sammhi:


Initially I wanted to ignore you but for the benefit of many kids in nairaland who don't know left from right I would grant you a response .
It is economically and financially very wrong for FG to empty banks of all its monies . It is never done anywhere in the world . It is like saying we too should keep all our monies under our pillow or where we want . How then are the banks to operate ? With what funds ?
The important thing is that CBN and NNpc are aware of the amount with them. Like I said earlier , what the FG should do is to tel them to pay interest on the amount with them . They could even tell the banks the percentage of the money to keep and the amount to remit to TSA .
Even as individual , if you keep withdrawing all monies from your account and the amount is significant , banks will engage you and make proposition so you can keep some with them.
It makes no sense at all for FG to
Make the banks look as if they are rogues or against their interest . !
What the FG has done is to further erode confidence in the banks . If the banks collapse , you and I are the ones to feel the pains .
Govt is to enhance confidence and help build their financial base.
You and your likes are very wrong . TSA implementation does not mean all monie should be outside the banks .

Zieristclair:
u are the ignorant one here.Why didn't the banks comply with the directive earlier?do you remember that a deadline was given and it was thoroughly flouted by these banks?dumb Nigerian who doesn't know his right.There are too many accounts operated by NNPC and the govt is taking the right step in consolidating them just the way a prudent and efficient one should so we shan't have another Diezani saga where $20b vanishes into thin air due to non-remittance.

Chukzyfcb:

yes is that all you got, because that's the only ammunition those that are anti TSA have during such this discussion. a popular maxim says its only a mad man that will keep doing the same thing over an over and be xpcting different results. the core motive of TSA was to curb leakages which is one of the ingredients that has been fueling corruption over the years.
we have seen how different administration siphoned funds because of lack of transparency in accountability. banks are supposed to wealth creators too, they are supposed to be partners in business especially the smes through loans and professiobal advice. look at the mid year reports from firstbank, access and gtb all more profits than they earnrd by mid 2015 , most of the revenue coming from the dubious forex transaction. not all CBN policies has been fantastic but to find fault in the TSA policy is truly insane
banks should get to the real deal not waiting on government money, kapish

sammhi:

My friend , it is not an excuse . The bank said NNpc is aware , cbn is aware. Why didn't they resist it or tell them no.
Prblem with you guys in power presently is that you don't understand how money works . Just half baked empty heads looking for who to blame for their ineptitude .
Most of you have never own a business or run an organization so you have an employee mentality . No wonder the country is collapsing not because there is no moni but because of your poor vision and plain ignorance of how moni works .
You don't want banks to have government moni, so where or how will they do business ? Or you think because it bears the name 'bank' , moni will fly into their vault? I pity you and your ilks .
Worldwide , Banks have some government funds with them.
You are very wrong to think every give money should be in CBN which will not benefit any person.
It is a shame

femarse:


at the top echelon of banking are professionals with years of experience dealings with money and samething goes to cbn at the top echelon of cbn are top professionals with years of financial experience which is what makes them to be there to run the organization if they are saying what is good for them is for bank to return the money and gave them stipulated time to do it cos it's been long since they said they should return it if this professionals see reason why this money is to be return who are you and how many financial experience is under your belt to think bank should continue using the money ? don't you know some banks return theirs ? gtb zenith access do u think cbn is charitable organization? they do business too far more than the banks even when banks deposit money at cbn they are charge for it depending on the amount so when they said they need their money for more biz why should dey hold it?

sammhi:


hahaha ..display of hate ,twisted thought and poor financial knowledge ..
first : TSA was not the brain child of this govt. it was that of immidiate past adminstration so the question of Anti TSA does not arise . no one is saying TSA is bad but its implementation must be done not to harm the banks.
secondly, TSA is used in some other countries too and its implementation is done so as not to cause problems to the banks . Main purpose of TSA is to TRACK government revenue. without TSA , it is impossible to track these accounts. so , with that wherever the money is , it is stil accessible to the government . you do not have to mop the fund from the system that is in recession since you are tracking it .
thirdly: banks profit being more this year...the FG created the loophole for banks to exploit by fixing currency at 197 .whose fault ?
Fourthly and most important, please purge your mind and heart from this mentality of assuming that everyone is a thief and any person given to contrary view benefit from the system. a lot of us knows you are not doing correct things. Even SLS , today berates the govt for its policies . What is going on in your govt now is that you guys are much busy looking for scape goat and those to call thief instead of working. it is a shame
You want bank not to use govt money or govt should not keep their money with banks..this seem more like beef or some kind of ludicrous . of what use is money sitting idle and benefiting no one?
chai, no wonder the country is suffering with people like your type in corridors of power

Chukzyfcb:

Mr man please do not contradict yourself. You just said that the t.s.a policy was a last administration idea (which I agree), also you said sanusi berates the policies of this present govt. how can you ever think that t.s.a will be amongst the policy sansei loathes when he and N.O.I would have been the brain behind it does that make sense to you
Well that aside...........Talking about leaving the bank bleeding after t.s.a October last year I went to the bank to do a fixed deposit. I went with high hopes of receiving a High interest rate because I expected the bank to be in dire need of cash after the t.s.a. Policy. I was disappointed that day at the rates, 3.5% - 4% for 90 days was what I was offered. I couldn't believe my ears , how could banking sectors not be needing cAsh at that moment when t.s.a had sucked out bout 2trillion.........Well on further enquiry, I found out that despite the fact cbn milked about 2trillion from banks, it pumped back liquidity of over 700billion and reduced the cash reserve ratio from 31% to 25% that brought the banking sector an added savings of 470billion. So you see my friend, cbn didn't leave the bank to die, it brought rescue while advising them to manage their risk portfolio for shocks that may arise in the future.
If you will agree with me, the main challenge now in the banking sector isn't T.s.a but the rising non performing loan, mostly in the oil and gas sector. T.s.a is an excellent policy that has gotten various commendations from top financial heads in the country. I am not an economist tho but I know well to commend good policies when I see one. Moreover t.s.a policy approval or not is off point to what this thread is about.
The fault of the cbn according to the Topic of discussion(thread) was to ban the banks from forex dealings instead of placing a fine. It's not the first time banks will err in remitting the revenues of mda to the account. A fine was placed on the defaulters in the past like when Zenith or uba were found guilty, so I wonder why cbn will change the punishment now to forex ban instead of fine. Lets discuss the topic gentlemen

UnknownT:
Heritage Bank doing everything possible to survive CBN should tamper justice with mercy

sammhi:


Initially I wanted to ignore you but for the benefit of many kids in nairaland who don't know left from right I would grant you a response .
It is economically and financially very wrong for FG to empty banks of all its monies . It is never done anywhere in the world . It is like saying we too should keep all our monies under our pillow or where we want . How then are the banks to operate ? With what funds ?
The important thing is that CBN and NNpc are aware of the amount with them. Like I said earlier , what the FG should do is to tel them to pay interest on the amount with them . They could even tell the banks the percentage of the money to keep and the amount to remit to TSA .
Even as individual , if you keep withdrawing all monies from your account and the amount is significant , banks will engage you and make proposition so you can keep some with them.
It makes no sense at all for FG to
Make the banks look as if they are rogues or against their interest . !
What the FG has done is to further erode confidence in the banks . If the banks collapse , you and I are the ones to feel the pains .
Govt is to enhance confidence and help build their financial base.
You and your likes are very wrong . TSA implementation does not mean all monie should be outside the banks .