It is all about business but those who run banks and, or other financial institutions usually portray their trade as lending hands. And the governments have never made things easy for the people by approving these institutions which to me can be simply described as officially backed fraud sector. For instance, how they make you sign a very ambiguous contract.

Meanwhile, because of my little knowledge of banking or bunking or banging, I would not deal with the technical aspect of the system instead I would use this opportunity to remind my readers that the crisis in the banking industry is a useful metaphor. It is part of the fire engulfing the Nigerian nation in general. The crisis is a true representation of our character which is squalid materialism. We just want to become rich at any cost. It doesn't matter whether isale oro legbin (at the bottom of opulence is filth). It doesn't matter whether oruko san ju wura lo (name is more valuable than gold). But I tell you: there's more to this nonsense. Just wait and see...wait and see my friend.

Quite right, the happenings in the banking industry in which five bank CEOs (Intercontinental, Oceanic, Afribank, Finbank and Union) were sacked by the new Governor of Central Bank of Nigeria, Sanusi Lamido Sanusi, has confirmed my stand that bank and financial institutions are indeed Master of A Game of Fraud. We have been told how loans were issued indiscriminately without collateral; how a former nanny of one of the CEOs was granted large loan of N13 billion in contravention of due process. Also, among CBN's list of non-performing debtors are two richest Nigerians, Aliko Dangote and Femi Otedola to be precise.

To God who made me, I was and I am not surprised at all. Remember that I once said, "I am no more naive about Nigeria's situation". The most absurd thing can happen in my dear country. Perhaps this explains why it took me so long to even write about this topic. Any serious public commentator would have expected something of this nature in our environment. Nigeria is built on fraud and it will continue until we actually want it to stop. But it won't stop. Yes, I am a cynic, yes I am a pessimist, and yes I am unpatriotic. And what have you. How do you expect the banking industry to be free from fraud when the president himself is holding on to a fraud victory? You may wink and say where the link is.

Plenty links

There are plenty links my friend. Virtually every Nigerian does not see anything wrong if their ward who is a banker suddenly becomes a billionaire. It is one of those things as he purchases expensive cars that have been abandoned in America or somewhere similar. No family will question him as long as he remembers to share his wealth with them. Bankers are Nigerians like us. Aren't they? The sacked five CEOs and others like them who are yet to be caught have been following funny and dramatic events in our kontiri. They have seen how the Minna Snake acquired his wealth; they have seen how the Abeokuta Ostrich made his money; they have also seen how the Ibori's, Kalu's and other governors made their money.

Most importantly, they have seen that instead of being in jail, these people are being elevated. If a former military or civilian "president" could amass ill-gotten wealth and went scot-free, why not bank Chief Executive Officers! These accused CEOs have waited for so long to study the consequence of being an official thief in their country. They know that the worst is to ask them to return some of the money for freedom. Thereafter nothing would follow except to decorate them with chieftain titles. Their communities may even be on hand to give them a hero welcome. It has happened and it will continue to happen. That is why some of them have absconded to Igilandi (England). They know that sooner or later everything will die down after which they can even contest for governorship, senatorial or even presidency in 2011. They know that those who have ruled Nigeria and those ruling now are criminals worse than them. It is like every Nigerian is waiting for his or her turn.

Our major concerns suppose to be how to change this kind of thinking. Or are you saying that if the Central Bank had granted you the reader a whooping loan of N10 million, you won't take it - whether performing or not performing? The banking crisis in the country is another opportunity for us to reflect about the kind of country we are living in. Happenings like this further vindicate the cynics in our midst. Gosh, these ex-bank chiefs gave loan to ghost companies? We should do the arithmetic and let our focus be in this direction.

When Soludo came, he behaved like a new broom expected to sweep clean. He merged the banks together known as consolidation; and we hailed him to high heaven. Little did we know that na shakara O'loje. Otherwise how come Soludo failed to detect the fraud only for Sanusi to do so barely a week after taking over from Soludo who had occupied the post for years! And I bet that Sanusi successor would also detect something. Just wait and see. It is our system.

