NIGERIAN BANKS NAKED

In the aftermath of the CBN's special examination of Nigerian Banks the regulatory body compelled all Nigerian Banks to make public their financial accounts as at 30th September 2009. Given that all the Banks will have to close their books for the year on the 31st December,I found the results quite interesting, as the following after-provisions profit-after-tax figures of the Banks would show:

UBA - N7b loss,   First Bank - N2b profit,   Skye Bank - N13b loss,    Zenith - N16b profit
Access - N12b loss,    IBTC - N4b profit,    FCMB - N0.5b loss,    Sterling - N5b loss,  Ecobank - N8b loss,   GTBank - N18b profit,    Fidelity - N2b profit. Unity and Wema (not available).Union Bank,Afribank,
Intercontinental,Finbank,Oceanic,ETB,PHB,and Spring Bank have already been declared unhealthy by the CBN and are currently on 'intensive care'.

Now the trivia: Which of the Banks listed above is
a. Big,Strong,Reliable ?
b. Truly The First ?

IS IT A CRIME TO BORROW ?

Is it a crime to borrow?
                                                     Is it a crime to borrow?
                                                                                                Is it a crime to borrow?

Every year and season a new catch-phrase is unleashed on us by the learned and mighty.This time around it is actually a question,'Is it a crime to borrow ?'.Ever since Sanusi's bombshell on the banks,every listed non-performing debtor who cannot muster enough explanations to take up a full page advertorial (are the newspapers making a kill ?Ask me.) now resorts to the question,'is it a crime to borrow?'.

My fervent prayer is that both the CBN and EFCC will allow the rule of law to prevail so that we can know from the judgements if indeed it is a crime to borrow!

CBN SACKS 5 BANKS' MDs

This is not really my area,but I still remember earlier in the year when Mr Sanusi Lamido was being touted as a possible candidate for the CBN governorship, a friend made an off the cuff comment about his physical similarities with both Nuhu Ribadu and El Rufai - two men that took bold and radical steps while in public office. We laughed about it,not knowing it wouldn't be too long before we know better.

Just when we thought Nigerian Banks have finally arrived on the global stage,this absolutely surprising event: Remember the Euromoney,African Banker,S&P,Fitch etc etc glowing awards and ratings not too long ago ?

I always felt Mr Soludo did well in getting the banks to up their capital base.What we didn't reckon with was what they'll do with the money (and isn't that strange,given the so many economic activities,particularly small-scale entrepreneurship that needs urgent funding ?).

Given that this was supposed to be a pre-emptive action, I cannot fault the sharia-sharpened

Banker.But what with the so many adverts and counter-claims by some of the supposed debtors vehemently disputing the CBN's claims ? I admire EFCC's quick intervention too, but may I also caution that the rule of law,which was the basis of CBN's action in the first place, be strictly adherred to. From personal experience I know that banks could be funny with figures sometimes !

And by the time the dust settles,I will advise that we go back to the good old banking values,which essentially borderred on conservatism and moderation if our money is to remain safe.I mean we all saw this coming: unrealistic marketing targets,hollywood lifestyle,cut-throat competition.See where it's led us.

Well then Sanusi,floreat !