smallJagaban: THAT CBN GOVERNOR IS A MAD MAN.

ANYTHING THE IBO HANDLES ALWAYS CRUMBLE, DISORGANISE.

RoyalRoy:
Inconsistency always the problem in Naija. No continuation of any policy soon as power change hands.

Am also expecting the new IG of Police to come around and do his own crazy policy to mess up the good works of his predecessor. Maybe he will return the boys back to the road too who knows.


Another season of long and crazy queue to return to the ATM machines. As most people will be wary of using another bank's ATM.

GTBank customers, sorry in advance. .......with their 10Billion customers (effects of zero account balance).

Kizmarty: what was this emelife abi he's name..what was he thinking?



#65 charges?? choi!


we need to protest against this...this is pure bully nd oppression in broad day light....

onatisi: I think uu got the message wrong ,it is 65 naira per atm withdrawal after 4 free withdrawals on another bank atm.

victor2exl:



Thats what you get from a politically appointed person/pen robbers.although the former was also;But he justified himself showing that he posses the merit to be there...Stupid new CBN governor so this is his own channel to enrich himself in his tenure..Bloody looters...

coolestboy:
U took this out of my mouth. The no charges policy has made the ATM services so poor.
No cash in some outlet during weekends.
No building of ATM centers aside bank premises anymore. And many more ATM challenges.

All these happening just because the banks aren't making money tru ATM.

muktarmtt: Haba stop calling sanusi name d last time i check all of u r cursing sanusi callyn him names nd said he did nothing to favour us now u see truth, u will cry nd it's jst d biggning dis new CBN gvrn will robe us all

onatisi: I think the solUtion is very simple , make sure u plan ur withdrawals very well.$make 3 free charge frEe withdrawals from any bank atm, subsequent withdrawals should be made at ur bank atm machine or just walk into ur bank and collect ur money

konga82: I tink we all have de right to complain. But remember COT has gradually move down 4rm 5 per mill to 2 naira very soon dia will be ZERO COT in all transanction, so many bank charges has been trim down, how do we expect dem to succeed, expand and employ more workforce 65 is big yet we did not complain wen we ar bin charge 100 a liter of diesel is 125 some branches burn diesel 4rm morning till night, pls let encourage dem. Remember many has gone under.

Kizmarty: what was this emelife abi he's name..what was he thinking?



#65 charges?? choi!


we need to protest against this...this is pure bully nd oppression in broad day light....

anikum:

Fourth withdrawal?..i bet you that the banks wouldnt really adhere to that...they will charge you as soon as you make a withdrawal from other atms...then you start hearing things like system errors,fill a form,it will be rectified and so on.....sorry bro!

TUNFOL:

You are making point, but you must realize that in the world-over, COT is not part of a bank income. It is one of the crooked model that crept into our banking tradition and got cemented. Banking is all about financial intermediation. You mobilize funds from the surplus sector of the economy (through deposit mobilization) and move the funds to the deficit sector (Through loans and advances) to finance productive ideas that grow the real sector. The bulk of the income of a bank therefore should come from the differential between the Deposit rates and the Lending rates. Now, as a customer, I gave you my money as a bank to keep. You use the money for business and generate income and anytime I come to withdraw, you charge me COT. does it make any sense? When I deposit money with a Bank, the bank becomes automatically indebted to me. It becomes my debtor. And anytime I come to collect my money from my debtor, it still charges me. Does it make any sense?

The issue is that Nigeria Banks continually fail in their responsibility of financial intermediation. They are master at mobilizing deposits. If you have money, they will pursue you to synagogue and once the fund is mobilised, they will rather lend to the mighty and Invest the bulk of the money in 'gilt-edge security' and money market Instruments like Treasury Bills, Treasury certificates etc.

When Emefiele was appointed the CBN Governor, I already have a pre-knowledge of what he will do. He was the GMD of Zenith Bank. Zenith Bank has no business model when it comes to real banking. What they do is fund trading. Bank with them for donkey years and come with the most-productive ideas in the world and request for just a token to finance it, even when you pass all the 5cs of credit, you will be amazed at how they will turn you down, unless you are the Dangote and MTN of this world. They are master at mobilizing funds but they invest the money in Treasury bills because they do not want to take risk. They have the least risk-asset ratio in the banking industry because they don't lend. The problem with it is that they do not grow the economy. The profits they make from investment is enjoyed by Jim Ovia and the big boys in the bank. When Sanusi increased the Cash reserve ratio (CRR) on government funds from the original 12% to 50% and later to 75%, the bank's existence was under treat because 90% of the funds they invest in Treasury Bills come from government. So the model is just that they take funds from government at no cost and lend the same government's money to the same government at 30% through investment in Treasury bill. Sanusi saw this fraud and quickly moved against it. Save for t he appointment of Emefiele as CBN governor, the bank would have downsized some months ago.

Now that Emefiele is the CBN governor, his loyalty is more to Zenith Bank than to the people of Nigeria. This is evident in the way he approved the appointment of Jim Ovia as a working chairman of the board. All policies that were put in place by Sanusi that are pro-people and anti-capitalist banks will be reversed by Emefiele gradually. This is just the beginning. Before the end of his tenure, I see him reducing CRR on government Funds to as low as 10%. This of course will continue to destroy the economy.

To me, Emefiele was appointed because:

(a) He has a reputation for displaying unalloyed loyalty to his boss, even to the point of Death. He was DMD under Jim Ovia in Zenith Bank for ten years and even when Sanusi forced Ovia to resign and Emefiele took over, he was just a puppet as the bank was practically run by Jim Ovia from outside.

(b) Needs of GEJ to get a CBN governor he can control as there will be needs to finance the 2015 election


The problem is that when you have a clueless president and a CBN governor who does not have a mind of his own, you can not hide away from anti-people policies. Like I said, just expect more of this from CBN under Emefiele.

MaziOmenuko: I believe this is a welcome development: I'm saying this because when the N100 charges was suspended, most banks that have ATM outside their premises feel reluctant to fund the machines. Every organization is run with the aim of making profits, so why will they spend their resources building ATM at remote areas, fund it and not make a profit?
With this re-introduction, we are likely to see more ATM installed all over the street corners, markets and shops.

That's the way I see it.

nastyesco: Sanusi always meant well for the sector, it was definitely evident from the onset. The usual game of politics of religion has always overrun common sense in Nigeria. Emeifele has returned to make more money for Zenith bank.

ManirBK: You no go see the bigoted Igbos and Ijaws commenting because they all know our people are by far better than them administratively, the Late Yar'adua reversed the pump price of petrol from #75 to #65 their Ijaw thief increase it to #138 after observing it could not work reversed it to #97 now the former CBN governor met a #100 deduction upon withdrawal from other bank ATM but the Igbo thieves is now introducing #N65.
DIARIS GOD OOO.