In a candid revelation, former Bauchi State governor, Isa Yuguda, has accused banks of playing a detrimental role in the destruction of Nigeria’s economy.
Speaking on a television programme, Yuguda expressed concern over what he perceives as a trend where many bankers prioritize personal wealth over the nation’s economic well-being.
Reflecting on his experience in the banking sector in the year 2000 before joining Chief Obasanjo’s cabinet, Yuguda asserted that banks have significantly contributed to the economic challenges faced by Nigeria.
He criticized some colleagues for their apparent lack of concern for the country, alleging that their primary focus is on accumulating wealth to live abroad with their families.
“How can they use their institution to make money and live outside Nigeria with their families and then continue milking Nigeria through the banks?” questioned Yuguda, highlighting what he believes to be a troubling mindset within the banking industry.
Yuguda went further to make serious allegations against banks, suggesting their involvement in illegal transactions that regulatory bodies find challenging to uncover.
He emphasised the need for a thorough investigation into these illicit practices, asserting that the regulators may not fully comprehend the extent of these activities.
Discussing the balance sheets of banks, Yuguda raised doubts about the authenticity of real sector financing, implying that it might be a facade aimed at appeasing regulators.
He called for a forensic audit to uncover the truth behind these financial dealings, stating that many banks might be trading in money and foreign exchange without genuinely contributing to the real sector.
Expressing satisfaction with the Central Bank Governor’s recent stance on addressing excessive dollar amassing by bank CEOs, Yuguda commended the move, stating that such practices hinder fair market dynamics.
He stressed the importance of professionalism within the banking sector, urging institutions to prioritize ethical practices over personal gains.
In a critical remark, Yuguda lamented the central bank’s decision to print money for consumption and recurrent expenditure, asserting that such a strategy is unconventional and not practiced elsewhere in the world.
He criticized the economic managers for what he deemed a careless approach, emphasizing the need for more responsible financial management to safeguard Nigeria’s economic stability.
Yuguda’s revelations have sparked discussions about the role of banks in the nation’s economic challenges, prompting calls for regulatory scrutiny and a reassessment of financial practices within the industry.
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