Understanding Nigeria’s Banking Sector-PART 1

Written by Dayo Coker

 The Soludo Era:

After the banking consolidation exercise reduced the number of Nigerian banks to 25, Professor Charles Soludo became a national hero. He was hailed as a practical genius who translated abstruse economic phenomena into reality, a man who easily vanquished the stodgy and connected grey eminences that had tried to resist his reformist agenda.



As the masses sang his praises, the canny bank chiefs who had succeeded in saving their institutions knew that they had to embrace him in order to protect their empires. To seduce him, they levied themselves 2 million naira each and hosted him a superlative 50 million naira "dinner". He was initiated into the luxury life.

Soludo, the hyper-intelligent economist soon morphed into a dapper dresser who wore Savile Row suits and expensive Rolex watches. He became very close to a privileged group of bankers who became the de facto rulers of Nigeria’s financial sector. The tough talking regulator lost his sense of impartiality.


The Stock Market Boom.

General Olusegun Obasanjo's decision to work with Bretton Woods economists combined with soaring oil prices to draw foreign investors to the Nigerian financial sector. In addition to hedge fund managers who invested a small fraction of their portfolios in the growing market, ordinary Nigerians joined the fray when they realized that banking sector reforms had transformed the stock market into a veritable cash machine.
Growing investor confidence quickly led to a sharp rise in stocks and attracted the hoi polloi. Small investors rushed to the stock market in droves and sank their money in "high growth stocks". The snake oil bankers quickly read the situation and drew up plans to further increase their capital base.

In order to achieve abnormal returns, they enlisted the support of stockbrokers who brazenly manipulated stock prices with the tacit support of the leadership of the Securities and Exchange Commission and the Nigerian Stock Exchange. A rash of public offers soon followed, leading to an exponential increase in stock market indices. Some states even compelled civil servants to buy shares, forcibly deducting the value from their salaries.
Clergymen told their congregations about the "miraculous wonders" of the stock market. As the unsophisticated “sheep” emptied their nest eggs into the Nigerian Stock Exchange, the bankers and their sidekicks got richer. Mid-level managers earned millions in bonuses as reward for bringing in ensnaring ignorant investors. The stock market became part of the national conversation. And there was no stopping the bubble as the new financial elite was born.

Greed and Recklessness.

As the money rolled in, the banks immediately went on a spending spree. South African brand consultants were paid huge sums to design new logos, Indians got millions for software and overpaid managers were poached from rival banks. In little time, the banking tsars became delusional and started a turf war. They commissioned ostentatious offices and hired buxom bimbos to reinforce their marketing departments. These “happiness” officers were given huge allowances for miniskirts, contraceptives and expensive baubles.
The battle assumed a personal dimension as nouveau riche bankers fought for prime real estate in Ikoyi and Victoria Garden City. Others rented Banana Island flats and joined expensive boat clubs where they flaunted their expensive curios. The gnomish Jim Ovia took over an entire street in highbrow Victoria Island where he built an imposing edifice and commissioned a flashy ATM galleria. His amazing architects delivered The Civic Centre, a ship-inspired building that came to define his expensive taste. He became a trusted confidante to Aliko Dangote and Femi Otedola, Nigeria’s richest men. Aig Imoukhuede, one half of the now infamous United Alliance, built a fortress complete with angry mobile policemen. Jeremiah Omoyeni, the banker cum politician, got a 450 million naira housing allowance for his short stay at the helm of the crisis-ridden Wema Bank.


Anthony Elumelu, Cecilia Ibru, Jim Ovia and Tayo Aderinokun commissioned private jets to take them around the world while Akingbola curiously started an FM radio station and announced that he would treat himself to a Rolls Royce on his 60th birthday. Prince Nduka Obaigbena, This Day’s flamboyant chairman became the cheerleader-in-chief as banks picked up the tabs for visiting global dignitaries at the newspaper’s exquisite “town hall meetings.” Vanguard raked in billions from its annual Bankers’ Awards.


Foreign praise singers also realized that there was money to be made and set off a craze for dubious awards. African Business, Business Initiative Directions, The Banker and EMEA Finance came calling, dishing out awards in exchange for cash. Renaissance Capital, led by the mercurial Stephen Jennings staked its claim and exchanged ratings for securities contracts.

