Nigerian Banks - Unmasking the Culprits in the Banking Crisis

An old African saying; "When the wind blows the bottom of a chicken, it reveals a lot beneath it."Current mayhem in the financial sector opens up an opportunity for Nigeria to rid itself of the political and economic cancer it has endured for decades; corruption. As the events unfolded and the crackdown on debtors and bank leaders of the banking sector gather thrust the Security and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) engaged on tougher measures to reign in the perpetrators.Recently the central bank audited ten banks, declaring five close to insolvency and leaving five more intact. They then removed the five bank chief executive officers and

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