TO THE NIGERIAN BANKS, PENCOM& CO.
By Professor Dr. Emmanuel Omoh Esiemokhai
August 27th, 2009
Alhaji Mohammed Kabir Ahmed, is the Director- General of the National Commission
of Nigeria (PENCOM).From a distance, I could discern that he an efficient and
dutiful public servant, a pious Muslim and a gentleman, who, looks into the
merits of petitions.
This was why I swore to an Affidavit on the non-payment of my gratuities, three
years and two months after my retirement from the Obafemi Awolowo University, in
During his visit to Governor Idris of Kogi state recently, he said that he was
“not aware of missing N9 billion” For me, this was very good news since there is
enough fund to urgently pay my gratuities.
By now, I hope that he would have read my depositions in my Affidavit, in which
I sent an SOS to him. I am optimistic that my long-standing financial
entitlements will be paid very soon.
To the jeep-riding Damaging Directors of Banks and Financial institutions, now
under corrective measures, it would seem that A SANUSI has come to judgment.
Although I have not discussed with the CBN Governor to find out the details of
the banks’ malpractices, I hereby publish my observations about banking in
Some banks hold clients’ account, juggling fat accounts in a criminal manner.
They do not pay Acceptances on sight and they defer determinable dates for
payment, thereby violating banking regulations. Some banks send young ladies on
a wild goose chase and harlotry missions.
Banks often place conditions on term bills, causing problems for issuing banks
to waver, with regards to acceptance of documentary credit. They over-charge on
Account receivable, which they manipulate.
Some banks detain accrued interests, which accumulate quickly, but are paid
slowly. Their advances, which include loans, overdraft, discounts and other
accommodation are given to cronies and favoured people.
This operational strategy has killed entrepreneurial interest. The selectivity
is partly responsible for banking failure in Nigeria. There is an amortization
system that pushes what should be periodic payments into eternal convenience.
Valuation of assets by “experts” over blow the real worth of what is valued.
Yet, funds are approved for the “deal”.
The arbitrage system, in which banks collude with dealers in foreign exchange,
was perhaps one of SANUSI’s major concern.
The internal conduct of some banks, do not conform to the terms of the document
setting out the rules.
The toxic assets listed by some banks do not help the CBN to determine the true,
financial condition of the banks. Customers available balances are regularly
intruded into and charges are extorted if the customer seeks to know his
balance! The quick writing off of “bad debts” is questionable.
Business development loans are often made only to cronies or good customers.
PENCOM does not engage in mal-practices, but they have to understand that when
one waits for three years and two months to receive his life-sustaining
emoluments, he is justified to call on man and GOD, Almighty for help. The GOD
that answers by fire, HE is my GOD..
I will soon notify my former law students like Barristers, Femi Falana, Bamidele
Aturu, Mike Ozekhome, Deji Sasegbon (SAN), Mrs .Elizabeth Esiemokhai,Dr. Amos
Idowu, IZIYON (SAN) and all the International law graduates(1979-2006) of OAU,
to assemble in Abuja to demand an explanation from PENCOM & CO why they are
detaining the gratuities of their teacher!
It will be an epic legal battle, unprecedented in the legal history of the
Federal Republic. We are loaded with legal arguments, facts and figures.
GOD will overturn, overturn and overturn until justice is done to all pensioners
Pencon fimi sere. Baba, emi omore mare O!
Baba wa gbo onyu mio, Baba!
When “WE, THE PEOPLE” Vs “WE, THE PEOPLE” fight for economic supremacy, “we the
people” should not clap. I will keep you posted.
Professor Dr. Emmanuel Omoh Esiemokhai is the Academic
Chancellor, BOSAS INTERNATIONAL LAW BUREAU, ABUJA, FCT, NIGERIA.
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