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What Happened To The Money In Trapped Banks - Post Recapitalisation?

Government and regulatory bodies have continued to twist events through manipulation of court

processes to frustrate depositors in their bid to recover their trapped funds from the banks that could

not scale the recapitalisation hurdles.

Contrary to the pronouncement by the CBN Governor, Professor Chukwuma Soludo in the wake of the

consolidation exercise way back in 2005, that depositors would not lose their funds as a result of the

exercise, hundreds of depositors have laboured in vain to recover their deposits since 2005.

Is this right?

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6 answers

I support the statement of Jimoh Ibrahim whole heartedly in an interview he granted the Compass Newspaper yesterday.

According to him, the solution is for the Government and National Assembly, incuding Bankers Committee, to call stakeholders

meeting and reduce the number of banks to five urgently. They should allow the existing ones to merge and form the five.

The formation should be on equal terms. After then, dissolve their managements and set up newmanagement on merit.

No individual will be able to own any bank in Nigeria or have majority stake in any bank. The moment that is done, our economy

will work.

Financial institutions are very volatile. If you go to London, no individuals owns any bank. Who is the owner of USB or HSBC or

Barclay Bank? Where ownership is de-emphasized, financial institution can grow.

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the sooner people realise that you are not 100 percent protected when it comes to finance the better , be it in insurance, banks , shares or stocks whatsoever. the big financial gurus all over the world look for MUGU to invest in various projects. in Britain alone the govt have pumped 1000 billion pounds into the system and nothing is moving. gone are those days politician are in control of affairs ,the money men are now controlling world affairs. so in Nigeria be very wary of all this so called banks with little back up.

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@Muza

You don't have to be sarcastic about this.

You could as well maintain a sealed lip. If you have experienced the pains

of loosing large chunk of money in a bank you entrusted it with, then you would

understand what people are going through daily.

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@ poster,

do u need a professor in accounting to tell u that u've lost ur money?

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What gets at me, is their temerity to hold on to depositors money.

Meanwhile the barrage of court cases does not even concern the

depositors, it is a ploy to hold on to the money, use it for their selfish

need. NDIC meanwhile claims the money is in their possession - doing what?

The most astonishing thing is that this court cases are even instigated

by the same cabal (the disgruntled failed bank boards) stopping the regulatory body from disbursing this fund.

Their reason? Greed.

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