RECENT DEVELOPMENTS IN THE NIGERIAN FINANCIAL SECTOR
The current buzz in the financial sector in Nigeria is a welcome development and is long overdue. The sack of these five Bank CEO's is a step in the right direction.

The activities of most banks in Nigeria is nauseating, and leads one to wonder if the wrongs of the past can ever be corrected.

The Ambition of some of these banks has lead them in the wrong direction and is one of their motivation for carrying out these unethical acts. Recently some Nigerian banks where ranked amongst the world's top 500 banks- I dont think this is worth celebrating, with the collapse of the private sector in Nigeria these banks should bury their heads in shame.

Some of these banks in their desperation for deposits give unimaginable bribes to Government officials thereby increasing the rot in the system of government in Nigeria. Public sector deposits are up for auction, the highest bidder gets it.

In these parsimonous times when people are struggling to make ends meet, these banks steal from unsuspecting customers in the name of bank charges in a bid to make profits and pay themselves outrageous bonuses. I know of a bank which charges customers as much as 3,500 naira to reactivate a dormant account.

These banks have neglected the private sector in Nigeria to die and give loans only to government officials whom they help to launder money. This has led to an increase in unemployment due to the inability of the private sector to thrive in the hostile jungle like environment called Nigeria. One question which I have not gotten any answer to yet is, how do you expect a government official whose salary is 2 million naira p.a to pay back a loan of 50 million naira in 3 years without stealing from government coffers? I know the capacity to pay back a loan is one of the considerations before giving a customer a loan, but this has been neglected by so many of these banks thereby increasing their exposure to bad loans.

The cliche in George Orwell's Animal farm all animals are equal but some are more equal, plays out because these banks have helped the rich ensure that the poor get poorer and the rich keep getting richer. A silent caste system exists which no one is talking about. The wealth of the nation keeps circulating within the same hands.

The Central Bank of Nigeria (CBN) governor is a man of integrity- at least with the information on ground now- this is evidenced in the way he ran First Bank of Nigeria when he was at the helm of affairs before his promotion to the Central Bank. We pray and believe that he wont be corrupted by the system on ground and wont join them in their get rich quick game.

(http://lifewaya..com/2009/08/recent-developments-in-nigerian.html)

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