Friday, August 28

Cleaning up the corrupt stinking mess in Nigeria

I am a firm believer that Africa no longer needs aid. What it needs is the belief of the outsiders that they can do it themselves. Frankly, we keep on pumping in money and they keep on stealing it. If giving money indeed was the solution, then it would have sorted out the damn continent 4 times over. Think about Nigeria, one of the most valuable resource owning countries in that continent, but it is now a byword for corruption. But still, some small steps are being taken. I quote from here:


Nigeria's special fraud police say they are preparing to act against business tycoons who have failed to pay back billions owed to banks. The move comes with the expiry of a deadline for those owing money to return it to the troubled banks.

The government was forced to rescue five banks and sack their entire leadership teams last week to save the banks from collapse. Some senior bankers are in custody but two chief executives are on the run.

Yes, chuck them into jail and demand performance. And yes, i speak as a banker. Naming and shaming them is not going to work, its not as if they have any honour really. They are thieves, pure and simple. I further quote from here:

The central bank has published a list of dozens of prominent Nigerian businessmen as debtors to the ailing banks.

The list includes tycoon Aliko Dangote, rated by US Forbes magazine as one of the world’s richest Africans with a net worth of around 3.3 billion dollars, as debtors to these banks.

Dangote, 52, who is also the new president of the Nigeria Stock Exchange (NSE), has denied managing the oil and gas company listed as owing Intercontinental Bank more than eight billion naira.

Central bank governor Sanusi Lamido Sanusi put the total loan portfolio of the five ailing banks - Afribank, Intercontinental Bank, Union Bank, Oceanic Bank and Finbank - at 2.8 trillion naira (17.8 billion dollars).


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