3 more bank MD's sacked
NaijaRock
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Posted by Felix Okoli on October 04, 2009 at 14:44:33:
The last has not been heard about financial recklessness in the Nigerian banking industry and Sanusi's unrelenting effort to sanitize the industry. Nigerian banks are meant to be safe but the recent audit of some of thes banks hav shown that it is rather fraudulent and unethical activities by these bank MD's are part of what could crumble the institutions and so the CBN governor is working hard to ensure that shareholders particularly are protected and the Nigerian economy is safe from these effects. Initially, a few weeks ago some other bank MDs had been sacked for discrepancies in their accounts which showed that they were mostly exposed to margin loans which they could hardly pay as well as money laundering, issuing loans without securities to families and friends while also manipulating their stock prices in the Nigerian capital market.
These three bank MDs that were finally found wanting are Spring bank, ETB (Equitorial Trust bank) as well as Bank PHB. Already CBN has replaced the bank MDs with credible hands to run them while their problems are settled in court with the EFCC which is expected to handle that aspect.
Comments:
The last has not been heard about financial recklessness in the Nigerian banking industry and Sanusi's unrelenting effort to sanitize the industry. Nigerian banks are meant to be safe but the recent audit of some of thes banks hav shown that it is rather fraudulent and unethical activities by these bank MD's are part of what could crumble the institutions and so the CBN governor is working hard to ensure that shareholders particularly are protected and the Nigerian economy is safe from these effects. Initially, a few weeks ago some other bank MDs had been sacked for discrepancies in their accounts which showed that they were mostly exposed to margin loans which they could hardly pay as well as money laundering, issuing loans without securities to families and friends while also manipulating their stock prices in the Nigerian capital market.
These three bank MDs that were finally found wanting are Spring bank, ETB (Equitorial Trust bank) as well as Bank PHB. Already CBN has replaced the bank MDs with credible hands to run them while their problems are settled in court with the EFCC which is expected to handle that aspect.
Comments: