Businessideas:
Even the new bank,Heritage Bank owned by Senator Saraki is on the list!!
I'm not surprised that GTB isn't on the list. They are presently the most conservative bank and most credible bank in Nigeria. I pray First Bank will not end the same way Union Bank ended

seunmsg:
United Bank for Africa (UBA) $530m; First Bank of Nigeria (FBN) $469m; Diamond Bank Plc ($287m); Sterling Bank Plc ($269m); Sky Bank Plc ($221m); Fidelity Bank ($209m); Keystone Bank ($139); First City Monument Bank (FCMB) $125m; and Heritage Bank ($85m).


It is so unfortunate that these evil banks would deliberately refuse to remit a whooping $2.3bn in a period of acute forex shortage. Not even the economic challenges of the country or the free for all drop of the Naira could appeal to the conscience and patriotism of the management of these banks to remit this huge amount of money at a period when the country needs all the available dollars that can be gotten. I sincerely hope CBN and other relevant government agencies will impose more stiffer sanctions and punishment against the banks and their collaborators from NNPC.

Unionised:


How did Union Bank end?

Businessideas:
Even the new bank,Heritage Bank owned by Senator Saraki is on the list!!
I'm not surprised that GTB isn't on the list. They are presently the most conservative bank and most credible bank in Nigeria. I pray First Bank will not end the same way Union Bank ended

Ugosample:



What do you think will happen to these banks AFTER the remittance?

Businessideas:
Even the new bank,Heritage Bank owned by Senator Saraki is on the list!!
I'm not surprised that GTB isn't on the list. They are presently the most conservative bank and most credible bank in Nigeria. I pray First Bank will not end the same way Union Bank ended

seunmsg:
United Bank for Africa (UBA) $530m; First Bank of Nigeria (FBN) $469m; Diamond Bank Plc ($287m); Sterling Bank Plc ($269m); Sky Bank Plc ($221m); Fidelity Bank ($209m); Keystone Bank ($139); First City Monument Bank (FCMB) $125m; and Heritage Bank ($85m).


It is so unfortunate that these evil banks would deliberately refuse to remit a whooping $2.3bn in a period of acute forex shortage. Not even the economic challenges of the country or the free for all drop of the Naira could appeal to the conscience and patriotism of the management of these banks to remit this huge amount of money at a period when the country needs all the available dollars that can be gotten. I sincerely hope CBN and other relevant government agencies will impose more stiffer sanctions and punishment against the banks and their collaborators from NNPC.

sisisioge:


You must think they have the money sitting idle in their vaults. Whew, while I totally understood the need for the single treasury, pulling that huge amount from the already weak banks is not gonna land them well. Imagine if Zenith were there, they just reduced salaries across board by 15%. Although Diamond there just increased.

Oma307:
Very nice

fizzy4luv:
CBN; Nigerian banks can't do without Government fund , go to any Nigerian bank and tender an instrument withdrawing more than 100 million naira, you will see multitude of staff begging you not to take your own money . Its glaring that our banks are used to trading with these funds and have neglected the real sectors of the economy for so long. They declare huge profits and declare high dividends with little sweat . If an independent audit of all funds stashed in Nigerian Banks are conducted . CBN should have advised the Federal Government to have adopted a phased withdrawal of Government funds from the banking sector and not the bullet method used or even suspend it while the economy stabilize a bit while engaging reputable audit firms to examine public entities accounts to monitor funds.
Banks; I pity banks , they are now being forced directly to relate and engage the real sectors of the economy via lending to help stimulate growth, they just can't seem to let go of the cake and pudding way of making fast money, one shouldn't be too fast to blame them, a lot of recalcitrant bad debtors also make the Nigerian clime a difficult terrain for lending . Lately aggressive means of recovery have been embarked upon to recover bad debts.
Lastly CBN should find a lasting endearing solution , even if it means inviting all bank chiefs to discuss with the Executive arm of Govt, on how to navigate this turbulent times. unless when the banks start to fire from all angles , even FG won't be able to cope with the backlash of sacked workers