As oil prices continued to spike, savvy local entrepreneurs became potential oil and gas traders. They drew up grandiose business plans and convinced bank chiefs to advance huge loans for the purchase of tank farms and refined crude. The bankers obliged and shared the "upfront" interest. “Oil and Gas” became the most important phrase in the lexicon of the Nigerian banker.


Some of the oil traders were not satisfied with their bulging bank accounts. Since real estate is the Nigerian's true barometer of wealth, they went back to the bankers and drew up plans for an African Dubai. The bankers obliged and doled out more cash. Deals were sealed in posh country clubs as huge loans were given with utter disregard of risk management processes.


Foreign credit lines and unnecessary forays into the capital market meant there was just too much money to spend. Banks soon decided to have a taste of the apple and incorporated subsidiaries to market “luxury estates”. Lekki, Ikoyi and Abuja became the new Hamptons. Even foreigners began to complain about the skyrocketing prices of Nigerian real estate. "Expatriate Only" signs soon became de rigueur.

The Early Signs.

When the subprime mortgage crisis ballooned into a full scale economic meltdown, the foreign bankers knew they had to run. After all, the global banking system was on the brink of collapse. Indy Mac had disappeared and fabled Wall Street institutions such as Bear Stearns and Lehman Brothers had imploded.


The Nigerian banks had no chief economists and were blissfully ignorant of the implications of the crisis. Akingbola, Okereke-Onyiuke and Soludo all publicly declared that the country’s financial system was isolated from the rest of the world. Most Nigerians continued to buy stocks not knowing that Peter Ololo and his fellow stockbrokers were using cheap money to prop up the stock market. This made it easier for foreign operators to exit the market at a premium. Firms such as Actis, the private equity fund, dumped its shares in UAC for 50 naira. By the time, the stock market went into a tailspin, it was too late

Deconstructing the Fallen Five.

Erastus Akingbola-Some staffers of Intercontinental Bank have accused me of bias, claiming that I have personal scores to settle with Dr Erastus Akingbola. This is untrue. I have always believed that Erastus Akingbola was a crook and I owed the Nigerian public a duty to expose him. It is now clear that he was an exceptionally talented huckster who used his avuncular mien to shamelessly manipulate the public.

He frittered away the bank’s money on questionable “CSR” schemes designed to influence politicians and lay the groundwork for a future political career. In the week before the August 14 temblor, he instituted a 50 million naira scholarship scheme for Katsina natives in a clear attempt to lobby the president through Ibrahim Shema, the governor of the president’s home state. Akingbola also instituted a similar scheme in his home state, Ondo, where he was rewarded with the chancellorship of the state-owned university in a clear case of quid pro quo. As part of his national “save me from Sanusi” tour, Dr Akingbola finally ended up in Sokoto where his attempts to lobby an unsmiling Sultan fell flat.


He didn't show up for the historic August 14 meeting. Three days later, he had vanished into thin air. Nobody can underestimate the danger still posed by the highly influential Akingbola, who has been in the industry for thirty years. His case is not just an error in judgement. In any serious country, he would be the subject of an international manhunt.


Cecilia Ibru-Long before the stock market correction and the rapid fall in global oil prices, Cecilia Ibru had inexplicably shackled Oceanic Bank to a bilateral 175 million dollar five year loan from Merrill Lynch. This transaction was packaged by Osaze Osifo, a financial consultant and business partner of Andrew Alli, a CBN debtor who is currently at the helm of the controversial African Financial Corporation. A former chief executive of Oando, Osifo had made a killing in Nigeria's GSM licence auction before joining the Oando triumvirate of Jite Okoloko, Wale Tinubu and Mofe Boyo.


The Slick Osifo had cultivated a friendship with Oboden Ibru, Mrs Ibru's son and heir apparent, who doubled as the bank’s executive director and chief executive of Oceanic Capital. Osifo, Alli and four other principals needed additional capital for their investment boutique and through Oboden, Osifo’s company Travant Capital Partners was selected as the financial consultants for the transaction.


Oceanic Bank mismanaged this loan. In addition to heavily betting on real estate and petroleum marketing, the bank lent vast sums to the Delta State Government and other firms with ties to the powerful James Ibori. The bank also perfected numerous ways of diverting money through imaginary companies. One of such transactions involved lending millions of dollars to Meggitto Clothing for the purpose of exporting fabrics. This money vanished into thin air. We now know that there were other shady transactions such as the incomprehensible 19 billion naira loan extended to Nigeria's most famous nanny.

