erekoshe:


Petitioning the NASS? You're joking right?

I don't joke with my post. Send your concerns to the senator in your own zone and follow them up. Before then, you can allow CBN do its work without castigation.

mbulela:

There is an inherent daftness in your post.
So we should just allow organizations to flout laid down rules and regulations?
Do you understand that this act of undeclaring funds is fraud in its true sense?
What has that got to do with diversifying the economy?
So because they will increase arbitrarily COT (which is not possible as charges are regulated), they should be allowed to fraudulently hide funds?
Do you see the illogical premise of your argument?

I do get your point, but like I told you earlier "abnormal" is the new "normal" here on Nigeria.. So screw it, I support the other guys choice of words, eventhough he went too far. Not that they were right but that's the norm here.


Nigerian banks hide a lot. For instance, You think the list of debtors published was correct? U know what it took to maneuver that? U think only First bank, UBA and Skye have hidden MDA funds? They were unlucky coz they got caught. The entire industry is messed up. The TSA will cause hardship for the low level bank staff and the economy at large. The 'ogas at the top' have stolen enough and they won't even get touched.


Your next point will be should we do nothing because of the inherent fraud? Actually, clean up of the sector should preceded funds mop off as the clean up will unveil several abnormally that will even increase funds to be mopped.

irondome:


I don't joke with my post. Send your concerns to the senator in your own zone and follow them up. Before then, you can allow CBN do its work without castigation.

I see! BTW, who's preventing the CBN from doing her job?

ok, you've been noticed.. Thanks

All these monies from fines, penalities and bail out of arrested previous ministers must be used to develop our economy and eliminate d suffering of d masses pls. No story oooo. We want 2016 to be a year of testimonies of better life and better conditions if not best pls. We take God beg people in power

erekoshe:


I do get your point, but like I told you earlier "abnormal" is the new "normal" here on Nigeria.. So screw it, I support the other guys choice of words, eventhough he went too far. Not that they were right but that's the norm here.


Nigerian banks hide a lot. For instance, You think the list of debtors published was correct? U know what it took to maneuver that? U think only First bank, UBA and Skye have hidden MDA funds? They were unlucky coz they got caught. The entire industry is messed up. The TSA will cause hardship for the low level bank staff and the economy at large. The 'ogas at the top' have stolen enough and they won't even get touched.


Your next point will be should we do nothing because of the inherent fraud? Actually, clean up of the sector should preceded funds mop off as the clean up will unveil several abnormally that will even increase funds to be mopped.

Honestly, give it up already. Let me point some things out to you.

1. Irrespective of when and how TSA is implemented; banks are bound to struggle a little bit as most of them rely substantially of these free funds. So why postpone the evil days while the FG continue to struggle financially when it has (unknown) trillions of Naira lying in various bank account. That amounts to LOSE & LOSE situation.
2. Cleaning up the mess in CBN is not an snap of finger act, but a lengthy and continuous process that would take time; as such, putting off a routine regulatory oversight function for such a continuous process sounds absurd and illogical.
3. You mentioned other defaulters; if you know of any, you can do the whole nation the honor of listing their names.

And for the records, I totally agree with your opinion that these funds uncovered are not exhaustive, but the few unlucky ones. We do not even know if there are still some funds lying in ALL the banks, which is where heavy fines come in. In fact, if I were the CBN Governor, I would subsequently order a fresh round of investigation and you won't be surprised to see them owning up to other uncovered MDA funds.

RockMaxi:



Cool down mr. We will be here and none of those of your pessimism will come to pass. We all hope for a better tomorrow.

Like we have being hoping 4 since childhood

[b][/b][color=#006600][/color]no wonder they restricted me from debit transactions.......yeye bank....

irondome:


Honestly, give it up already. Let me point some things out to you.

1. Irrespective of when and how TSA is implemented; banks are bound to struggle a little bit as most of them rely substantially of these free funds. So why postpone the evil days while the FG continue to struggle financially when it has (unknown) trillions of Naira lying in various bank account. That amounts to LOSE & LOSE situation.
2. Cleaning up the mess in CBN is not an snap of finger act, but a lengthy and continuous process that would take time; as such, putting off a routine regulatory oversight function for such a continuous process sounds absurd and illogical.
3. You mentioned other defaulters; if you know of any, you can do the whole nation the honor of listing their names.

And for the records, I totally agree with your opinion that these funds uncovered are not exhaustive, but the few unlucky ones. We do not even know if there are still some funds lying in ALL the banks, which is where heavy fines come in. In fact, if I were the CBN Governor, I would subsequently order a fresh round of investigation and you won't be surprised to see them owning up to other uncovered MDA funds.

1. Mopping those trillions will save the economy??
2. If cleaning up the mess in CBN will take time why do u want to clean the commercial banks at the snap of the finger
3. Ever heard of NDA?

Ok, I give up already, go argue with someone else

Love Machine:
Since the tsa took effects civil servants and govt retirees have not being receiving their salaries at the end of the month.They receive bank alerts on payment of their salaries on 10th to 15th of the following month.Businesses have been slowing down like baba go-slow.No exchange of goods and services because of non availability of cash.This change is having negative impact on every household.Baba go-slow do something!

You obviously not a finance person.

mbulela:





Was I talking to you bro?

Is this a rhetorical question? This is a forum not your WhatsApp group.

