onatisi:
there will be no loans to give. This is a good move for the government in order to curb corruption within govt parastatals but the implementation is wrong. Only the top 5 banks in Nigeria can operate optimally without these accounts and give loans the rest cant

its not important that we have 1billion banks.. 5 strong banks is enough .. Good .. The rest could merge .

Nigerians(all the looters) are wicked people....chai people were stealing without conscience....no wonder we don't find ourselves where we re suppose to be since....I keep saying that pdp has been dis con3 main problem..chai see how they allow looting in their govt since 1999..the last one said stealing is not corruption, can you imagine that came from a phd holder sometin pmb who's a dullard to the wailers can't say cos to him stealing is corruption and corruption is stealing.

onatisi:
bros forget Nigerian graduates 90% of them don't even know the meaning of the course they studied. But back to this issue ,I have been telling ppl that next year will be the toughest for Nigeria economically. I expect most state government to start issuing out sack letters as soon as they finish paying the backlog of salaries,many companies are going under,the suffering ppl will witness in Nigeria next year will be serious if buhari and his economic team keeps bringing out policies like this

Government accounts in over 20,000 banks simply promote corruption and all these accounts should be closed down though in STAGES.

onatisi:
bros forget Nigerian graduates 90% of them don't even know the meaning of the course they studied. But back to this issue ,I have been telling ppl that next year will be the toughest for Nigeria economically. I expect most state government to start issuing out sack letters as soon as they finish paying the backlog of salaries,many companies are going under,the suffering ppl will witness in Nigeria next year will be serious if buhari and his economic team keeps bringing out policies like this

Unfortunately its the 'graduates' that are looking for jobs or at best earning next to nothing (why am i surprised considering their level of thought anyway) that seem to see this as a reasonable thing.

Its not only state govts, even the private companies will not be able to sustain overhead either and gbam, more sacks from that area as well.

And the americans just had to stop visa lottery in Nigeria now that i need it most. Should have listened to my ex girlfriend i swear

Lushore1:


Government accounts in over 20,000 banks simply promote corruption and all these accounts should be closed down though in STAGES.

Are they being closed down in stages?

Realism

ribbit:
its not important that we have 1billion banks.. 5 strong banks is enough .. Good .. The rest could merge .

Exactly!!!, though there will be job loss in the short term but its will be good for our Economy in the long term and any bank that cant survive this should not have been in business in the first place.

[color=#006600][/color]Nijja is blessed with wealth. God bless nigeria de more

ribbit:
its not important that we have 1billion banks.. 5 strong banks is enough .. Good .. The rest could merge .

who is talking about 1billion banks?read the article and understand . Have u thought about the multiplier effects of almost 10 banks going under? This is a nation of 160million and in your own modern day economics idea 5 banks is enough.later you will be the ones complaining of banks holding Nigerians to ran some. What you don't know is most business depend on these banks for loans for their business and once these banks are unable to give these loans or letters of credit your own job is at stake even if you are a government worker. You don't seem to understand what we are talking about

onatisi:
there will be no loans to give. This is a good move for the government in order to curb corruption within govt parastatals but the implementation is wrong. Only the top 5 banks in Nigeria can operate optimally without these accounts and give loans the rest cant

just asking which are the top 5 banks here?

refreshrate:

Unfortunately its the 'graduates' that are looking for jobs or at best earning next to nothing (why am i surprised considering their level of thought anyway) that seem to see this as a reasonable thing.
Its not only state govts, even the private companies will not be able to sustain overhead either and gbam, more sacks from that area as well.
And the americans just had to stop visa lottery in Nigeria now that i need it most. Should have listened to my ex girlfriend i swear

Just want to know how are this decision going to affect private companies or outfits

iomoge2:
Pls I have a honest question.
Please no one should see it as a stoopid question

PLEASE WHERE WOULD THEY TAKE THE MONEY TO
WHERE WOULD THE MONEY BE SAVED?
WOULD THEY GIVE IT TO ONE BANK? Or open a special Bank for Government funds?

Central Bank of Nigeria. Its good to ask 'stupid'. There is no shame in learning.

refreshrate:


Are they being closed down in stages?

Realism

that is the mistake buahri is making the accounts aren't been closed in stages but in a single strike. What they should have done is to close the accounts on stages like closing customs and immigration first give time for the banks to adapt and adjust then close others in stages .but if what we are hearing is what they are about to do then plenty suffering for Nigerians next year

refreshrate:


Are they being closed down in stages?

