According to Liborous Oshoma in this episode of the Advocate; A fraudulent intent, however carefully concealed at the outset, will generally, in the end, betray itself.
BOJU BOJU BANKING
The Central Bank of Nigeria two days after its 294th Monetary Policy Committee MPC meeting increased the capital base of commercial banks in Nigeria from a N25b flat rate to between N500b to N10b depending on the license.
The Bank went further to warned commercial banks against warehousing illicit funds and ensure that laundered money are not used for the recapitalisation exercise.
Behind every allegation of corruption and money laundering against a politician in Nigeria, there’s a bank that is the conveyor belt of the cash.
Same way behind every allegation of forex round tripping and market manipulation and distortion in Nigeria, there is bank that is at the forefront, how many government don prosecute? So as government de chase binance, make dem also touchlight the banks well well too.
It is a notorious fact that one of the ways banks make money and declare huge profits in Nigeria is through forex round tripping. Collect money from the Central Bank at official rate and cook up books of supposed buyers and sell at exorbitant rates to Aboki and black market traders. Those that genuinely needs forex never gets it through the bank yet the money full Aboki hand.
How Aboki take de get forex?
This is one of the countries in Africa where despite our improvement in banking services, someone can buy a million dollars from the streets without traces.
The excess and indiscriminate charges, ranging from virtually every deposit to electronic money transfer levy, vat of electronic transfer, maintenance fee, sms charges, vat on electronic transfer, cot, stamp duties and even confirmation of signature is another wahala.
So when Nigerian banks de declared profits and their investors are happy, whilst the economy is not growing, there’s usually more to it than meet the eyes.
The recent death of the former Chairman of Access Bank Herbert Wigwe with it attendant many stories on social media once again brought to fore the boju boju arrangement that has characterized our banking sector in Nigeria.
Whilst the bank recapitalization is a welcome development, the CBN needs to be more aggressive and be ready to use its hammer on any bank that is found to be warehousing illicit funds or using laundered money for the recapitalisation exercise.
Lastly more stringent measures needs to be put in place to ensure that the details of every person buying forex in Nigeria is captured and properly documented and in most cases the money paid or transferred into an account or a bank card as it is done with telex and other bureau de change. That way, funds are easy to trace and identify of owners known.
Banks are to the economy what the heart is to the human body, good banking is produced not by good laws alone but by good bankers.
@Liborous Oshoma Esq.
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