By Modupe Gbadeyanka

A former Minister in Nigeria, Mr Kenneth Gbagi, has accused commercial banks in the country of making the dollar become a scarce commodity in Nigeria.

Mr Gbagi, who served as Minister of State for Education under former President Goodluck Jonathan, alleged that most of the banks endangered Nigeria’s economy through shady and malicious disbursement of foreign exchange to cronies, associates and foreigners.

He dismissed the claim that Nigeria currently did not have enough foreign exchange, maintaining that the country had enough dollars to meet the demands of genuine end users in manufacturing and other services.

Mr Gbagi, who was a guest on BEN TV’s current affairs programme, ‘Dialogue in Diaspora,’ noted that the fight against corruption by the current Buhari administration in Nigeria would be unable to solve Nigeria’s perennial foreign exchange scarcity until commercial banks and their operators were made to account for the disbursement of all dollar allocations from the Central Bank of Nigeria.

He said commercial banks were deliberately sabotaging Nigeria’s economy by selling the dollars to their cronies, friends and associates who were often non-Nigerians carting the money abroad.

Mr Gbagi said many of the people who were currently having access to dollars from commercial banks engaged in hoarding or capital flight as they did not believe in the ability of Nigeria’s economy to rebound strongly.

The former minister said that there would be enough dollars in circulation to force down the current high exchange rate if Nigeria’s president issued an order compelling the CBN to instruct all commercial banks in Nigeria to give an account of how they have disbursed the dollars allocated to them and for what purpose.

He said the EFFC, CBN and other financial intelligence services had failed Nigerians for their inability in identifying financial and economic criminals who engaged in dubious dollar transactions to the detriment of the country.

Gbagi claimed that every single dollar in the last 16 years allocated by the CBN to commercial banks or any other relevant agency was traceable if the government had the will to deal with economic and financial criminals and their accomplices operating as commercial banks and bureau de change in Nigeria.

http://www.businesspost.ng/2016/09/14/banks-deliberately-sabotaging-nigerias-economy-former-minister/

The 5% are in charge of the economy

Na true o.

In this bad government of Buabua everybody wanna be heard, including forgotten fellows.

Story

Since blaming GEJ is no longer making head way let's blame the bank and next ll be who maybe super eagles

We know the banks are one of the problems. But what is the government doing to deal with them. They'll buy dollar from you at cheaper rate. And sell with parallel rate when you are buying.

What iz all diz mannal of nonzeinze talk sef

Banks are not the problem,, simply tell buhari to allow certain amount of illegal funds to flow thru banks and the economy will come back moderately, in every economy u can't suddenly block all flow of illegal money and expect the economy not to be affected , what will the Ghost workers be paid with? what will all un recovered loans be balanced with? who would take risk when the only way to recover his money if the loan goes south has been blocked? my opinion though!!

I agree with you mr former minister. This can only happen in a country that has no good policy makers and policies formulated , a country where only groups of cabals control the economy subjecting it's lower class citizenry to unending hardship.

Ok

Did he rub palm oyeli on his face?

summary please

Mr man shut up. Buhari, his impotent economic team and ministers are the ones responsible.

See what one mumu is saying below. Maybe he's thinking all nigerians suffers diabetes like him.

OK. Now it's time to blame the banks.

Trust Nigerians to exert maximum benefit when you have given them the opportunity. Did you consult them when you were implementing TSA?

One of the good thing about this recession is that everybody has suddenly become a financial analyst

Well said, I buy his view also

Remove 5% man from CBN...Thank me later

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How can we ever progress with this administration always associated with the negative words like corruption, insurgents, militants, terrorists, saboteurs, looters, budget padding, lies and liars, Criminal Minds ,United States of Nigeria, technical recession, bombings, wailing wailers, zombies, blame game etc etc etc.
Especially the blame game. If there is another oil boom now I doubt if this administration can do more than what we are seeing. Give more than enough money to a bad cook, the dish will still be tasteless.

Adiola:
Since blaming GEJ is no longer making head way let's blame the bank and next ll be who maybe super eagles

This was Jonathan's minister. GEJ and PDP still remained to be blamed

Blame Buhari and stop passing the buck around

It is to the detriment of the Banks if the economy suffers adversity and deterioration, so why will the bank abet any move that is unpalatable to the economy when they are aware that they will suffer at the end??

Maybe a revolution will be appreciated to get rid of this silly govt for Nigerians.

LOL

Queen Elizabeth,Obama & Buhari went to Hell fire.

Queen Elizabeth asked the devil 2 allow her make some calls 2 England 2 inquire about the Country's welfare, so she spent five minutes.Satan billed her 5million dollars.

Obama also made a call to U.S.A and spent 8 minutes.the bill was 8million dollars.

Then Buhari called Nigeria and spent 2 hours.how much is my bill?he asked Satan,One dollar,

Satan replied. Surprised!! Buhari said but I stayed longer than them all,"Satan smiled and said" calling hell from hell is not expensive,it is a local call

Buhari ntoor

This man might be right because the scarcity of dollars is responsible for the price hike of all commodities. Who is actually getting the dollars the CBN has been disbursing and for what, every one is crying dollar is high but some are getting it cheap just like people going for pilgrimage. So who is getting it and for what purpose?