There is no wrong way of doing a right thing, the manner often a time defeats the action, so always be careful.
In the last few months I have taken interest as our banking industry has witnessed phenomenal growth, while there has been some positive strides, we have also seen the same old practice that led to the consolidation and merger era.
We watched the Springbank drama, and also almost witnessed the start of another wonder banks era. Today banks are selling almost everything, and I think this is good for the economy, but I have also questioned the so-called bonanzas all aimed at increasing market shares.
However all these are not the substance of my take, rather I want to ask how these banks have managed to post the magnificent profits after and before tax and our economy has remained dormant and docile.
Everyday we are besieged with the pontifications of how these banks are supposedly driving the economy towards our 2020 top 20 dream. But all these come against the backdrop of a sector that lies to itself.
In the midst of all these jumbo profits and world class status, many of us know better the truth behind the fact.
These are the same institutions that cook reports, conjure facts and figures, engage in gross unethical and sharp practices. Continue to violate the Banking and Financial Institutions Act BOFIA, serve as middlemen in money transfer scam, money laundering, using of proxy companies to mop up shares on the floor s of the Nigerian Stock Exchange, round and square tripping.
Only recently one of our top three banks was sanctioned in the UK for money laundering. Then on the masses angle these banks would charge fictitious charges on cost of transactions and at the elite level sponsor and finance political parties, off course the PDP.
The entire revolution in the banking sector was to throw away the era of sharp practices, immoral marketing, victimization, family domination and banking, hereditary leadership and spurious sponsorship of ratings to themselves.
I recall that it was in Plateau State that an Accountant of the defunct All States Bank admitted that the then State CEO gave banking instructions on phone and I beg you, this was not mobile banking, s foreign currency deals were concluded at black, blue and green market levels.
In Jigawa, GTB is being owed N12B , how, for what, when, with this kind of baffling figures, one wonders. In Plateau again, Intercontinental seized the entire State's subvention because of a loan.
Now to the conflicting part and I am sure while many will disagree with me, others will agree that it is the truth and a fact that most of these banks support, aided and abetted some of the former Governors. In rendering of some 'services' these banks portrayed themselves as greedy, irresponsible, lacking in discretion and acting as shylocks that advanced questionable credit facilities in ways that did not advance the interest of the masses but the greed of a few.
It is an indisputable fact that loans were given at bizarre terms for projects that were of little or no significance to the public, loans for purchase of spoons, to clear grass, for the wedding of a Governor's daughter, for cars for Governor's pool, credit facilities for birthday parties of Governor's girlfriend…the list was endless.
In one State, the Governor opened an account without a name, a passport and transactions in multiples of millions were transacted. In another State, the State CEO, withdrew monies just with his complimentry card as check.
We know of cases were State accounts were the same with private accounts. We also knew of instances when State accounts were just maintained as slush accounts.
How about a State that had 33 different accounts in one bank.
While one does not hold the banks solely responsible for the party, but then they helped themselves freely to our collective sweat as Bank Managers lived like emperors way above their salaries, some Banks witnessed the use of voodoo amongst staff for purpose of either posting of what is regarded as a 'lucrative State' or to get promoted to the level.
Banks invented all forms of sweet sounding words to help the thieves help themselves. We had Irrevocable Standing Payment Orders, Infrastructural Development Fund, Local Government Purse and many more. The more one looked the less that was to be understood.
In my beloved Plateau, I know that between January 2002 and 2004 a total princely sum of N14,336, 237, 000.00 was deducted at source as contractual obligations, contracts that no one can ascertain, contracts that were not there. On the best, contracts for the furnishing and camping of girlfriends, concubines, mistresses, some even took contracts for concubines to go to Seoul in Korea for Prayer sessions.
As I end this essay the CBN is announcing new plans regarding the Naira denominations…while I try to grasp the commonsense of the exercise. It might interest those in authority, the banks, CBN, NBN or any government economists that all that Nigerians want is food, shelter and clothing at affordable cost, Shikena…! May the Almighty Allah help us.
Prince Charles Dickson,Jos, Plateau Nigeria
pcdbooks@yahoo.com
234-0803 331 1301, 234-0805 715 2301
