This week’s article, “Banks and Money Laundering”, exposes the conscious complicity of our banks in the unpatriotic and economically destructive and possibly criminal involvement in money laundering.

The Federal Capital Territory (FCT) administration has reaffirmed that there is no going back on the introduction of property tax for land owners in the territory, while putting on hold work on the N50 billion Abuja millennium tower project.

The Federal Mortgage Bank of Nigeria (FMBN) requires a massive recapitalisation to enable it fulfil its mandate of providing the needed finance to meet the nation’s housing needs.

Economic experts disagree with the Standard and Poor’s rating which recently downgraded Nigeria’s credit rating to B+ from BB- saying it is flawed and premature.

The case between Dr. Erastus Akingbola, the embattled former chief executive officer of Intercontinental Bank and the Central Bank of Nigeria, CBN, came up for hearing Thursday but the presiding judge, Justice Abdullahi Mustapha, of the Federal High Court would not entertain it as a result of his impending retirement.

The sack of five managing directors of commercial banks is making investors and asset managers to sit up in the microfinance sub-sector, Amaka Agwuegbo reports

Most Nigerians, even though, agreed that it was right for the Central Bank of Nigeria governor to save depositors and investors from the danger of a possible bank failure, disagree with the haste with which he went about the exercise, Lucky Fiakpa writes

The Federal Government has launched a private-public partnership scheme to develop affordable and decent accommodation for the rising number of university students in the country, with the inauguration of a committee on University Hostels Build, Operate and Transfer Projects

As a precautionary measure against possible collapse reminiscent of recent incidents that have led to numerous loss of lives, the Lagos State government is set to demolish 38 buildings in the Jakande Housing Estate on Adeniji Adele street on Lagos Island.

I have had reason to comment on the banking culture in this country over the years! The piece, “Banks and Fraud Incorporated” was first published in this column in October 2005, and was indeed preceded in September of that year by another article titled:

At the burial in 2000 of Dr Pius Okigbo, Africa’s most respected economist, Chief Kalu U. Kalu, then chairman of Union Bank Plc, made an interesting revelation. Dr Okigbo had applied for a teaching position in the Economics Department of the University of Nigeria at Nsukka shortly after his release from detention for his pro-Biafran role during the Nigerian Civil war of 1967 to 1970, but the people who were to evaluate his credentials were not enthusiastic. Okigbo, who received prestigious degrees in Economics, Law and History from the University of London, had done post graduate studies at Northwestern University at Evanston, one of the world’s most respected institutions, and a post doctoral fellowship at Oxford University.

While announcing the sack of the five banks’ chief executives officers, the Central bank of Nigeria (CBN) accused them of a plethora of unethical and unprofessional practices. Babajide Komolafe writes that this also implies regulatory failure on the part of the apex bank and puts a question mark on the integrity and effectiveness of its banking supervision department.

Following the global financial crisis particularly the crash of the capital market, Insurance companies are making waves in the bond market as more insurers are gearing up to have a grasp of the bond market.

The more efforts put in by the government officials to stamp out importation of fake and sub-standard products into the country may have been well checkmated given the rising incidence of fake and substandard products all around the country, Franklin Alli reports

The Enterprise Empowerment and Training Unit, arm of Nigeria – Malaysia Business Council , said its ready to avail the experience and expertise of Malaysia companies’ model to help local entrepreneurs to grow their businesses profitably.