|
Corporate Nigerians: The Way the Cookies Crumble By Abbas A. Dikko
Remember them, the last we heard of them was when the old fox was forcefully escorted to his temporary abode- Ota farm before his final evacuation any time to Yola prison, God willing! They were the fronts/proxies holding in trust and bought all our inheritance placed for sale by and on behalf of the immediate past leadership, funded the ungodly 3rd term, promoted all the executive corruption, the cartel that grounded our refineries and the saboteurs that put the nation into this perpetual darkness.
Their partners in crime that facilitated the smooth floor of the scams had already been shown the way out, most of them now in utter hopelessness and regrets, facing corruption charges or on the run as aliens in other nations. That is the way the cookies crumble, to borrow a James hardly chase’s book title.
However, it’s not accidental but deliberate intention when Obama was visiting the continent of Africa, specifically, West African region; Ghana was chosen as his destination. Though, remnants of the former regime as well its present beneficiaries expressed their displeasure on why Nigeria should be isolated by the American government. Little did they know that this recent banks unethical act was among several other classified rot in their information dairy, making the county an unfortunate sovereign state of close to 50 years of corporate existence. Yet, we continue to deceive ourselves that all is well.
Fortunately or otherwise, this banks scam came few days after Hillary Clinton, American Secretary of State, had left the shore of the country but not without condemnation of the leadership as been the albatross to our development. This never go down well with them, happily, the recent banks saga has clearly buttress part of their misgivings, representing only a fraction of their inglorious act in the sector. If one sojourns into others like communication and other related corporate entities, the violation of professional ethic, will be too gory to comprehend. Yet, we call ourselves a people and a nation aspiring to become one among the 20 great economies in the world by the year 2020. How?
Already, the public sector had been seriously adulterated but, little did many of us know that the private sector too was never immune. Same people that aided and abated the truncating of our democracy, emptying of our treasury, the collapsing of our capital market are today holding under-siege our banking industry. Same them are being honoured, hosted to business round table dinner as well, part of the Presidential economic steering committee, yet, we expect manners to fall from where?
However, the action of the Apex bank as noted didn’t go down well with a segment of the society but, the question is, what is our expectation? Unfortunately, a quasi-political intonation was brought-in in order to trivialize the issue when we are all living witnesses to how our economy was milk dried thereby, subjugating us into poverty and want which, led to the rising tide of insecurity with attendant negative effect by every sense of business, low-level if not none of foreign investment inflow into the country.
At least, we should be courageous enough to call a dog by its name even if not for the purposes of hanging it, such would inject some level of sanity into the system. Not long ago, there were NIPP, Halliburton/Siemens scams, Tom Pollo camp list of sponsors, 146 Nigerians as reported by the Chairman of EFCC to have stolen billions from the Nigerian coffers including several other glaring dirty deals, all swept under the carpet. If only their lists have been published, it would at least, left the alleged accuse with morality burden and onus of proven not guilty.
Therefore, for any one to politicize by condemning the recent swiping action of the central bank that it’s capable of overheating the already battered economy, by as well, instilling fears into the minds of supposed be investors, should have a rethink. Singapore achieved its high level economic prosperity with an open business climate, relatively corrupt-free and transparent environment.
When again, I read on the pages of newspapers that the Senate summons the authority of the central bank on the N400 billion bail-out, it was indeed, expected because of constitutionality. But candidly, who should be penalized? Methink, the Executive, central bank in its capacity and powers conferred on the authority has acted ethically, professionally and appropriately by reporting the sad incidence to the appropriate quota as well, advised in accordance with its statutory laws, therefore, I doubt if its recent action was taken in isolation. That equally predicates the beauty of right-placing, culture of probity and sincerity of purpose.
When people regarded as successful/accomplished businessmen, constitutes themselves as economic power brokers, not enough, became threat to the national economy, in a civilized society, what does one expect? The Institution vested with the authority to fold its hand and watch the economy destroy? It’s only in this end, the action of the central bank became a new thing because, everything in this country is trivialized and politicized yet, we want to achieve higher global economic order. One wonders how?
This country had suffered much, therefore; we need someone courageous enough to take the bull by the horn from whichever angle possible, we cannot continue to live a tattered life for the remains of our existence as a sovereign nation. However, when the idea for the banks consolidation was unveil, I for one saw a good gesture in it because of the past pathetic experiences. One believe we would have stronger banks, investors/depositors funds well protected, young men with brilliant and rich ideas/proposals to easily access funds, mysteriously disappeared middle-class that serves as tripod to any virile economy to regain consciousness and bounce-back to occupy its rightful place in the economy. Little did we know that it’s just a process of building few economic power brokers that latter metamorphosed into “Corporate Nigerians” as part of the schemes to justify and legitimize their existence?
Post consolidation was celebrated by many but not without observation and reservation by few economic experts, they warn that the objectives may not be realized. Indeed, we saw stronger banks but, with idle funds and obscured environment, hence, the temptation by these moguls to manipulate the process. Similarly, the banks were stronger because, the capital market was equally, stronger; therefore, instead of providing facilities to the productive sector of the economy, it ended-up giving loans to selves/cronies to invest in the capital market.
Today, the repercussion of such, I won’t call it unethical but act was the toxic assets that consume substantial part of its profit, take an assessment look of the 2008 profit margins of Zenith, Oceanic and UBA banks among few in comparison to that of 2007; one can glaringly see the gap.
Be that as it may, the offence was confirmed committed but, one is afraid because, the system is so porous and the leadership weak, these people garnered the resources to by their freedom. Already, it had started by first politicizing and trivializing the issue. Secondly, litigations has as well, taken its course, another bazaar period for our legal luminaries and of course, what does one expect; the media too are already smiling with fabulous advertorial charges.
|