Realism

This is where i have reservation about the whole issue, i will advise the government to close the accounts down in stages but come to think of it......"does anything ever work in stages in Nigeria?"

some banks will be shaking in their pant nw especially first bank. Buhari continue to do the good job. God bless Nigeria

asha80:
just asking which are the top 5 banks here?


Just want to know how are this decision going to affect private companies or outfits

bros giving names of top 5 banks may likely create a panic withdrawal in other banks.it is not that the other banks will close down just that they wont be giving any more credit to ppl. It may affect some banks forex operations also.

anonimi:
Good initiative from President Muhammadu Buhari.

Bros... From you again??, shocking

Bravo!!!

Let's hope they do not postpone the deadline.

rusher14:
Banks are not meant to be artificially dependent on government accounts for sustenance.

Most banks in Nigeria refuse to maintain the true ethos of banking. They are mostly in to round tripping of funds, money laundry, and fast schemes which are inimical to the growth of the people.

Truly, there would be a downsizing of the work force but it is important for the banks to begin to see themselves as crucial to the growth and development of the Nation.

They should begin to fund enterprise, housing and infrastructure. What they've enjoyed for years are artificial deposits that benefit only the bankers and Directors of these government agencies.

Retail Banking isn't even meant to be one of the choice professions of graduates who have studied everything from agronomy to zoology. From engineering to Meteorology.


The party had to end some time.

Music wasn't even right ab Initio.

What you say here is the simple truth though.
.just that process of this rule must tell on the labour force in banks..a case of something that ought to have been done a long time ago like many other things in the country

I think this government has 0% tolerate in corruption...ryt...this scrutanization is only carry out under notable good president... we pray may GOD give u ability to do more good work.... baba

onatisi:
who is talking about 1billion banks?read the article and understand . Have u thought about the multiplier effects of almost 10 banks going under? This is a nation of 160million and in your own modern day economics idea 5 banks is enough.later you will be the ones complaining of banks holding Nigerians to ran some. What you don't know is most business depend on these banks for loans for their business and once these banks are unable to give these loans or letters of credit your own job is at stake even if you are a government worker. You don't seem to understand what we are talking about

banks cannot hold anyone to ransom unless there is no competition.. Just 2 banks can serve 1billion population better than 100 banks .
It's not about the quatity but quality .

refreshrate:


Unfortunately its the 'graduates' that are looking for jobs or at best earning next to nothing (why am i surprised considering their level of thought anyway) that seem to see this as a reasonable thing.

Its not only state govts, even the private companies will not be able to sustain overhead either and gbam, more sacks from that area as well.

And the americans just had to stop visa lottery in Nigeria now that i need it most. Should have listened to my ex girlfriend i swear

.i don't want to be caught unprepared as we speak 90% of both state and fg govt contractors haven't been paid and many of them borrowed money from these banks .that means serious problems .

I think this is good for our economy. it is going to curb corruption and the government can atleast monitor spending in the various ministries and parastatals. this is to destroy the rise of another Alison maduekwe in whatever form and in where sector in this country.

banks should now face proper banking instead of lobbying for government monies. who does that. No wonder our economy is in shambles. everybody waiting for the federal government. No initiative at all from the private sector.

let the private sector get creative. this may hurt the banking sector initially but it will bring more innovations from this sector that has gone lax. besides not all the banks house such huge government money anyway. there are banks who don't have a single government account in their banks and they are doing fine. so I don't know what the entire hullabaloo is all about from perpetual naysayers.

ribbit:
banks cannot hold anyone to ransom unless there is no competition.. Just 2 banks can serve 1billion population better than 100 banks .
It's not about the quatity but quality .

give me an example of a country where 4 banks have served even 10million ppl. Because I am even bringing it down from your assertion of 2banks to 2 billion

asha80:
just asking which are the top 5 banks here?


Just want to know how are this decision going to affect private companies or outfits

Ok

A lot of private companies and outfits run on loans and overdrafts.
Take for instance a contract is issued to such a private company, especially with regards to procurement, a lot of these companies dont have the capital to follow through, so they go to the banks.

The banks themselves have no money per se except for depositors funds a lot of which sadly is what daura is about to pull out.

Now if the banks have no money to give or at best make it very difficult to have funding, the private companies cant execute contracts, which means less money for them, which inevitably means either sacking of their staff or closure of the business totally.

refreshrate:


People are going to lose their jobs.

