A friend once cracked a joke when he said Nigeria is one country where the puke of corruption stares at you from the pages of the dailies every time from the Government’s press releases and then Government recapitulates the next minute, cold-bloodedly announcing, “We do not have any evidence yet to prosecute.”
CBN’s ‘onigbese’ list is brimming over with the ‘Who is Who’ in Nigeria. Already the noise level over this error of comedies, threatens to eclipse Mount Krakatau’s eruption. In all spheres of Nigeria’s development the debtors are well represented. The Dangotes, the Ogborus , the Otedolas etc. It is a very select crowd of ex Governors, Ministers, oil and gas tycoons many of them national award holders. It’s simply insane; many of these big guns, feared and respected in the society are in the devil’s basket. A number of the debtors owe tens of billions of naira at the same time are regular billion naira donors at fund raising dinners off course sponged down our throats by Nigeria’s apologetic mainstream media. Welcome to the d-e-m-o-n-c-r-a-z-y world of Nigeria’s high and mighty. Professor Ndi Okereke-Onyuike, DG of Nigeria’s stock exchange was glib and quick to suspend the 5 lepers from the trading floor but failed to tell us that her Transcorp was neck deep in the debt slime. Transcorp owes union bank nearly 40 billion naira and Okereke-Onyuile now has a week to explain how come and my extension, why her bum must continue to hug the NSE’s saddle. When the CBN Governor Sanusi Lamido, told a stupefied audience that a single individual owed 40 billion naira; many responded ‘tales by moonlight.’ Yesterday I downloaded the doomsday chronicles from the CBN site and my heart quivered, the figures were gargantuan and the names were real. The words ‘non performing loans’ took on a new meaning. It is an indictment on the Nigerian bank system that a single company could take credit facilities from 2, 3, 4, 5 banks without eyebrows being raised. It is simple macabre. Whatever happened to synchronization, sharing of information, the seamless forms and stringent requirements citizen Joe never seems to meet. It is disgraceful that AIG Imoukhuede, could owe the Intercontinental bank 16 billion naira; nearly 10 percent of bad debts owed the embattled Intercontinental bank when as Access bank’s CEO he is all too aware of the pros and cons of diabolical banking standards. Christopher Colombus!! What in the heavens was Professor Chukwuma Soludo doing covering up all these banks. The professor would be remembered harshly for defending a failing system when this gig is over!! Now that’s the pinnacle of schizophrenia.
Back to my friend, these are the days of ULTIMATUM. ‘EFCC gives debtors 7 days to return the money’.’EFCC orders sacked CEO’s turn-in or face arrest.’ ‘NSE orders Ndi explain Transcorp in 7 days.’ Now, woe betide this often oblivious and lackluster Federal government if it fails to nail this ogre and it be said that the Government failed extraordinarily in a case that was more difficult to lose than win
Filed under: AFRICAN BUSINESS, NIGERIA | Tagged: AIG IMOUKHUEDE, ALIKO DANGOTE, CBN'S LIST OF DEBTORS, CENTRAL BANK OF NIGERIA, FEMI OTEDOLA, NIGERIA'S BANKS, NIGERIA'S ECONOMY, NIGERIAN DEBTORS, PROFESSOR CHUKWUMA SOLUDO, PROFESSOR NDI OKEREKE ONYUIKE, SANUSI LAMIDO |