Banks play too Risky in Nigeria.

ByOMA |15-08-2019 | Business |  

Radcality in the Banking Sector

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We just woke up one early morning to start seeing unannounced mergers between two Seperate Entities.

Within a twinkle of an eye I had started to see Access Bank and Diamond Bank Logos fused together as one and it was as if nobody said anything about it or absolutely Nothing happened and Life went on.

What I dont understand tho is how and why an independently functional Healthy looking bank within a twinkle of an eye would be taken over by another bank we thought wouldnt have matched standing with themselves by any critetia or indicies whatsoever.

True we know every bank has that minimum deposit with NDIC and its quick to argue Depositors funds are safe, but that seems not deterant enough to curb excesses and Rascality in the Banking Sector.

Banking like every other Profession has its core ethics, we have so many rascals today in the Banking sector that are not supposed to be thousands of miles anywhere close to where they mention Banking.

We must go back to era when banking was on strict ethics and principles. We must groom more Book-keepers, Auditors, Sincere Accountants with a zeal only burning for the people.

These days all we have in banking sector are square pegs in round holes. A lot of rascals who dont even know nothing about banking being Directors in same Sector, Directing and Master minding Frauds, Scams and Financial Crimes.

We have Bank Executives Executing deals that were not thoroughly thought through and it collapses in the middle of it.

This is what it is for me.

I had a Bank Account with Intercontinental Bank..

Only God knows what happened to Intercontinental Bank during Erastus Akingbola's Time as CEO . Same time Cecilia Ibru was at Oceanic Bank.

All of a sudden I just started to get text messages from Access Bank from nowhere they had acquired Intercontinental Bank.

So, what it means is that I didnt open an account with Access Bank, But Access Bank Bought me over from Intercontinental Bank.

Now, we are not even anything close to getting over the Hangover Access Bank Accusation of Intercontinental Bank, booom, Access Bank is on Diamond Bank Again.

What is Access Bank doing that other Banks are not doing?

Are there other banks out there just running afloat without us knowing they are just 2 seconds away from liquidating.

Banks Should not run bad debts, it hurts the Economy badly and the common man on the street pays alot of those expenses.

Banking should be genuine to empower the people and not ever yielding interest rates that enslaves people and put them in misery and bondage.

Banks should have human face. Banks should be friendly with the Economy not stifle it.

Banking Administrators and Banking Policy formulators should see to it that these banks redistributes wealth and not hoarding them for the highest bidders.