TO THE NIGERIAN BANKS, PENCOM& CO.

By Professor Dr. Emmanuel Omoh Esiemokhai

Published 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 June 2006.

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 Nigeria.

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 and minorities.

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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