Expect Higher Bank Charges As Jonathan Nominates Zenith Bank MD, Godwin Emefiele for CBN

Godwin Emefiele

Feb. 21, 2014


Nigerian banks already charge the highest charges in the world, but expect them to go even higher as a Cabal of dangerous character and banks man and not people man was not surprisingly nominated by Nigeria’s president, Goodluck Jonathan for the apex bank top position.

Godwin Emefiele will be coming from Zenith bank with vested bank interests and those of Cabal and politicians who he has been co-conspirator in questionable dealings.

Nigeria’s banks charge more fees from their customers than any bank in the world. Customers receive 3-5 separate charges and lose up to 5% of their deposit, withdrawal and transfer funds to the banks. For us as individuals, this palpable robbery and hardship is hardly recognized for the herculean gift it is to the banks. Thanks to governor Sanusi, Nigeria’s banks are supported to make billions of naira on customer deposits and transactions. Easy money being made in sheer robbery!

Barry Terblanche’s BigNews considered whether South African banks charged the highest in the world. BigNews emailed banks in different countries to find out what they charged on a deposit of R100, 000 (about $10,000) and their charges for writing out cheques on the deposit.

Quoting from vaaltriangleinfo.co.za:

“South African prices were shocking. The Malaysian, Thai and Brazilian banks charge nothing for depositing R100, 000 in one month.  South African banks charged more than or close to R1,000 at the time of doing the research.”

South African banks charged R1000 on the deposit; that roughly equals $100 for depositing $10,000. BigNews clearly did not checkout Nigeria. They would have had reason to rejoice. Or perhaps they didn’t bother. Nigeria is just not worth being put on the table to eat the bread with sheep. As we have it presented earlier, for a commensurate deposit of N2, 000,000 (N2M), about $12, 000, Nigerians pay $360. That is exactly three times what the South Africans are complaining about. A withdrawal of the N2M will attract an even steeper penalty of 5%! That’s N100, 000 / $600!

While other developing nations charged no, or a fixed minimal rate, Nigeria charges a percentage of deposit. This is real robbery and ensures that struggling small businesses crumble, while the banks “laugh their way to the bank.” These things happen in Nigeria because the people have been subdued by chronic deprivation and oppression and/or are engulfed in ethno-religious fracas, the leaders are too corrupt and there is absolutely no structure that protects the interests of the masses.

Godwin Emefiele is a straight-up “Banks man.”  The CBN is not a government body that regulates the banks in the interest of the people and country; rather it is a body that enforces policies in favor of the banks on the people. Coming from a Bank, Godwin Emefiele will predictably keep the crushing charges and all other non specific charges and inflate them higher again to destroy Nigeria’s poor masses.

References from ENDS