I once wrote an article under the caption, Redenomination or Redomination: Give Soludo A Chance. It was my style of laughing things off and poking fun at the foolish and dangerous ways our politicians are running certain institutions that should be totally independent - from politics or religion or tribalism. In the said article I wrote inter alia: My fear of course is the implementation and logistics. Our policy-makers are known for their half or incomplete achievement. They are in the habit of starting an agenda without completing it. This has manifested in virtually every project embarked on. Operation Feed the Nation (OFN) in 1976 and Structural Adjustment Programme in (SAP) 1986 to cite two examples. Both agendas were meant to alleviate our sufferings but where did it lead us to? Nna, we just ‘dey’ waste money anyhow. Hopefully Soludo’s project is quite different.

Vow

As for Lamido Sanusi's vow never to succumb to pressure in his desire to reflate the Nigeria banking sector, I say na shakara o'loje. I would have taken his bravado seriously had he free from control - from the above. Nigerian environment is not conducive for this kind of radicalism. Or is Sanusi saying categorically that the Central Bank which he heads an independent institution? Is he telling us that if Mr. Yar'Adua wants him (Sanusi) to stop going after these CEOs, he would defy such order? We should not forget Nuhu Ribadu, a young man who seemed to have started well in his quest to get rid of corruption before the then president used him for a hidden but open agenda. Eniyan ni n be n'idi oro ti oro fi nke. Without the "president" backing, can Sanusi succeed? You must continue to ask yourself this question.

Of course the man is not naive and I like him for that. He has admitted that the president wields enormous power. He even said that the president backs him in his efforts to sanitize the banking industry. And this is my point. What if the president does not back him? What if Sanusi steps on the toes of Mr. President's associates and, or Mr. President himself? But I think this man called Sanusi Sanusi has prepared for such scenario. Hear him: "I have not seen any indication that the president would listen to those who would lobby him that I shouldn't do my job," adding that the position he occupies today is not permanent but that he would do what he has to do while occupying the position. And the man has promised to resign if the intervention to sanitize the financial services fails. Seems the guy is sure of himself. Abi na shakara?

Anyhow, some of the debtors like Femi Otedola, Felix Ibru and others are said to have paid back N20b, according to Nigerian Compass. But where did they get such huge amount of money in so short time? Well, some people passionately believe this banking reform stinks. They have been arguing that Sanusi has a hidden agenda. Whilst I cannot dispute this fact - you know it is Nigeria we are talking about - I like the fact that some "rich" people have been exposed. I mean how they managed to be rich, which is to get non- performing loan from their friends who are bank CEOs. Meanwhile, Sanusi must clear the air about the allegation that he also gave a "non performing" loan of N1.56B to publisher of Next Newspapers, Dele Olojede, without collateral as the Executive Director of First Bank.

I respect Sanusi for saying that trust, integrity, best practices and governance are much more important than money brought in to the bank. However, I find the following statement ambiguous: "the steps we have taken are actually steps that will safeguard the depositor's funds and that if we had not taken those steps, we believe that ultimately those depositors would have had their deposits threatened". It sounds rhetorical for my liking. After all, Soludo also believed that the steps he took were to protect the depositors' fund. And now this mess! But is Sanusi really going to sell the banks to foreign investors as announced in the national newspapers?

Above all, I am confused. For me, the crux of the matter is this: certain public institutions should be independent. CBN governor should not directly be under the president. I believe this: Sanusi intention - good or bad - would definitely be jeopardized if it comes into conflict with that of the president. And there are many powerful but useless men who are padi padi of Mr. President and who may be involved in this banking mess. Whatever Sanusi intention, I strongly believe that the thing called the Nigerian factor will make or mar Sanusi in his quest to settle personal score? In his quest as a patriot? In his quest for personal ambition? In his quest for Northern Agenda? Figure out the rest, my friend.