Nigerian Banks: Hood Of Hollowness

No panic yet; only alarms.

The consolidation of banks in Nigeria a couple of years ago weeded out the hollow ones, reducing the number of banks from 89 to 26, including the Central Bank. The consolidation was a term of raising the capital base of each bank to 25 billion (25 thousand million: about 200 million dollars) naira.
It was a success.

But it was achieved on the foundation of failure. The people whose attractive grammar but repulsive business conducts led to the hollowness of the former banks are still in charge. Within a few months after consolidation, one of the banks began re-collapsing; while some others were declaring stupendous profits!
Whoever had senses to perceive must have perceived it then: that the proceeds were largely phoney. Other aspects of the economy were shrivelling up. Those not shrivelling were stagnant. From what were the banks synthesizing their near-two hundred percent profits in less than a year?

A whistle should be blown against this falsehood being fed to the public. Several people did. Many of the banks are not funding concrete projects, or enduring profitable services. Instead, fair-faced, glamorous, women are employed to use their feminine sexuality to get kleptomanic politicians to dump huge chunks of their loots in most the banks (you dare not criticize the government in their premises). In fact, the most glorified harlots in the nation nowadays are female intermediaries between banks and government officials.
This, plus the inflated transactional bills charged on ordinary customers make up the bulk of the profits. Who says this is a genuine economic growth?

Many Nigerian banks are still wobbly. Recent report on them shows that of the 24, only 4 are standardly well; 17 are barely well; 3 are sick.

We hope they return not to the old status of hollowness.