Nevertheless, let's talk about your points.
Should we find a saint before we start adhering to simple rules? NO but let's make it a level playing ground, let's punish all offenders. Are we doing that? NO. There are some sacred cows.. (Won't share details).
If you won't share details, then I can't discuss the point with you. As far as it is known in the public domain, everyone found hiding funds against TSA has being punished and the punishment has been uniform. If 1st bank and UBA can be punished I struggle to see the sacred cow in view.

The CBN has bruised several of her own orders, they've messed the sector up several times and are even responsible for several decline in the economy. Who'll punish them?? What do you know of the central bank activities, go review access and intercontinental brawl, oceanic sales, Amcon and even NIBBS activities, or check out the BVN messed up DB where ur name and face on the DB don't correlate, lest I forget the Heidal project.
You have made valid but largely irrelevant points to the issue at stake. It is like saying because the referee in a premiership match made a wrong call in the 12th minute, he has lost the right to make a right and stringent call in the 31st. None of the issues you have raised negates the enforcement of rules as it concerns TSA. It is like saying a thief should be pardoned because the whistleblower is an adulterer.

Dude, you don't know jack abt the CBN so shut up.
Stop throwing tantrums like a 6 year old (I assume you are not one). You know very little and it is obvious. I am open to learn from others but you so far you have failed to make sense.



Fine doesn't really solve problem, it create greater and smarter thieves. Find the root cause of a problem and fix it before fining. Close the loopholes.
Fine is not meant to solve a problem, it is made to deter law breakers. What root cause? you were asked to transfer money and you hid some. A fine was imposed. What else do you want CBN to do? Conduct deliverance on bank treasurers?

Lovely come back -addressing the issue with detail

erekoshe:



I really would love to debate these issues with you, but unfortunately, you don't even listen to yourself, imperatively, will be difficult for you to then see my point. You hold a premise so dear and that's what pushes you to argue. First, clear your mind.

Let me reiterate, I didn't say anything about the fine.. Check my first post. Whether the fine is right or wrong ain't mine to judge.. Apparently, there've been lots of fine lately. What I said (which you negate) was that regardless of the fact that the TSA is the right thing to be enforced, it was like punishing the banks and the banks will in-turn fire the low level staff, increased charges-COT, interest rates and all other hidden charges and the economy will suffer for it-remember ita crumbling at the moment.


I said clean up the regulatory body-CBN, clean up the excesses of the banks and then the TSA will make sense.

I would appreciate if you throw more light on the below points you raised
1.increased COT- if you really follow the economy and the financial sector you'll be aware that no bank can charge above N1 per mil and this charge would be be gone by next year
2. The economy would suffer- are you saying that by punishing impunity the economy would suffer. Isn't impunity why the economy is suffering.

It is important to note CBN isn't the cause of our current economic issues the cause is low oil price.

Miscalculated and illegal risk; another hole in the financial statement

Shareholders expected return going...

CBN doing there statutory job!

tolaolu:

I would appreciate if you throw more light on the below points you raised
1.increased COT- if you really follow the economy and the financial sector you'll be aware that no bank can charge above N1 per mil and this charge would be be gone by next year
2. The economy would suffer- are you saying that by punishing impunity the economy would suffer. Isn't impunity why the economy is suffering.

It is important to note CBN isn't the cause of our current economic issues the cause is low oil price.

Sure, oil price is responsible for the economic issues, cbank devaluation of the currency, remember forex limitations that force business men into coma-aint that starving the economy??

Abt COT, yeah COT remain constant, u remember the other charges? The banks ain't stupid, for instance when you attempt to buy tbills, u know the number of charges attached? All they do is generate some hidden charges, they wouldn't call it COT. UBA and access for instance are good in that

erekoshe:


Sure, oil price is responsible for the economic issues, cbank devaluation of the currency, remember forex limitations that force business men into coma-aint that starving the economy??

Abt COT, yeah COT remain constant, u remember the other charges? The banks ain't stupid, for instance when you attempt to buy tbills, u know the number of charges attached? All they do is generate some hidden charges, they wouldn't call it COT. UBA and access for instance are good in that

Sir,
If you feel you are been cheated by the charges please Mail CBN customer service.

As regards the currency devaluation. Those advocating for devaluation like our friends at JP Morgan fail to tell you the negative side of it especially during a period of falling income is purchasing power reduces. So unless your income increases devaluation would only make you poorer.
Please look up on the recent joint press release by CBN,DMO and FMF.

Let's act with the national interest at heart and discourage impunity.

tolaolu:


Sir,
If you feel you are been cheated by the charges please Mail CBN customer service.

As regards the currency devaluation. Those advocating for devaluation like our friends at JP Morgan fail to tell you the negative side of it especially during a period of falling income is purchasing power reduces. So unless your income increases devaluation would only make you poorer.
Please look up on the recent joint press release by CBN,DMO and FMF.

Let's act with the national interest at heart and discourage impunity.

I see your patriotic act, just do whatever you with realitybin view

ednut1:
Basically the monies were being used to buy tbills and bonds from d govt at 10-15% . then d banks settle the ogas in d MDAs. Era of free money for d banks is over.

Yeah, more reason why I believed a fine at commercial rate is a slap on the wrist. A 20% fine would have been a good lesson. No wonder Skye bank still kept mute despite earlier sanctioning of some banks. In all of these, what's govt doing to the civil servants behind this sum, who had full knowledge of concealment yet preferred non-disclosure?

Without restoring discipline to the civil service, the war against corruption has not begun.

tolaolu:

You obviously not a finance person.

I am commenting reality not finance.