Only Seven Banks Healthy In Nigeria, Says NASB
By Emele Onu, Finance Editor, Lagos
Still don't understand why they are over praising Soludo
what's so difficult in implementing common year end
these people re meant to be professionals do they really need some sort of regulators
to tell them what to do??
from my own understanding, current account holders pay interest to banks while banks pay interest to savings account holders, but in the case of intercontinental bank PLC, i thinks it's different, okay take for example, other banks don't charge their customers when ever they withdraw in their bank with the use of ATM. but as an intercontinental bank
account holder, u have to part with #50 on every withdrawal, and u can't withdraw more #20,000 at a go, so if u want to withdraw let's say #50,000. u definitely have to part with #150. from my own point of view, i think we r being extorted. the should do something before they start loosing their customer to other banks.
Nigerian banks are growing in strength every day while the so called giant banks of the world in US and UK, etc are on the brink of bankruptcy due to credit crunch and economic recession, yet Nigerians are criticising our banks. It appears Nairaland is fast becoming a forum for criticising our banks. It has to be checked.
Answering the question: Are Nigerian Banks as shiny as they look? The answer is NO!
Nigerian banks depend a lot on image: flashy offices, cars and suits. They try to give an aura of more solidity than they actually have. But what do they rely on for their income? They rely on short term loans, government bonds and similar things. They are still too dependent on Government money and soft loans. They are not transparent. Every year just before releasing their final accounts they go about begging people to deposit money in their bank if only for a month. Their statements are generally overstated.
All that said, they are working with more professionalism and I think money deposited with most of them is reasonably safe . But they are not as solid as they seem to be. They are wasting (imho) too many resources on their image.
the Nigeria stock exchange is not different from the other federal government institution, the structure is riddle with fraud.
though people are making lots of money from the market, if you are ready to play the nigeria system, you can have a slice of the cake. there are some very good companies worht investing