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|How Banks Make Free Money – CBN Governor by casmir66(m): 9:51am On Aug 27, 2018|
Although this writer has, since 2004 consistently condemned this obvious rip-off, in several articles, in retrospect, Sanusi had inexplicably remained silent, while First Bank Plc, probably, Nigeria’s largest bank, where he earlier served as a Director, was possibly the major beneficiary of this scam in public finance.
The above title “How Banks make Free Money from Government Funds” was first published barely a week, after the key decisions made at CBN’s MPC No. 90 of 22/23 July 2013, were announced. Notably, however, the question still remains, whether or not the oppressive, financial absurdity, which Sanusi condemned still prevails? A summary of that article follows, hereafter; please read on.
“…First of all, you have got liquidity surplus in the banking industry; … there is over N1.3tn or so sitting in banks and belonging to government agencies. Now basically, they (these funds) are at zero percent interest and the banks are lending about N2tn to the government and charging 13 to 14%!. Now, that is a very good business model, isn’t it? Give me your money for free and I lend it to you at 14%; so why would I go and lend to anyone?”
Read more: https://thesprintnewsngr..com/2018/08/how-banks-make-free-money-cbn-governor.html
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