A Banks Man: Expect Higher Charges with Godwin Emefiele as New CBN Gov

21st February, 2014

Godwin Emefiele will be coming from group Managing Director position at Zenith Bank Plc, to assume the seat of head of the apex bank of Nigeria this June at the expiration of Sanusi Lamido Sanusi’s tenure, if his nomination is confirmed by the Senate.

The CBN is charged with regulating and supervising the banking and financial systems to protect the national economy while considering both the banks and the prosperity of the people. Either’s interest should not supersede the other as banks depend on people and people on the banking system and the economy on both. You could have a great CBN governor who works in the long term interest of the nation and its people while protecting the banks, or a governor who is a banks man, working in the sole short-term interest of the banks and big corp. and ever willing to sacrifice the people.

It was not surprising to most observers that the president of Nigeria, Goodluck Ebele Jonathan nominated Godwin Emefiele for the position of all the available and viable options. Who else than a perfect cabal man to protect the interests of Jonathan and the cabal, vs. the masses? Coming from a bank, one does not need to be told that Godwin Emefiele will be coming to the office with vested interests of his bank and banks as a whole at heart.

Zenith bank in particular has been at the center of several allegations and investigations for shady dealings and money laundering for the cabal. Recently, in the case of Jigawa governor Lamido’s son, Zenith Bank Plc was among 13 banks which came under investigation, with its senior managers locked in detention by the SSS for money laundering and terrorist financing. This affected global confidence in the Nigerian banking sector. [Thisday; Nov 16, 2013]

Again, Godwin Emefiele‘s Zenith Bank Nig. Plc, was reportedly one of the leading financial institutions at the fore front of defrauding its customers to the total tune of the six billion Naira which the CBN recovered from the banks in 2012. The CBN governor Sanusi Lamido had placed the banks on the watch to see that this robbery from the vulnerable customers did not take place in 2013. Today in grave irony, the manager of a bank that has been caught defrauding the people will be the manager of Nigeria’s Central bank. [PremiumTimes, April 11, 2013; also TheOctopusNews]

Today, Nigerian banks charge the highest fees and rates in the entire world. And under Godwin Emefiele whose bank is one of the banks that has canvassed for and ensured that it squeezes all its clients out of every last penny, Nigerians can expect higher charges and greater exploitation by the nation’s banks.

It is rather peculiar that in ‘developing’ nations, the masses pay more for every single service or utility. Perhaps ‘developing’ is centered on the ability of the masses to reject exploitation of their wicked leaders and their coterie of cabal. Nigerian banks charge for any and everything. Deposits, transfers, withdrawals, text messages, everything you can imagine, even for bank statements. Godwin Emefiele, Group Manager of Zenith bank represents the vampire cabal who are not interested in other legitimate ways of making money, but figure out that if they rob pennies from 112 million of us beggars, the destitute and poor masses, they can rake in billions and be world acknowledged.

Things the banks charge as have been highlighted previously are:

Customers pay N10-50 per sms alert, even for bank error repeat texts; though bulk sms texts are offered to businesses by mobile networks at N1/sms.

Hardware token for security is issued at N2000 ($12);

Bank statements are charged at about N40/page;

Renewal ATM card is issued at a charge of N1000 ($6);

N500 monthly maintenance fee for current accounts ($3);

First Bank and Keystone Bank even have a N100 monthly ATM card maintenance fee!

You also have the Value added tax, for ‘no value added.’

Even reference letters are fulfilled at a charge of up to N2000 ($12).

When compared to US banks, there is no COT, no deposit fine, no withdrawal fine, customers have several free banking options, ATM cards are replaced for free, bank statements are obtained for free, and texts are free. Basically the banks are happy to have your money. But not so in Nigeria where banks are run by the Cabal and the people are unprotected with the Central Bank working in the interests of the banks and not the people.

As he is expected to be confirmed to head the Apex bank, the policies Godwin Emefiele has used to manage Zenith bank and the interests of Zenith bank over those of Nigeria’s millions and in contrast to standard operative policy and accommodation globally are expected to triumph in his decision making at the head of Nigeria’s Central Bank.

In 2012, Zenith bank made a whopping N55 billion in COT’s, one of the highest incomes generated from this ‘fine’ of all banks. COT’s represents 10% of bank revenue.

Sanusi Lamido Sanusi had promised to finally phase out COT’s by 2016. The banks had contested this. It is to be watched if the new CBN governor will work in the interest of the masses on this among other items, or if he will work for the banks whose interests he has strongly vested.

Nigerians remain in the hands of the cabal who have waged total war against the masses.

Dr. Peregrino Brimah
http://ENDS.ng [Every Nigerian Do Something]
Email: drbrimah@ends.ng Twitter: @EveryNigerian