Tope Fasua, an economist and appointee of President Bola Tinubu’s government, has raised concerns about the conduct of commercial banks in Nigeria, suggesting that their licences should be revoked due to their detrimental impact on the economy. As the special adviser on economic affairs in the office of Vice President Kashim Shettima, Fasua expressed his views in a tweet on Monday.
Fasua criticized the banks for their role in what he described as damaging the country’s economy. He highlighted an interview with Mr Cardoso on AriseTV, where it was alleged that Nigerian banks had accumulated $7 billion in their own positions, which the Central Bank of Nigeria (CBN) observed were not being utilized for transactions but were being held indefinitely. Fasua argued that in other countries, such behavior would lead to the removal of bank management and possibly the revocation of their licences.
He further accused the banks of neglecting their customers and contributing to the economic challenges faced by the country. Fasua pointed out that despite the recession, the banks continued to declare significant profits, indicating a disconnect between their business models and the Nigerian economy. He also criticized the CBN under Governor Emefiele for borrowing dollars from these banks, highlighting what he perceived as a failure of the banks’ business models to align with the interests of the country.
Fasua’s remarks came in response to an interview with Central Bank Governor Olayemi Cardoso on Arise TV, where Cardoso clarified that the CBN had no plans to convert funds in domiciliary accounts to naira. Cardoso also mentioned inheriting a $7 billion foreign exchange backlog, some of which were allocated to “non-existing entities” and lacked valid import documents.
Peoples Gazette