fizzy4luv:
CBN; Nigerian banks can't do without Government fund , go to any Nigerian bank and tender an instrument withdrawing more than 100 million naira, you will see multitude of staff begging you not to take your own money . Its glaring that our banks are used to trading with these funds and have neglected the real sectors of the economy for so long. They declare huge profits and declare high dividends with little sweat . If an independent audit of all funds stashed in Nigerian Banks are conducted . CBN should have advised the Federal Government to have adopted a phased withdrawal of Government funds from the banking sector and not the bullet method used or even suspend it while the economy stabilize a bit while engaging reputable audit firms to examine public entities accounts to monitor funds.
Banks; I pity banks , they are now being forced directly to relate and engage the real sectors of the economy via lending to help stimulate growth, they just can't seem to let go of the cake and pudding way of making fast money, one shouldn't be too fast to blame them, a lot of recalcitrant bad debtors also make the Nigerian clime a difficult terrain for lending . Lately aggressive means of recovery have been embarked upon to recover bad debts.
Lastly CBN should find a lasting endearing solution , even if it means inviting all bank chiefs to discuss with the Executive arm of Govt, on how to navigate this turbulent times. unless when the banks start to fire from all angles , even FG won't be able to cope with the backlash of sacked workers

Kollyman:
Someone should please tell the banks that the era of free food is over, we are now in the era of no work no food.

linusbnn:



What do you know about banking? Even these banks need the dollar deposits to enable them pay customers who have domiciliary accts with them. If you walk up to your bank nd seek to withdraw 2k dolls in yur dom acct,then the bank says they don't have it,what will be your reaction?. The whole issue lies on the shortage of inflow of dollar into the country and evry1 needs to protect it side to remain in business

fizzy4luv:
CBN; Nigerian banks can't do without Government fund , go to any Nigerian bank and tender an instrument withdrawing more than 100 million naira, you will see multitude of staff begging you not to take your own money . Its glaring that our banks are used to trading with these funds and have neglected the real sectors of the economy for so long. They declare huge profits and declare high dividends with little sweat . If an independent audit of all funds stashed in Nigerian Banks are conducted . CBN should have advised the Federal Government to have adopted a phased withdrawal of Government funds from the banking sector and not the bullet method used or even suspend it while the economy stabilize a bit while engaging reputable audit firms to examine public entities accounts to monitor funds.
Banks; I pity banks , they are now being forced directly to relate and engage the real sectors of the economy via lending to help stimulate growth, they just can't seem to let go of the cake and pudding way of making fast money, one shouldn't be too fast to blame them, a lot of recalcitrant bad debtors also make the Nigerian clime a difficult terrain for lending . Lately aggressive means of recovery have been embarked upon to recover bad debts.
Lastly CBN should find a lasting endearing solution , even if it means inviting all bank chiefs to discuss with the Executive arm of Govt, on how to navigate this turbulent times. unless when the banks start to fire from all angles , even FG won't be able to cope with the backlash of sacked workers

egbonnla:
Most of the banks will not be able to refund the money because they simply don't have cash to back up the amount and their assets has been depleted. I am well informed to know that CBN has been writing reminders and threatening these banks with sanctions to return these funds, but they cannot give what they don't have.
Most of the funds came in when Naira was N165 to 1$ and the banks has used it for FX trading. Now it is N330 to 1$ and the forex is not even available. CBN cannot claim ignorance of the present circumstances of these banks. Now is the time for banks to re-strategized and assume their traditional conservative roles. The era of paying reckless salaries to their staffs and depending on government fund is gone.
In the next couple of months, I can see the collapse of half of Nigerian Banks. Difficult times are indeed here!

lekpaboy:
Thank God my access bank isn't listed.

Businessideas:
Even the new bank,Heritage Bank owned by Senator Saraki is on the list!!
I'm not surprised that GTB isn't on the list. They are presently the most conservative bank and most credible bank in Nigeria. I pray First Bank will not end the same way Union Bank ended

seunmsg:



So they have to protect their business by flouting extant financial regulations and denying the government of its legitimate forex earnings right? when a bank collects revenue on behave of a government agency, they are suppose to handle the revenue so collected according to the mandate of the agency and in this case, they are supposed to remit it to the TSA account. Doing anything contrary with the revenue collected is illegal and unacceptable no matter the justification.