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have been several responses to the first article with this title. The
general impression out there is that the executives of Nigerian banks
simply treat the banks they manage as their piggy banks and as a source
to free-flowing access to a life of endless cash. The bank executives
often avail themselves of interest free loans that run into hundreds of
millions of naira, and at the very expense of shareholders and
depositors. The worst side of the interest free madness is that
executives who are owing a bank often collude with one another to write a
bigger cheque for each other and use part of the new cheque to pay off
the outstanding interest free loans they previously took from the bank.
It is very improper for these executives to loan themselves huge sums
of money and still charge no service fees. Executive management meeting
can quickly turn out to be nothing but a pie sharing get-together for
the big boys.
"Ol boy, I would love to bring Maria Carey to play for me in Nigeria."
"Why not? What is stopping you? You can if you so desire."
"That will cost me bundle."
"But you can bring her. Man, bring her! Let the boys enjoy and have some fun!"
"Don't you get the gist? I said I cannot spend my money to bring her."
"You are the one who is not following my drift. You can still bring her
by letting the bank bring her. It is as simple as that."
"Umm…perhaps the bank can bring her, but for what?"
"New year party, Christmas Party, Send off party, the options are limitless."
"Remember Ladi brought Anita Baker, an old school diva to Nigeria for his spouse's birthday?"
"I remember. Gaining entry into that by-invitation-only birthday bash
was as tough as the camel trying to go through the eye of the needle!"
"But this will be bigger and better…"
"And special, and the bank will pick up the tab!"
"We'll show them that we're top players."
"We are the movers and shakers of Naija."
"The Big Boys!"
"Trust me, Lagos will shake."
"It will be the best and a blast."
"A blast like no other."
"That will be a master stroke! The stroke of genius!"
"But how about the loan thing? I need some money badly. I want to put down a deposit on the land in Lekki."
"But we all still owe the bank from the loans we took just over a year ago."
"We'll always owe the bank my friend. Why don't we just take 50 million
Naira each and that way I can retire the N22 million I currently owe
the bank and the boys can retire theirs. What do you think?"
"Uh-huh, I think you are talking sense. I need some money as well. I want to roof the house in Abuja."
"You see what I mean, we all have very strong need for cash and the girls are bringing in new deposits every day."
"At 15 per cent interest? How do we cover the interests?"
"I have always told you not to worry. What is COT there for?
"But Sanusi wants to end the COT ride."
"He can't end it. We have all the big boys behind us and they know they
will not be getting anything if they allow that boy to block our COT."
"Rather than getting into the game and sorting himself out the guy is trying to block all roads to easy cash."
"He is a fool, don't mind him."
"But he is one determined fool."
"When do we meet to rubber stamp the loan deal?"
"Tell the others and ask The Law to fix a date for month end."
"Did you say month end? No, not at all. That is too far. I want the money in my account by next week."
"Ok then, let us call a meeting for Monday, but let us calibrate everything this weekend when we meet at the Zone."
"Will Chief be coming? Has he been informed?"
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