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The True Story About Standard Chartered Bank’s $25m Forex Deal by bulletproofmonk(m): 12:05pm On Nov 17, 2016 |
*The Writer is Anonymous Last week ThisDay newspapers published a story about how the CBN had fined StanChart Bank N2bn for a forex offence. Please read the story here. Source: www.emefielemustgo.com
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Re: The True Story About Standard Chartered Bank’s $25m Forex Deal by Firefire(m): 12:12pm On Nov 17, 2016 |
I use this medium to implore Gen. Mohomodu Buhari to immediately order high level investigation into this matter... This is a serious allegation against the CBN governor. No smoke without fire. From this story we inform you of 3 things that Godwin Emefiele is using his office to do: 1. He is using the CBN to enrich Zenith Bank and allowing them break the rules he applies to other banks. For those who don’t know, Godwin Emefiele used to be the CEO of Zenith Bank before he joined CBN. 2. He is blocking foreign exchange from entering Nigeria at a time when the country is suffering a serious forex crisis. 3. He announced to the world in June that he was floating the Naira and then turned around to do another thing. In the eyes of foreign investors, Nigeria has no credibility again because the Central Bank governor can say one thing and do the opposite. Godwin Emefiele is destroying our industries and our economy. Nigerians need to know the truth about what he is doing and we will reveal more of his corrupt deals and bad policies on this website! |
Re: The True Story About Standard Chartered Bank’s $25m Forex Deal by SamuelAnyawu(m): 12:12pm On Nov 17, 2016 |
Emiefele Must Stay |
Re: The True Story About Standard Chartered Bank’s $25m Forex Deal by yudee233: 12:31pm On Nov 17, 2016 |
Not good for our economy |
Re: The True Story About Standard Chartered Bank’s $25m Forex Deal by realnas(m): 12:36pm On Nov 17, 2016 |
Get a high powered attorney to daft a petition against this gentleman forward a copy to your senators, bloggers both print and electronic media |
Re: The True Story About Standard Chartered Bank’s $25m Forex Deal by talktimi(m): 12:39pm On Nov 17, 2016 |
Hypothetically, lets say Emefiele is following orders just that he's slanting those orders once in a while to favour his Zenith bank. Just a guess |
Re: The True Story About Standard Chartered Bank’s $25m Forex Deal by Peterwins(m): 1:23pm On Nov 17, 2016 |
This story is full of half truths. However I never liked the nomination of the present CBN governor. The guy is a misfit and a poor representation of who a CBN governor should be. Most banks (I guess all) round-trip to make illegal profit that do not reflect in the banks books but in the personal/corporate accounts of all the individuals and officials involved in round tripping. A case in point with this story: They called one of their foreign clients to arrange a $25m transaction at N380 to $1. They quickly bought it and then sold all the $25m to various Nigerian clients at N380.50 to $1. From the above quote Stanbic IBTC made a profit of N12.5M on $25M??. It would be interesting to note the various individuals and organisations that bought the $25M at N380.5/$1. With the current unabated rate of round-tripping, the $25M would translate to at least N500M illegal profit (at a minimum spread of N20 per $) for all the individuals involved. The bank (Stanbic IBTC) records N12.5M profit (with the approved N0.50K spread) while all the individuals/officials involved will take their own share of the N500M (minimum) from the round tripping profit. For Zenith bank, the $60M will also translate to the above scenario. Do the maths. Like I stated before, the CBN is the new NNPC. Round-tripping the new subsidy scam. Same players different games. The way forward is to abolish multiple exchange policies. |
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