Insiders say that the dim witted Cecilia Ibru was hopelessly out of her depth at the helm of the bank. Surrounded by lackeys and relatives, she signed documents without reading them and gave loans based on her personal judgement. She relished being a mother figure and even though her staffers have kind words to say about her, they acknowledge that there was too much laxity with respect to management issues.


When it became apparent that Oceanic Bank was tottering, Mrs Ibru embarked on a number of questionable projects to raise money for her bank. These included an unethical 400 million dollar football reality program and a shady raffle in partnership with the Suru Group. It is a pity that the United Nations Global Compact did not do a thorough investigation before they named her to its committee on corporate governance.

Barth Ebong-Only a powerful witchdoctor could have known that Union Bank was in trouble. Long criticised for its horrendous customer service and aversion to technology, its chief executive was neither ostentatious nor publicity-hungry. As the oldest bank chief, he had a measure of gravitas which turned out to be a mask for incompetence.


With the benefit of hindsight, one should have guessed something was wrong with the big, strong and reliable bank when last year, in response to a campaign to force its chief executive to resign, the board moved its AGM to Maidugri, effectively disenfranchising the bulk of the bank's shareholders.


Union Bank also stunned analysts when it agreed to underwrite half of Afribank's overpriced public offer. Now it turns out that the dour Ebong also gambled heavily on high risk sectors. It is now clear that years of mismanagement had turned the bank into a corporate cadaver. So far, Union bank’s loan recovery efforts have yielded little fruit when compared to Intercontinental, Oceanic and Afribank. The authorities must also investigate how the trio of Nike Akande, Jite Okoloko and Festus Odumegwu ended up on the bank’s board of directors.
Sebastian Adigwe-Many analysts believe that Afribank's current problems stem from its relationship with African Petroleum. The bank was heavily involved in financing Femi Otedola's takeover of the petroleum marketing company and the huge debt added to its woes. The two firms forged a strong relationship that resulted in Adigwe joining AP's management board while Osa Osunde, an alleged front for Lucky Igbinedion, doubled as Vice-Chairman of AP and Chairman of Afribank. Apparently, the effete Adigwe was a figurehead who pandered to the whims and caprices of the bank's powerful backers. A few weeks to the CBN action, Afribank took out paid advertisements congratulating Ogbueshi Uche Luke Okpuno, one of its prized clients who later showed up on the CBN’s debtors list. How interesting.
Okey Nwosu-FinBank raised more than 100 billion from its public offer and invested heavily in the oil and gas sector. The bank clearly had no long term strategy and one wonders if Mr Nwosu believed that oil prices would hit 400 dollars. A week before he was sacked, the suave Okey Nwosu approved a loan to Jevcon Oil and Gas. It was widely celebrated as a testimony of the bank's devotion to indigenous operators in the maritime business. Amazingly, Jevcon shows up in the CBN list of debtors. Dr Onyung, Jevcon's chief executive, has not issued any public statement to counter the CBN’s claims. What was Mr Nwosu smoking?





Ndi Okereke Onyiuke and Musa Al-Faiki-Ndi Okereke- Onyiuke is an amazing creature, a corpulent buffoon who somehow clawed her way to the zenith of Broad Street while earning a dubious professorship. It is hard to understand how she kept her job after she publicly claimed that CNN and the Internet caused the stock market crash. While the NSE is a privately-owned organization, it is now clear that Okereke-Onyiuke has no business at the helm. For years, she has allowed the Exchange to be controlled by compromised acolytes and highly-placed insiders.



The case of Mallam Musa Al-Faiki is a cautionary tale. The former SEC DG was hopelessly out of depth during his five year tenure and did little to stop the widespread abuse in the market. Part of Mallam Al-Faiki’s problems was that he owed his position to Madam Onyiuke’s friendship with President Obasanjo. The vacillating SEC DG clearly did not want to offend his benefactor and when SEC staffers like Charles Udora, leaked their critical views to the press, he was always quick to issue a quick retraction.



The 'Talented' Peter Ololo-Two years ago, one of Okereke’s aides told me about Peter Ololo, whom he simply called “Falcon”. The aide was starry-eyed as he described the powers of this mythical "Falcon", who could effortlessly double the price of First Bank stock within a month. Today, Peter Ololo is in EFCC custody. He owes 88 billion.



