In a nation where banking is synonymous with various financial frauds, it’s evident why the economy is in a never-ending crisis, with meaningful prosperity evading its citizens.
Nigeria finds itself held hostage by the very criminals running its banks, who amass immense wealth while the economy flounders.
The impunity with which these banks operate raises serious concerns about the rule of law in Nigeria.
Their involvement in Ponzi schemes and responsibility for over 70% of financial frauds, preying on unsuspecting customers using sophisticated cyber techniques, begs scrutiny.
Exploiting the lack of financial literacy among 90% of Nigerian bank customers, they deduct sums even the financially savvy hesitate to contest legally.
Legal actions for smaller amounts are economically impractical, and even for larger sums, sympathetic judges often favor the banks.
The Economic and Financial Crimes Commission (EFCC) appears compromised, hindering effective investigations into these banks.
Operating above the law, these banks brazenly accumulate wealth by unlawfully deducting customers’ hard-earned money.
When in need of funds, they unlawfully deduct the money from millions of customers’ accounts, while avoiding traditional avenues like the stock markets.
For example, to raise N50 billion, a bank might deduct small amounts from millions of customers, totaling the desired sum.
This unlawful practice extends beyond deductions, encompassing forex round-tripping and withholding funds from customers’ domiciliary accounts, exactly what Zenith Bank recently did to our company’s domiciliary account.
The situation highlights the dire need for reform within Nigeria’s banking sector to restore trust and accountability.
I firmly advocate that to put an end to this bank robbery by banks themselves, Tinubu should initiate what I refer to as an assertive banking reform. This could involve establishing the Anti-Bank Fraud Bureau (ABFB).
This entity, when created, would serve as avenues for Nigerians who have been defrauded by banks to file complaints online and, upon investigation, receive reimbursements for their losses. I suggest Mr. Jim Obazee to head this organization.
