. I was a member of the House of Assembly. On the day after my election, just before my inauguration, Four Banks offered me loans of N100m each. I looked at my Salary, which came to about N700,000 and something; how was I going to pay that loans over four years? They did not bother to ask.
“One of the Banks had given me credit card with a credit line of $20,000, and I had no account with them. One of the Banks have printed cheque books for me. Yes, just like that! So, easily, for a four-year tenure, of a Salary of N8.4m a year, multiplied by four is about N32m, I already have credit facility of about N400m in access. How was I expected to pay back? The Banks are only telling me indirectly to take the money, find a way to steal it and pay back. So, the Banks, in my opinion, are the biggest industry of corruption in this country. Why do I say this? Nobody, no Political Office holder, no Civil Servant, no Public Servant can naturally dip his hand to steal public funds without going through the Banking system. No such cash. It is about Transfers, It is by Authorization. It is the Banks telling/training them to hide the funds…”
This is why we can bluntly say that Commercial Banks in Nigeria and their Chief Executive Officers (CEOs)/Managing Directors (MDs), Executive Board Members, General Managers, Area Managers, Branch Managers, Business Managers and Retail Marketing Managers, have become the agents of corruption in the country who aid, encourage, support and even teach corrupt Nigerian politicians how to loot and hide stolen/misappropriated public treasuries through their banks within and even outside Nigeria. The so-called Bank top Executives, General Managers, Branch Managers, Area Managers, Business Managers, etc., make so much money from these deals and channels and they have become billionaires like the Politicians since they get paid heavily/and they also get their cuts through such illegal deals in their banks. They are partners-in-crime with the State Governors, Ministers, Lawmakers, etc.
In fact, WE CAN SAY THAT THE NIGERIAN BANKING INDUSTRY, WHICH INCLUDES THE CENTRAL BANK OF NIGERIA (CBN), ARE THE “WORST ENEMY OF THE NIGERIAN ECONOMY.” Take the issue of crispy Naira notes for instance often hawked in social gatherings and mostly used by Nigerian politicians. We find it rather appalling and a national shame that, crispy, freshly minted Naira currency notes, which are scarce in the banking halls are cheekily available at parties or any social gatherings to the delight of patrons, who haggle and purchase at premium rates, especially politicians who get them reserved by Banks for their private usage. This Naira notes comedy would be amusing if it were not an offence under Section 21(4) of the Central Bank Act 2007, punishable with an imprisonment term of not less than six months, or a fine not less than N50,000 or both. The Central Bank of Nigeria (CBN) has put out several public notice every now and then that peddling and distribution of Naira currency notes is unlawful, but it appears the noise at these social gatherings have drowned out the advice, and their warnings are simply on paper and not enforced.
It is obvious that some of the approved Banks in Nigeria - post-consolidation and sanitization of the banking sector era, are still not yet financially strong enough to stand on their own, as such, they have continued to imbibe the habit of engaging in some “unethical and inappropriate practices” in the sector, in their quest for ‘revenue drive’. Obviously to increase/sustain their financial status and remain afloat in the now competitive banking sector. I do not only find these abnormal practices as very unprofessional and appalling, I also believe these Commercial Banks need to be checked by anti-graft agencies. Nigerian Banks are not interested how and where you get the money, so long as they have the millions and billions (often stolen) deposited in their Banks, or used for one transaction or the other to boost their image in the banking industry. At the end of the day, we now have criminals/fraudsters and all sort of corrupt elements opening several accounts and doing all kinds of e-transactions in different Banks across the country. We do not want to mention their sharp practices of extorting little amounts of money from every bank account in the name of one charge or the other. That is a topic for another day.
It is the Nigerian Commercial Banks and their top management staff that have made it possible for corrupt Nigerian politicians to carry raw cash at ease (both in Naira and other foreign currencies), which they use to try to manipulate their way through the country’s political landscape. In developed countries, you cannot have access to huge amounts of cash without raising eyebrows of Commercial Banks and anti-graft agencies. THERE IS URGENT NEED FOR MORE SEARCHLIGHT TO BE BEAMED ON NIGERIAN COMMERCIAL BANKS ACTIVITIES IN THE FIGHT AGAINST CORRUPTION. THIS INQUEST AND FIGHT SHOULD START FROM THE CBN AND DOWN TO ALL COMMERCIAL BANKS.
Zik Gbemre.
December 16, 2020.
We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes
Without a doubt, all the public money/wealth ever stolen, misappropriated and diverted to other selfish use by Nigerian Politicians/Public Office Holders, other than that intended to benefit the Nigerian masses, were carried out and done through the ‘transactions’ engineered by Nigerian Commercial Banks. This includes all the raw-cash in Naira and foreign currencies; usually starched-away/hidden in empty-water tanks, abandoned in caravans/apartments/stores, septic tanks/suck-away pits, underground, and those mint currencies often hawked and sprayed in social gatherings, as well as foreign currencies hawked around hotels and airports, and even the ones used to bribe party delegates and electorates to vote in a certain direction during different stages of elections. I have often asked where did they get the money from? Where did some Nigerian politicians get the sort of bulk cash, they use to carry out all of the above listed disturbing practices? Obviously not from the sky! They are gotten from Nigerian Commercial Banks.
