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The banks, their Executives in connivance with the politicians, destroyed this country.
If Nigeria is the cesspool of financial corruption, the banks, especially the top hierarchies, are the major criminals and culprits and check them all out. They are all billionaires as key facilitators of all the financial crimes and financial corruption of this nation
99% of Bank MDs and CEO are criminals, yes including whoever comes to your mind right now. Once you have access to a banking licence in Nigeria, you are an overnight billionaire.
They are intelligent, driven, ambitious, and can get things done, but they are driven by wanton greed and take advantage of the rotten Nigerian system. I was a banker myself, and I know book cooking and what is called financial engineering; it's all financial crime.
Let me tell you how all the bank MDs you know are billionaires; the banks are officially allowed to access the FX market at official price, and the parallel market is selling at N100-N300 spread most times.
They go to CBN and access $100million for instance that is supposed to be used to fund commercial transaction, they will fund say $10million, and over invoice, forge all manners of document to submit to CBN as having used the $100m and then access the $90m and sell at black market price. It is called arbitrage. So in one week, some few guys will go home with 90m X 200 = N180 billion.
The economy will be overheated by parallel market activities, Naira will keep falling, inflation will keep rising, and people will keep suffering.
While the bank MDs will find one church and be donating money, find some kids to fund their fees and all manners of penance. For every one kid they save, 100 die of hunger from hunger because of the economy they batter. For every one hospital they build,another 1000 people die of lack of access to healthcare.
FX Arbitrage and round tripping do not satisfy them. They will partner with petroleum product importers, CBN, and DPR during the subsidy regime. You will import 3,000MT of products, and they will forge it as 30,000.
The subsidy on the extra 27,000MT will be shared by all "stakeholders" in billions. Everyone goes home happy except the Nigerian people whose money os been stolen, FG will borrow money to fund the subsidy when 40-60% of the subsidy is actually subsidising the greed and criminality of a few. And the economy is destroyed.
This is the reason behind the controversy about the actual quantity of fuel consumed by Nigetians daily as against the amount being subsided.
It is these men and women that will still launder money for politicians and take their cut. That'd why you see that the bank Executives and top politicians are 5 & 6; they help them hide their loots.
That is why even when they resign or retire, they will yet float another bank or hang around the financial industry because it is a cash cow in a corrupt country where monies are stolen daily, the banks are the conduit and the major players are the Mafians.
Let's not even talk about how they manipulate their financials and books to take advantage of the market and investors, how they forcefully and coercive acquire others.
Bank executives are all criminals, 99% of them. Quote me
The major attraction for floating banks are the corrupt and fraudulent transactions a bank owner can facilitate via the fx market and all sorts of dirty stuff and not the actual financial intermediation that banks are supposed to be doing.
How many people here have bank credits or loans. I currently live and do business in the UK, everyday I get offered credit cards with thousands of pounds in them in fact I have two that was just sent to me because I made an enquiry, I don't even use them.
The day I registered my company here, the next week, banks and financial institutions in the industry I operate were already offering me stuff because they are actually into banking and need to make a spread by lending.
They are properly regulated, and you go to jail of you distort the system.
I don't know how Nigeria will ever get better, honestly, because even those we look up to are all criminals. If you go to the churches and see how these bank executives participate and fund "God's work" and how they are given special recognition because of what they do for God. And in their communities, towns and cities, the scholarships, etc.
But they guys are all corporate Yahoo boys who fleece a whole nation and cause untold hardship, untimely deaths, and destruction of an entire nation in exchange for the billions that fund their vanity.
God will judge
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