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NIGERIANS MUST BEWARE OF PROPAGANDA!

Why this talk about EFCC and arrest and detention?

What crimes are the bank chiefs supposed to have committed?

“The CBN accused the sacked bank executives of excessively high level of non-performing loans, attributable to poor corporate governance practices, lax credit administration processes and the absence or non-adherence to the bank’s credit risk management practices,” reads a news report.

Are these also cases for the EFCC now? With all the brazen stealing going on at all levels of government in Nigeria?

The CBN says the Liquidity Ratios of the banks ranged from 17.65% to 24% as at May 31, 2009, while the regulatory minimum is 25%. While don’t you help them attain the minimun threshold, as they’re not too far from it, without behaving like a bull in a China shop?

Please note that the bank chiefs are in most cases the majority owners of these banks. Ibru and Akingbola founded their banks.

These banks are not federal parastatals.

It’s true that central banks have the powers of intervention all over the world, but are sparingly used; mostly in cases when banks are not able to fulfil their obligations to their depositors and creditors. Not to do what Sanusi is presently doing, to dispossess Nigerians of their legitimate properties and award them to members of his Fulani race.

Bankers in the West who plunged the global economy into recession with their reckless investments were not arrested. Most are in fact still at their posts and have started turning their banks around.

Are we all illiterates in Nigeria?

What are banks for when not to give out loans?

Here in Europe, every of our puchases, from household entertainemnt appliances like flatscreen TVs to our cars, are financed by banks. And when you lend out so much, some of the loans will not perform. Because of the recession and the attendant high jobless rates, many European banks are in fact now saddled with hundreds of billions of euros of consumer debts, non-performing loans.

These issues of non-performing loans are just being sensationalised because the schemers know that Nigerians are gullible people.

Which banks anywhere in the world don’t have bad debts?

While I don’t want to hold brief for the debtors, that a company partly owned by Oba Otudeko, for example, has a non-performing loan at a bank does not make him an undesirable element. Businesspeople have investment in many companies, some of which fail.

It goes like this: because Mr Obi Adeyemi Abubakar is a successful businessman, Smart Alec, an entrepreneur with a brilliant idea, approaches him to co-promote his venture. And they both form a limited liability company, say A & A. If unluckily, A & A fails and ends up with a load of debt with banks, you can’t expect Mr Obi Adeyemi Abubakar to pay the debt with his other assets, which have nothing to do with the new venture.

That is the way it’s all over the world.

While Chrysler and General Motors are owing billions, their major/institutional shareholders, who also own shares in other companies cannot be expected to pay the debts of the two automakers with their other assets, which are not connected with Chrysler and General Motors.

And since these are limited liability companies, the assets of the companies are the only eligible assets for confiscation in case of loan default. That is elementary business practice which any educated Nigerian, educated enough to have access to the Internet, should know!

On the issue of Transcorp; this government has repeatedly sabotaged the company because it’s owned by Southerners. All efforts by the company’s management to improve its fortunes were sabotaged by the regulatory agencies.

And when the government finally decided to reverse the sales of Nitel to Transcorp, why has it not refunded their money (500 million US dollars), which they know was borrowed from Nigerian banks? Immediately, they reversed the sale of Nitel, they appointed a Fulani man as the MD. Now they want to sell the company piece-meal to investors because they also cannot manage it.

The true intention of Sanusi is to change the ownership structure of Nigerian banks. He says he wants to call in so-called core investors to shore up the capital basis of these banks. But there is a catch to it. He would first as a punitive measure deplete the original shareholders funds by using them to pay the non-performing loans given out by the banks. Which in essence means that they want to sell the banks for peanuts to their preferred Fulani investors.

Please let us think! Time to start resisting Fulani colonialism is now!

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