Like every smart businessman, he filled his firm's board with power brokers such as Senator Tunde Ogbeha and Senator S.A Otegbola. Unfortunately, the indolent Nigerian press has not really scratched the tip of Ololo’s schemes. In addition to Falcon Securities, the disgraced accountant also controlled two active publicly listed companies, DEAP Capital Management and Trust and DVCF Oil and Gas Fund.



These companies were empty shells whose complex schemes were powered by insider trading and exploitative business models. If Mrs Waziri’s EFCC is serious about sanitizing the sector, it wouldn’t be a bad idea to question the chief executives of these two “fund management” firms.



Fit and Proper Person Test

Nigerian regulators must adopt a system of screening bank executive directors to ascertain that they are of sound mind and body. Private investigators should be hired to pry into their backgrounds and their educational and analytical skills must be evaluated by an impartial panel. People should not be appointed to highly sensitive positions because of ethnic politics and tenure. I believe that such as test would have shown that Mrs Ibru, Mr Akingbola and Mr Ebong were not suited to the task of managing their respective financial institutions.



Financial Services Authority

Perhaps the CBN, NDIC, SEC and other agencies should seriously consider the idea of establishing a Financial Services Authority to supervise the financial sector. The head of this agency must be chosen through a transparent recruitment process that has nothing to do with ethnicity, religion and other petty considerations. If the head hunters conclude that no Nigerian is suitably qualified, the government should consider foreigners for the post.



During the stock market bubble, a shocking thing happened. Pyramid schemes, commonly known as "wonder banks" sprouted in droves and earned the patronage of even highly educated bank managers who allowed greed to cloud their judgement. While they were eventually closed down, the SEC and the CBN has still not resolved the matter. An effective FSA could have nipped this development in the bud.



Vanguard newspaper and the Northern Agenda.

Unbelievable!!! In what must be a contender for this year's most stupid argument,Vanguard has backed its campaign against Sanusi with an article it published in March detailing a supposed plan by “anti-consolidation” forces to take over five Nigerian banks. I don’t understand why the Nigerian public is taking this rag sheet seriously when Sam Amuka-Pemu’s “tissue paper” newspaper does not even qualify to be called a tabloid.



Let’s look at the timeline. Vanguard published the article on March 23, 2009. At the time the article was published, those five banks were already heavily indebted to their peers at the inter-bank market and there were already concerns over their financial health. In fact, Dayo Coker was already on the trail of Erastus Akingbola and had released his findings to the press.



Their chief executives must have suspected that Sanusi would be a tough cookie and quickly dispatched their PR strategists under the aegis of ACAMB to plant the story. Of course, Vanguard’s moronic journalists played along and concocted this baseless story to distract the new governor. The article was meant to preempt Sanusi and force him into making a compromise but he refused to buckle under pressure. The Nigerian public does not understand that Vanguard newspaper is one of the biggest beneficiaries of the corporate malfeasance that pervaded the Nigerian banking sector. For years, the “newspaper” made a killing from the Vanguard Bankers Awards where a table for eight went for a whopping five million naira.



From a logical standpoint, this “northern agenda” argument holds no water. As the CBN Governor has pointed out in newspaper interviews, some Nigerian banks are controlled by nominees who are hidden behind legal documents. One does not have to be a chief executive to actually control a bank. It is possible that there could be individuals from the North that have designs on the banking sector but it makes no sense to speculate that a Northern "movement" is keen on hijacking the banking sector. And if Sanusi is a Fulani supremacist as his detractors have argued, then it means that other non-Fulani Northerners are unlikely to support this purported plan.



Opinion and Analysis

I doubt that Sanusi Lamido will be successful in ridding the financial sector of the crooks that call the shots. My pessimism stems from the experiences of other reformist crusaders that have tried and ultimately failed to change the status quo in this dystopian conundrum called Nigeria. His job will be made harder by his colleagues at the central bank. They understand how the system works and may not be committed to his disruptive agenda.



