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The Putrid Mess also in CBN (3)

The object of the earlier articles in this series is to show that the Central Bank’s (CBN) condemnation and indictment of banks is as hypocritical as the proverbial ‘pot calling the kettle black’! Indeed, the CBN’s posturing assumes an immoral colouration, because in reality, the malaise in the banks was actually instigated by the failure of the apex bank to effectively perform its secondary role as the official regulator and supervisor of the money market.

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The putrid mess also in CBN!

Media reports indicated that such auditors were indeed deployed to the banks late in 2008, shortly before expiration of Soludo’s five-year term; however, it would seem that these auditors failed woefully in alerting the nation of the inebriate state of the banks! Indeed, possibly based on the incorrect reports filed back, or in spite of the ugly reality, the former CBN Governor boasted that Nigerian banks were stronger than ever and could readily support the government if the effects of the global recession approached our shores!

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Banks And Money Laundering (2)

The object of this column in the last two weeks has been to debunk any insinuation that Central Bank of Nigeria, the government’s agency for regulating and supervising the banking sector, and the EFCC, Nigeria’s financial crimes fighters did not know of the rot in our nation’s financial markets!

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Banks and Money Laundering (1)

In the event that no charge has been formally brought against the Governor pending the conclusion of police investigations, it may not be appropriate to begin to pass judgment on the violation of any criminal or ethical codes by the currently beleaguered Governor who has nonetheless been restrained to London until a date in November, in spite of the diplomatic immunity he would normally enjoy as an accredited public servant of his country.

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Nigeria’s Debt Creation Office! (2)

The answers to these issues of increasing debt service cost against declining total debt value are not satisfactorily answered by DMO’s explanation of the dynamic nature of loan disbursement. National Assembly is requested to take a closer look at the relevance and effectiveness of the involvement of Debt Management Office in further debt creation for our country

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Nigeria’s Debt Creation Office!

Our public institutions have now become so adept at soothing our anxieties and our pains while they are busy deliberately inflicting untold hardship on our people. For example, the availability of public power supply has remained illusory in spite of trillions of naira voted for this sector over the years, but our leaders continue to proclaim their ‘sincere’ commitment and endlessly encourage us to be patient!

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Central Bank and the economy

It is axiomatic that where the bulk of government revenue is derived from export proceeds, only mismanagement of the export earnings will inhibit economic advancement. The mismanagement of the public sector export proceeds, which has left a legacy of economic failure over the past three decades, must stop now

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“On the domestic front, we also recall the rapid accumulation of local debts particularly through bond issuance by almost N2000bn within four years, without recourse for NASS approval. There is practically nothing to show for these loans, and it seems that these loans were incurred specifically for non-tangible purposes with dubious and immeasurable yardsticks!

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