As such, we can conclusively say that indeed, Nigerian Commercial Banks are the number one encourager and supporter of the increasing levels of corruption in the country. This was reiterated in a shot viral video online by Babatunde Ogala, a former lawmaker of the Lagos State House of Assembly. In his words: “The institutions today that supports corruption in Nigeria are the Banks. I was a member of the House of Assembly. On the day after my election, just before my inauguration, Four Banks offered me loans of N100m each. I looked at my Salary, which came to about N700,000 and something; how was I going to pay that loans over four years? They did not bother to ask.
“One of the Banks had given me credit card with a credit line of $20,000, and I had no account with them. One of the Banks have printed cheque books for me. Yes, just like that! So, easily, for a four-year tenure, of a Salary of N8.4m a year, multiplied by four is about N32m, I already have credit facility of about N400m in access. How was I expected to pay back? The Banks are only telling me indirectly to take the money, find a way to steal it and pay back. So, the Banks, in my opinion, are the biggest industry of corruption in this country. Why do I say this? Nobody, no Political Office holder, no Civil Servant, no Public Servant can naturally dip his hand to steal public funds without going through the Banking system. No such cash. It is about Transfers, It is by Authorization. It is the Banks telling/training them to hide the funds…”
This is why we can bluntly say that Commercial Banks in Nigeria and their Chief Executive Officers (CEOs)/Managing Directors (MDs), Executive Board Members, General Managers, Area Managers, Branch Managers, Business Managers and Retail Marketing Managers, have become the agents of corruption in the country who aid, encourage, support and even teach corrupt Nigerian politicians how to loot and hide stolen/misappropriated public treasuries through their banks within and even outside Nigeria. The so-called Bank top Executives, General Managers, Branch Managers, Area Managers, Business Managers, etc., make so much money from these deals and channels and they have become billionaires like the Politicians since they get paid heavily/and they also get their cuts through such illegal deals in their banks. They are partners-in-crime with the State Governors, Ministers, Lawmakers, etc.
In fact, WE CAN SAY THAT THE NIGERIAN BANKING INDUSTRY, WHICH INCLUDES THE CENTRAL BANK OF NIGERIA (CBN), ARE THE “WORST ENEMY OF THE NIGERIAN ECONOMY.” Take the issue of crispy Naira notes for instance often hawked in social gatherings and mostly used by Nigerian politicians. We find it rather appalling and a national shame that, crispy, freshly minted Naira currency notes, which are scarce in the banking halls are cheekily available at parties or any social gatherings to the delight of patrons, who haggle and purchase at premium rates, especially politicians who get them reserved by Banks for their private usage. This Naira notes comedy would be amusing if it were not an offence under Section 21(4) of the Central Bank Act 2007, punishable with an imprisonment term of not less than six months, or a fine not less than N50,000 or both. The Central Bank of Nigeria (CBN) has put out several public notice every now and then that peddling and distribution of Naira currency notes is unlawful, but it appears the noise at these social gatherings have drowned out the advice, and their warnings are simply on paper and not enforced.
It is obvious that some of the approved Banks in Nigeria - post-consolidation and sanitization of the banking sector era, are still not yet financially strong enough to stand on their own, as such, they have continued to imbibe the habit of engaging in some “unethical and inappropriate practices” in the sector, in their quest for ‘revenue drive’. Obviously to increase/sustain their financial status and remain afloat in the now competitive banking sector. I do not only find these abnormal practices as very unprofessional and appalling, I also believe these Commercial Banks need to be checked by anti-graft agencies. Nigerian Banks are not interested how and where you get the money, so long as they have the millions and billions (often stolen) deposited in their Banks, or used for one transaction or the other to boost their image in the banking industry. At the end of the day, we now have criminals/fraudsters and all sort of corrupt elements opening several accounts and doing all kinds of e-transactions in different Banks across the country. We do not want to mention their sharp practices of extorting little amounts of money from every bank account in the name of one charge or the other. That is a topic for another day.
It is the Nigerian Commercial Banks and their top management staff that have made it possible for corrupt Nigerian politicians to carry raw cash at ease (both in Naira and other foreign currencies), which they use to try to manipulate their way through the country’s political landscape. In developed countries, you cannot have access to huge amounts of cash without raising eyebrows of Commercial Banks and anti-graft agencies. THERE IS URGENT NEED FOR MORE SEARCHLIGHT TO BE BEAMED ON NIGERIAN COMMERCIAL BANKS ACTIVITIES IN THE FIGHT AGAINST CORRUPTION. THIS INQUEST AND FIGHT SHOULD START FROM THE CBN AND DOWN TO ALL COMMERCIAL BANKS.
Zik Gbemre.
December 16, 2020.
We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes