BANK EXECUTIVES' MESS

The level to which many of the bank executives degenerated to is appalling to say the least. While they publicly deceived the people into believing they were saints they established, supported and legalised an ostentatious lifestyle sustained through their unwholesome banking practices that has unfortunately become standard practice in many banks in Nigeria. This has created a sordid mess in the banking industry and left many investors wondering what the fate of their investment is.

While Akingbola, Ibru and others in their league continue to claim innocence, they should be aware that the evidence against them is enormous. Many continue to shout that this is nothing but a witchhunting exercise by the new management of CBN fuelled by regional sentiments. But is this really the case? However, for the sake of fairness, all banks in Nigeria should have their books seriously examined and a searchlight beamed on the assets and practices of those in charge of those banks. The sanitisation should be done in an objective manner so as not to make any person or persons feel its a tribal issue. All banks should be investigated.

How come Soludo did not see this heap of rubbish while he was at CBN or was it that he turned a blind eye? It is something that still leaves me wondering. A particular bank even had a practice of keeping double books to help cover up their atrocities. The dubious practices of the executives emboldened many of their subordinates to help themselves in whatever means they could ingeniously devise to depositors funds. This has compromised the fledging faith in the Nigerian banking sector.

One question I will ask is this, how come the board members of these banks agreed to rent properties owned by the bank executives rather than allowing the banks acquire their own properties? I know that the Ibrus have been involved in business and have genuinely made much money especially from the fish business. However, is it true that Mrs Cecilia Ibru actually own 53 properties (those identified so far), most of which were rented to Oceanic bank? Did she and Akingbola use companies as fronts for illegal activities? In all of this and as in many sectors in Nigeria, the question remains, where has our moral sanity gone? Is illegally acquired money better than a good name?

The state of our morality is putrid indeed, who will save us and restore sanity to the brains of many? This is not peculiar to the banking sector, it is a reflection of the sort of government we have in place and it will be a tough road getting things back in order. How much does a man really need in life.