The Abacha template might be one to look at again, with respect to setting up a dedicated Banking Malpractices Tribunal, given the critical place of banking in the economic development and the refusal of our bankers to live up to the requsite billing. We need such a Tribunal to save banking from the hands of bank ‘owners’ and their friends…
As I ruminated the other week over the N21 billion Cosmas Maduka-Ifeanyi Ubah-Access Bank fiasco, one of the intriguing things that stood out for me, was the ease with which money made its way out of the system, in defiance of conventional credit guidelines and corporate governance protocols put in place for banking transactions, especially when it is director-related. As well-meaning as Dr. Maduka might have been, there was little doubt, from the story he told, that he was in breach of the guidelines and he would still have been, even if things had gone well. Unfortunately things didn’t go well, leaving a hole of N21 billion in the books
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First Bank is the one we know, but this kind of scenario we are learning of is almost default practice in most of our banks. The Asset Management Corporation of Nigeria (AMCON) sits on many loans repackaged by them. Otudeko is not the only billionaire with the kind of tendencies for which he has been accused. As a fact, a good number of today’s whizkids are in the same bracket.
My earlier intervention on the First Bank matter, titled “Why Elephants Don’t Do Breakdance”, went viral for some reason, even though what I wrote was basically what was in the space. I also ensured that all my statements were prequalified with words like ‘alleged’, ‘seeming’ etc, to protect oneself in such a touchy situation where money is involved. What is most important is that the Central Bank of Nigeria (CBN) stepped forward to ensure the bank does not have permanent issues, which may cause problems for other sectors of the economy, and other banks as well. Some of the issu
Oluchi Chibuzor
The Central Bank of Nigeria (CBN) and financial sector experts have called for collaborative efforts among microfinance banks (MFBs) in order to promote micro-insurance as a tool for deepening financial inclusion.
Making this call in Lagos, at the 6th annual symposium of the Nigerian Microfinance Platform (NMP) organised by the Microfinance Learning and Development Center (MLDC), with the theme, ‘Expanding The Frontiers of Financial Inclusion: The Microinsurance Option,’ the experts averred that microfinance banks are instrumental to the expansion of microinsurance services among the populace.
Addressing participants at the symposium, Deputy Governor, Financial Sector Surveillance, CBN, Mrs. Aisha Ahmad, said there was need for a collective strategy to re-emphasise the importance of micro-insurance as a financial service and re-align it as a vital tool in attaining a higher level of financial inclusion within the Nigerian Microfinance Sub-sector through the sec
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The Central Bank of Nigeria (CBN) and financial sector experts have called for collaborative efforts among microfinance banks (MFBs) to promote the expansion of microinsurance as a tool for deepening financial inclusion.
Making this call in Lagos at the 6th annual symposium of the Nigerian Microfinance Platform (NMP) organised by the Microfinance Learning and Development Center (MLDC), with the theme, ‘Expanding The Frontiers of Financial Inclusion: The Microinsurance Option’, the experts averred that microfinance banks are instrumental to the expansion of microinsurance services among the populace.
Addressing participants at the symposium, Deputy Governor, Financial Sector Surveillance, CBN, Mrs Aisha Ahmad, said there is a need for a collective strategy to re-emphasize the importance of micro-insurance as a financial service and re-align it as a vital tool in attaining a higher level of financial inclusion within the Nigerian Microfinance sub-sector through the secur
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