Issa Yuguda, a former governor of Bauchi, said in an interview on Arise Television that the chief executive officers (CEOs) of banks accumulate dollars in their balance sheets but do not make these dollars available for those in the market to utilize them..…..CONTINUE READING>>>>>>
Yuguda said, “I left the banking industry in the year 2000 to join the cabinet of Chief Olusegun Obasanjo. My experience then is that banks have really contributed in no small way to destroying the economy of Nigeria.
“This is because amongst our colleagues, some of us are not about Nigeria; it’s about how they can use their institutions to make money, live outside Nigeria with their families, and then continue milking Nigeria through the banks.
A screenshot of Issa Yuguda from an interview on Channels Television
“There are so many ways to make illegal transactions that even the regulators will hardly notice it, but the financing of the real sector, if you look at the balance sheets of banks, maybe it’s just paper entries.
“If you do some forensic audits, you will discover that they just want to satisfy the regulators, but we are basically traders as we are trading in money in all the banks and we are also trading in FX.
“Bank executives or CEOs amass dollars on their balance sheets to the extent that we deny the market the use of dollars,” he said.…..CONTINUE READING>>>>>>