A lot of people.

Without this money a lot of banks wont be able to hold up and the easiest thing would be to shed staff.

Then a lot of money available for loans will be unavailable leading to...well im sure youre able to comprehend to that extent.

I hope you have nobody depending on this economy?

Am I the only one who deducted from the article that the total money is about 20% of the total deposits in Nigerian Banks (2.6 out of 13 trillion)?

If banks are sincere about the way they employ people and won't use this as an excuse to axe most of their work force, it won't be that bad.

It will be bad, mark it, but not bank-crashing bad.

Well.....I hope.

Sodiumdawg:


Am I the only one who deducted from the article that the total money is about 20% of the total deposits in Nigerian Banks (2.6 out of 13 trillion)?

If banks are sincere about the way they employ people and won't use this as an excuse to axe most of their work force, it won't be that bad.

It will be bad, mark it, but not bank-crashing bad.

Well.....I hope.

"He pointed out that if government decides to implement the policy strictly, there will be serious liquidity crisis as the top six banks in the public sector deposits control about 70 per cent of total money market liquidity."

refreshrate:


Ok

A lot of private companies and outfits run on loans and overdrafts.
Take for instance a contract is issued to such a private company, especially with regards to procurement, a lot of these companies dont have the capital to follow through, so they go to the banks.

The banks themselves have no money per se except for depositors funds a lot of which sadly is what daura is about to pull out.

Now if the banks have no money to give or at best make it very difficult to have funding, the private companies cant execute contracts, which means less money for them, which inevitably means either sacking of their staff or closure of the business totally.

ok understood but from the article the funds to be withdrawn are govt funds or govt agencies funds so I don't get the when you said depositors funds

onatisi:
give me an example of a country where 4 banks have served even 10million ppl. Because I am even bringing it down from your assertion of 2banks to 2 billion

Onatisi!

Onatisi!!

Onatisi!!!

*using abokis voice* How many times did i call you're name? Youre smart enough to know when someone bereft of intellect writes something, why in Gods name are your responding to that village eediot?

Ehn!?

Why?

There are certain posts you see here on Nairaland you get better value conversing with a wall than the poster. You will injure yourself o.

Oh you think because etisalat now gives 10mb when they load 200naira and fairly used phones are all over the place that means everybody here has sense?

Theyre called smartphones...the person holding them most times, well thats a whole new story all together. please dont forget this...dont ever forget this.

onatisi:
give me an example of a country where 4 banks have served even 10million ppl. Because I am even bringing it down from your assertion of 2banks to 2 billion

Nigeria ofcourse ..

Before merger, we used to have over 100 banks.. Every ediots open a bank, people deposit , and the bank folds up, people lose their money ..
Thanks to sanusi, Nigeria now has less down 20 mainstream banks strong enough to compete with any bank in the world and with branches all over the world ..
Less down 20 banks divided by over 200million people equals 10 million per bank.

If they merge again, it changes nothing but increases there operations and they will employ new people and be more efficient. Or what is the point of keeping your money in a place that is not safe?

Abeg anybody dey here wey know as I go carry get POS sharp sharp? I applied to my bank since last month (first bank) dem dey delay my business. Any help?

refreshrate:


Onatisi!

Onatisi!!

Onatisi!!!

*using abokis voice* How many times did i call you're name? Youre smart enough to know when someone bereft of intellect writes something, why in Gods name are your responding to that village eediot?

Ehn!?

Why?

There are certain posts you see here on Nairaland you get better value conversing with a wall than the poster. You will injure yourself o.

Oh you think because etisalat now gives 10mb when they load 200naira and fairly used phones are all over the place that means everybody here has sense?

Theyre called smartphones...the person holding them most times, well thats a whole new story all together. please dont forget this...dont ever forget this.

rants of a village ediot

refreshrate:


Onatisi!

Onatisi!!

Onatisi!!!

*using abokis voice* How many times did i call you're name? Youre smart enough to know when someone bereft of intellect writes something, why in Gods name are your responding to that village eediot?

Ehn!?

Why?

There are certain posts you see here on Nairaland you get better value conversing with a wall than the poster. You will injure yourself o.

Oh you think because etisalat now gives 10mb when they load 200naira and fairly used phones are all over the place that means everybody here has sense?

Theyre called smartphones...the person holding them most times, well thats a whole new story all together. please dont forget this...dont ever forget this.

I tire oooo my broda