January 3, 2006
IS IT ANY WONDER?
Nigerian banks face liquidation (BBC News, 01/03/2006)
A dozen Nigerian banks face forced liquidation after failing to prove they have adequate capital to operate under new government regulations.Banks must now hold minimum financial reserves of 25bn naira ($190m; £110m), compared with 2bn naira previously.
The reforms are intended to bolster the financial sector which saw regular bank failures and corruption in the 1990s.
How solid can the Nigerian banks be? We all know from our emails that Nigerian elites will simply whisk millions out of those banks and into our own bank accounts, so long as we supply our account numbers.
Posted by kevin_whited at January 3, 2006 10:49 AMYou can just see the 419 spams coming out of this one . . .
GREETINGS MOST ESTEEMED PERSON. I AM MRS. MIRIAM ABACHA AND I HUMBLY BESEECH YOUR HELP. UNTIL LAST WEEK, I WAS A TELLER AT THE NIGERIAN INTERNATIONAL BANK BRANCH ON THE WEST SIDE OF LAGOS NEXT TO THE K-MART. I LOST MY JOB WHEN THE BANK WAS LIQUIDATED BY GOVERNMENT ORDER. ON MY LAST DAY AT WORK, IN REVENGE FOR MY UNJUST FIRING, I TRANSFERRED TWO MILLION FIVE HUNDERED THOUSAND DOLLARS ($2,500,000.00) IN OVER-INVOICED DEPOSITS TO A REPUTABLE SECURITY COMPANY IN SANDPOINT, IDAHO, UNITED STATES. . . . .
Posted by: Mike Morley at January 3, 2006 10:59 AMMike - too good.
But will the tellers protest by marching nude through Lagos?
Posted by: jim hamlen at January 3, 2006 11:55 AM