Banks Recap Update, States' Rating + More | Business incorporated

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We’re on the right track, but would Nigerians listen.

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The banking sector can declare such wins because they rely more on shabby things to make money. For example how they’re always almost begging you to bring your money at the rate of 2%, while they sell your loans at 35%. That’s why you see our people in the banking sector almost begging you to bring your money in there, including our women. (I don’t want to go any deeper into that). Or they make long move in the stock market based on inside information. Our banks have basically removed their focus on the actual functions of banks. That’s why you see these banks announcing trillions of naira in profit at the end of the year, while our actual productive sectors like the business are usually announcing losses. What the government is trying to do is to tax those excess gains on FX and their loan games they’re playing. Every country does this, I think in the US it’s like 25%, while in China it’s higher? If we even had to tax them at 80% rate, that would be good. Banks are meant to grow along with the economies and productive sectors, not tower over them.