As it stands now, according to an insider source who would want to remain anonymous, some Nigeria banks have been run into obligations that have far outweighed their incomes and stirred red balance sheets. Another reason identified for this looming danger is the disreputable and unprofessional activities of some bank Chief Executive Officers which the banking regulator, the Godwin Emefiele-led Central Bank of Nigeria CBN has condoned and concealed for them overtime now.
“These banks are standing on far borrowed legs and have been technically illiquid for a long time. But the regulator seems to look the other way round”, the source told this media platform.
“Bad and nonperforming loans, mostly extended to allies and politically exposed people who receive these loans and in most cases, share with top bank echelons, as well as the current economic realities may spell this looming doom on some of these banks in 2021”.
“In virtually all the cases, these loans continue to appear on the banks’ books as assets. This is the height of deception that has overtime been condoned by Emefiele-led CBN”.
Another source hinted that the Godwin Emefiele-led Central Bank of Nigeria CBN has compromised all known banking tenets and standards and has overtime condoned irregularities, and allowed manipulations of figures by the bank echelons, because of unwholesome affiliations and relationships that exist between the CBN echelons and some bank executives.
Our investigation further revealed that while some of these banks may suddenly go down irrecoverably, others may seek mergers with other stronger banks.
Perennially, Godwin Emefiele has allegedly allowed lots of rots in the banking sectors. The rots were seen in other agencies and companies affiliated to CBN such as NIRSAL, Nigeria Security Printing and Minting, NEXIM Bank, among others where the Central Bank Governor’s “boys” currently hold sway.
Recall that this media platform has previously exposed the level of fraudulent activities going on in NIRSAL where proxy-companies are used to fleece monies.
CBN Governor’s critics allege that the Governor has dumped the banking tenets and standards in order to remain in the good books of Nigeria power brokers, especially the “Cabal” members whom Emefiele has been accused of serving more than he serves the nation banking sector.
“The Governor is in the fore of this decay and unless he is awakened fast, we may see a repeat of what happens previously where depositors lose their hard earned monies as a result of bad banking policies and untamed corruption”
All efforts to hear from the Central Bank of Nigeria over the allegations were unsuccessful as at the time of publishing this report.