Diamond Bank Financial Statement Qualified

in another attempt to contravene the provision of the CAMA and relevant accounting standards relating to amortization of goodwill in the books, the bank had its financial statement QUALIFIED by the auditors.

the current trend in the banking industry is of great concern. in recent times Access bank and IBTC were culprits of this contravention of law and accounting principles. of more concern is the roles played by the CBN and the Federal High courts in aiding the banks management to WILLFULLY DISREGARD the provision of the CAMA.

this is dangerous as it portends that "DIVIDEND COULD BE PAID OUT OF CAPITAL" - an act TOTALLY forbidden in the Coy Allied matters Act. because the motive for this contravention is simply to pay dividends to shareholders that might not have been possible, if goodwill is properly amortized in the P & L statement.

Am uncomfortable.
cheers