I hold no brief for failed bank executives neither do I expertise at Banking and Financial laws. The recent sanitisation wave by CBN's Sanusi, the gesticulations of the EFCC over the matter and the recent ‘Aondoakaa talks’ all weave a confusing web on Nigerians who are ultimately short changed. Is it time that we seriously consider the issue of strengthening our financial regulatory laws to prevent ‘Smart Alecs’ from swindling the entire nation. It would appear that only a handful of government officials to know where they are taking the nation at any point in time. The destination changes as frequently as anybody gets a boot from office. Yesterday our banks were Gibraltar solid, today we are N420 Billion naira short. It was vision 2010, now 2020, soon 2030.  

Is it possible that these bank executives currently being harassed (justifiably or not) are themselves victims of a cracked Financial system? Victims of a system where nobody knows the limits or know enough to ‘blow’ when the RED turns live; Victims of a system subject to the whims of the umpire. Victims of a failed system of supervision; which I believe is CBN’s primary responsibility. Loopholes within our financial system continues to be exploited and we are told that billions of naira have found their way to a few pockets, at a price of N420 Billion. We have since promptly paid amount, we might just be paying before year ends. The National Assembly have been told they have no business wanting to know why we must pay so much as ‘the CBN has all rights to bail out any bank it considers fit’.  

On one hand, one sees that these banks have created employment and livelihood for tens of thousands of Nigerian graduates who would otherwise have roamed the streets. We currently have no accurate data on our unemployment rate but it was 4.6% in 2007 (some people have predicted this could rise by 65%) and we have 70% of our population living below poverty line. These executives and their banks have employed our graduates where their counterparts in elected and selected public offices (and their spouses) loot blatantly and are protected by the law. Were we not recently treated to some drama by our eloquent and dramatic Attorney General on how "it is nobody's business how Nigeria chooses to prosecute or not prosecute its looters"?  

Is this Government fair and objective in its current prosecution? What about NOSPETCO? Have we heard or seen any of its executives arraigned? Is the CBN unaware that thousands of Nigerians have lost Billions of naira to this scam venture? What has happened to the funds retrieved by EFCC and the CBN from GT Bank in the guise of investigations into NOSPETCO (Zenith Bank had hurriedly pulled out NOSPETCO accounts before things went under)? Are we saying that it is right for one set of Nigerians to take advantage of loopholes in our financial system (NOSPETCO case in point) while it is wrong for others to do same (the now famous 5 bank executives)? NOSPETCO has neither created wide spread employment like these banks nor added any value whatsoever and yet the disappearance of mind bugling Billions through the venture has not yet caught the attention of Sanusi and Farida?

 While one may not necessarily buy into the view that the current financial brouhaha has ethnic bias, or that it is another theatre of the RICH ALSO CRY, or a credibility orchestra is on display particularly after Hillary's visit; the government must be careful of offending signals. One may remind that Nigeria's greatest anti corruption crusader is currently a personae non grata in this same country!

Before I conclude, in a related matter, I read an article by someone on Nigeria Village Square in where an attempt was made to ridicule Pastor Adeboye's  RCCG because ‘one of the famous 5 attends his church’. One wonders if this was in error or in ignorance, both of the knowledge of God and of the knowledge of human nature. Was Jesus Christ not crucified by the very same people he came to save? Some say religiosity in Nigeria is more to ease the conscience rather than for true worship of God. They say how else do you explain a nation with the largest collection and denomination of churches and mosques and yet rank highest in corruption and under development.  

God Bless Nigeria.

Thank you.

Robot  # 1 | 19.09.2009 17:31

...Read the full article.

Enyi  # 2 | 20.09.2009 06:48

Is it possible that these bank executives currently being harassed (justifiably or not) are themselves victims of a cracked Financial system? Victims of a system where nobody knows the limits or know enough to ‘blow’ when the RED turns live; It is premature to attempt answering the above. The executives have only been accused and not yet found guilty. Most people, my humble self inclusive, are not privy of the facts of these cases. Therefore prudence demands that we wait for the judicial process to avoid unnecessary speculations. Victims of a system subject to the whims of the umpire. Victims of a failed system of supervision; which I believe is CBN’s primary responsibility. It is probable that there was a failure of the supervisory system. This requires proper investigation and appropriate sanctions if necessary. However failure of supervisory system should not be an excuse for a crime if any was committed. Suppose a cashier uses a lapse in supervision to steal money, will he/she be exonerated? On one hand, one sees that these banks have created employment and livelihood for tens of thousands of Nigerian graduates who would otherwise have roamed the streets. You are right on this. However, we must differentiate the institution- bank, from an employee- CEO. It is the CEO and not the institution that is accused. In any case, the argument that somebody has created employment does not justify a financial crime. If this is accepted as a mitigating substance, it will encourage large scale fraud. Are we saying that it is right for one set of Nigerians to take advantage of loopholes in our financial system (NOSPETCO case in point) while it is wrong for others to do same (the now famous 5 bank executives)? The answer to the above is a capital NO. I must confess that I am not aware of the NOSPETCO case and will appreciate it if anybody can enlighten me on this. The argument that others have not been prosecuted for a crime is not a valid defence. Do we foresee a situation where an armed robber is set free because other robbers have not been prosecuted? Obviously, all lovers of justice will not support selective prosecution. Therefore, if you have the facts on NOSPETCO case, you can start an agitation that those involved be prosecuted. I believe there are lawyers who will take up this fight gratis.

Igboamaeze  # 3 | 20.09.2009 07:16

=Enyi;389088> The argument that others have not been prosecuted for a crime is not a valid defence. Do we foresee a situation where an armed robber is set free because other robbers have not been prosecuted? Obviously, all lovers of justice will not support selective prosecution. Therefore, if you have the facts on NOSPETCO case, you can start an agitation that those involved be prosecuted. I believe there are lawyers who will take up this fight gratis. ------------ Enyi, The highlighted portion of your post caught my attention and I wish to quickly respond to it. My answer is a BIG NO. But that's - unfortunately - one side of the coin. The other side is the reverse of your question: Can we justify a situation where some armed robbers are set free while other armed robbers are prosecuted? I'll reserve my answer while appreciating that like most things in life, opinions will certainly differ. Biases, the 9ja factor, personnal interests, context, etc will be brought to bear on it. Have a great sunday...

Enyi  # 4 | 20.09.2009 08:17

=Igboamaeze;389092>------------ Enyi, The highlighted portion of your post caught my attention and I wish to quickly respond to it. My answer is a BIG NO. But that's - unfortunately - one side of the coin. The other side is the reverse of your question: Can we justify a situation where some armed robbers are set free while other armed robbers are prosecuted? I'll reserve my answer while appreciating that like most things in life, opinions will certainly differ. Biases, the 9ja factor, personnal interests, context, etc will be brought to bear on it. Have a great sunday... No Igboamaeze, I would prefer you express your opinion without reservations. I have the impression that you are a straight shooter who does not hesitate to express his views. The aim of NVS is to promote healthy discussions and exchange of ideas. Therefore, differences of opinion should be expected and are welcome. After all nobody has a monopoly of knowledge. I am also aware of the factors you have mentioned. The former permsec. whose case was terminated at the point of judgement was well connected. The purported attempts by AGf to sheild some people are topical. Despite these flaws, we can not completely abandon prosecution of cases. I also wish you a wonderful sunday!