Sanusi’s dalliance with the EFCC might reap short term dividends but anybody who understands the workings of Mrs Waziri’s EFCC knows that the agency is simply using this God sent opportunity to con Nigerians into believing that it is serious about the anti-corruption war. We must also consider the legal angle. Senior lawyers have told me that it is difficult to prosecute debtors when there is no evidence of fraud in the loan disbursement process. This explains why hardcore debtors such as Ike Okolo’s Aquitane Oil and Gas have ignored the EFCC and opted to hire legal heavyweights to defend them. In spite of the EFCC’s public relations blitz, other notable debtors such as the imperious Peter Odili have also headed to court.



The CBN has done the right thing by releasing the list of debtors whose loans are not performing. The composition of the list shows that there is a problem with our banking sector. Some of our most respected corporate titans showed up on this list. I'm surprised that Alhaji Aliko Dangote and other respected Nigerian businessmen could brazenly decide to connive with these banks to shortchange small investors and depositors. What if the banks had collapsed? The banks didn't help matters with their dubious interest charges. They basically gave debtors an excuse to stall.


Culled from Saharareporters

CBN and Islamic Banking

The CBN Governor was quoted has saying that the prevailing economic meltdown has increased the demand for Islamic financial products and services across the world. And according to him, in spite of the crunch, Islamic institutions have displayed "strong resilience reflecting their conservative approach to business, balanced and ordered appetite for growth and focus on the basis of financial intermediation as opposed to innovation." And as result, the CBN will soon introduce Islamic banking in Nigeria to help stabilise the sector as fallout from the problems it is experiencing.

The CBN Governor’s statement has however generated some much controversy. Some have argued that being a secular state, Islamic banking cannot be practised in Nigeria. There is also a growing section of the Nigerian society who feel that Mallam Sanusi’s statement gives credence to the conspiracy theory that he is only acting the script of the northern cabals, who are alleged to be bent on taking control of banking sector. But I’m still at a loss regarding the relationship between the so-called Northern Agenda and Sharia banking. How can anyone be sure that principles of Sharia banking favours everyone in the north. To describe the proposed introduction of Sharia banking has a “Northern agenda” smacks of ignorance. What is the definition of Northern Nigeria? Is it everyone in Northern Nigeria that actually supports the Sharia system? Anyway, that is an aside issue.

Islamic banking is not a new phenomenon, even in other secular nations. For the example, the first Sharia bank in Western Europe was established in the United Kingdom in 2004. Major high street banks such as Lloyd Banking Group and HSBC also offer Islamic banking products to interested customers. It refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. The overarching principle of Islamic finance and banking products is that all forms of interest are forbidden. The Islamic financial model works on the basis of risk sharing.

However, in spite of the acceptance of Islamic banking into mainstream banking in Western secular nations, it does not fit into the current Nigeria banking system. This is primarily because there are no laws permitting Islamic banking in Nigeria. The nation’s financial regulatory framework does not permit any form of religious banking. This however does not mean it cannot be introduced. It only means that changes will have to made to the nation’s banking laws.

So does introduction of Islamic banking means Islamisation of the nation? My answer to that is No! As noted previously, the introduction of Islamic banking will require massive changes to banking laws. Personally, I have no issue with the introduction of Islamic banking as long as it is not been forced on everyone. The principle of secularism demands, the state should not be promoting any religion directly or indirectly. All citizens should be treated equally regardless of religion, and preferential treatment should not be given to any person from a particular religion over other religions. Therefore, the CBN policy towards Islamic banks, will need to be “no obstacles, no special favours”. The CBN will have to promote a level playing field between conventional and Islamic banking providers. It is the role of the regulator to ensure that the ethics of such banking practices does not undermine the integrity of the national economy.

For me, if the introduction of Islamic banking will bring in the much needed foreign investment into the country, then why not? We need not to be hypocritical about some of these things. The religious jingoist do not want Islamic investments in our banks but are happy to have Arab companies such as Etisalat, Zain operating in our mobile phone industry. We may need to remind such people that these companies originate from Islamic nations.

Also, what stops other religious organisation from raising enough capital and applying for a bank licence. We already have religious organisation investing heavily in the education sector. If religious organisations can be granted licence to establish faith-based schools, then why not banks?

We are a nation of diverse religious beliefs, and if anyone believes religious banking practices is in line with his belief, then let him or her do so. As long as it is not to the detriment of the national economy.

