Friday, August 21, 2009

Down to Earth

To think that Some banks such as Union Bank, Fin Bank and Afribank could get their MDs fired is unavoidable but for Intercontinental and Oceanic, it is quite disbelieving. If i were to rate banks in my candid and rather inexperienced statistics, I would put both Intercontinental, particularly Oceanic bank on the A list. It is indeed both painful and disappointing to know that Oceanic bank which was voted twice last year by three different institutions as Bank of the year is actually managing to stay afloat. This once again shows that what dazzles is not necessarily golden. This i believe is not limited only to the banks whose MDs are fallen, very soon more interesting and shocking revelations would unfold by the day if Sanusi keeps the torch burning and the flag flying. I hope he will not be daunted like his predecessor who saw the truth but rather allowed the camel swim. Although some people are beginning to chant a disapproval of the move taken by the gallant governor. They claim that he was being one-sided in his decision and action; that there are banks with more debts than the affected banks, yet they are untouched. This has always been the cry whenever the truth is being said in this country, even though the truth hangs against their rebuffs. Besides, Sanusi had promised us that eleven more are going under the knife soon. So that is a strong signal to the other banks who have no rhetoric in the ideal scheme of loaning their incredulous customers money. Anyway, I don't blame the 'big boys', it is generally the ways of business men. It is the duty of the bankers to cut their excesses. Imagine if you have a place you could always run to to salvage your bad business initiatives without any form of deed to bind your insatiable demand for pecuniary salvation to keep your wrecked business afloat even though it is not doing well in the market, wouldn't you rather do business with ease

Am i not rather surprised that Jimoh Ibrahim, the patriach of Transcorp and Global fleet is among the list of debtors. How about Aliko Dangote, the one time number one richest man in Africa, little did his admirers knew he was in debt than he was in riches. His brother Dantata who succeded in buying Chevron could have at least lent him some money (who knows if he too is not indebted to some banks) As for Otedola, I had a hunch A.P wasn't doing as well as it looked, (and to think that he just bought a new Airplane worth $500 million).

I do believe this is a clear instance of the problems of the elites brought to confront the fabric of the economy. Whenever a 'big boy' is doing bad in business, the banks are always there to salvage them from going under water and we ignorant observers do not know that our hard- earned money is being used to monetise the stupidity of some 'big boys' somewhere. It is indeed a dry land that needs to be watered so that the nourishmnent it deserved might once again flourish. And i believe that Sanusi is on the right path.

INTREPIDITY SAGACITY and MAVERICK

My photo
To change him is to put a dent on him. A distraction neither you nor him will relish. He is 'a zephyr and a whirlwind',. He is quaint. Sudden as the weather, Hard and gentle as the desert and not forgetting a faulty camaraderie