Someone recently told me they were trying to get a loan from one of the top banks in Nigeria (think new generation) for a large sum, and the bank official they were dealing with who is quite senior asked for 5% of the loan amount for it to be approved.

Does this really happen? 5% of the loan amount which was nearly N100m for a project on top of the high interest rates.

I find it so hard to believe and want to know if anyone has experienced this before.

What you r experiencing is very normal, tell ur friend to negotiate with the banker he will accept 2percent.

Very bad. How does Jona or his government contribute to this kind of corruption? This really is the parent of all corruptions and how can it be stopped?

Wow I know things happen in naija, but this just got me so stunned, and this guy is a patently very well paid.

Na wah

Bridgetown:
What you r experiencing is very normal, tell ur friend to negotiate with the banker he will accept 2percent.

This has been happening for decades jor.

Many of those Agric loans back in the day were mostly so approved.

They even request higher percentages, like up to 50%, in those govt loans that they know won't be paid back.

They will even tell you how to avoid paying back the money.

It has "tey".

9ja corruption situation nor be here o.

We can blame govt as we like, but it's national problem somehow involving almost everyone/sector.
Willingly/knowingly or not.