REJOINDER: "The Rise and Fall of a Man by Dele Momodu

It is no more news that five banking executives were sacked by the CBN because of their banks’ exposure to excessively high level of non-performing loans. This exposure according to the CBN Governor was attributable to poor corporate governance practices, lax credit administration processes and the absence or non-adherence to credit risk management practices

The media however has been awash with all sorts of stories and conspiracy theories following the sacking of these five CEOs . Opinion seems divided. Some argue that the CBN Governor Lamido Sanusi, is only acting the scripts of the Northern Oligarchs who lost out during the last bank consolidation exercise. Some say, he is out to make an impression, and the only way he can do that is to rubbish Prof. Chukwuma Soludo’s legacy of banking consolidation. One article that however caught my attention was Chief Dele Momodu's titled “The rise and fall of a man”.

The article seems to focus on the public reaction to the recent sacking. Dele Momodu is of the opinion that we are a nation of envious people, looking for every opportunity launch scathing attacks on successful people within the society. He further noted that we have become so disillusioned, and therefore incapable of objective reasoning. According to him “No one was ready to give them (Banks CEOs) the benefit of the doubt. Nigerians have become too disillusioned. Everyman we see with a measure of success must be a rogue”. Mr Momodu also couldn’t understand how a man who spent his whole life in banking profession, and that was seen shaking hands with the Sultan of Sokoto days before his sack can be subject of savage media attack.

I’m in agreement with Dele Momodu that it is inappropriate for any person to gloat over the misery other individuals, especially if you are ignorant of the facts behind their travails. However, the recent sacking of the banking executives is somewhat different. Most of the stories reported in the media about the allegations of impropriety against the executives were not concocted out of rumours. Let’s get this right. The CBN conducted an investigation. The bank executives were found guilty of sharp banking practices, and the CBN took appropriate action.

So what exactly is the gist of Mr Momodu’s write-up? Is he saying that envy is only peculiar to Nigeria? Does he want us to believe that the ‘Pull Him Down” syndrome only exists in the DNA of the average Nigerian. Or is Dele Momodu agitating for a soft landing for the sacked CEOs?

Envy is not peculiar to Africa, neither is it just a Nigerian problem. In every society, there is the tendency for people to be envious of others that are perceived to be more successful than they are. There is also a strong correlation between poverty and envy. Unfortunately, some of the so-called big men in Nigeria don’t understand this. Some of these rich men are very insensitive to the plight of the common man. They look for every opportunity to flaunt their wealth (whether it is genuine or fraudulent), and even sometimes oppress the poor. As individuals, we need to learn to conduct ourselves in humility, especially in a society with some much poverty and deprivation. For as long as the masses see themselves been oppressed by the rich, then the sort of wanton attacks launched against the bank CEOs will be inevitable.

Truth be told. The fact that a former CEO was seen shaking hands with the Sultan of Sokoto doesn’t mean appropriate action shouldn’t be taken against him. It is not the first time that corporate high-flyers or highly influential individuals have been found guilty of mismanagement and financial irregularities. Dele Momodu noted that one of the CEO spent his whole life in the banking profession. But does Dele Momodu know that Bernard Madoff, who ran the biggest finance scam in history, also spent his whole life in finance/investment banking. And at one time Madoff was non-executive Chairman of NASDAQ stock exchange. Can Dele Momodu remember Kenneth Lay, the former Chairman of Enron? Kenneth Lay oversaw the biggest corporate fraud in the US history? Ken Lay was former President Bush right hand man, who was at one time considered for the position of Treasury Secretary. We may also have to remind Mr Momodu about the former Billionaire Sir Alan Stanford. So, let’s not be deceived, Nigeria is not exception and perhaps worse. At least the Madoff, Lay and Stanford of this world were convicted and jailed. In Nigeria, our Madoffs are the Pro-Chancellors of our universities. They are President of professional institutions. They run our stock exchange. Let’s make not mistake, the Nigeria system breeds corruption. The more influential you are, the higher the propensity for corruption. These high-flyers sleep, drink and eat in the corridor of power. They are the ones celebrated on the pages of the national newspapers. They are the same people bestowed with national honours. They are the biggest donors at corporate and social functions.

So having read Dele Momodu’s article, I struggled to understand where he is coming from. Is he suggesting that people shouldn’t talk? If we can openly criticise the corrupt former governors, most of who - strictly speaking – have not been found guilty of corruption, why can’t we talk about bank CEOs? If it is right to launch scathing attacks on President Yar’Adua because of his incompetence, why is it not right to criticise the sharp practices of the banks CEOs?