Date Published: 09/07/09

Nigeria Economy: Revolution is the option

Corruption in Nigeria has no borders. During military rules in Nigeria, it was mostly the rulers, their friends and families that controlled the nation’s wealth. Now in (our) democratic setting, while staying under Immunity Clause and pretentious obedience to the ‘rule of law’, the leaders (mostly) with their cronies, friends and families control the nation’s and various States’ wealth.

For the nation’s economy; while observing the ‘rule of law’, banks offered through public placements to increase their required share capital base. But instead of doing the right thing, bank chief executives are involved in the shadows of our rulers and leaders.  They received funds from the public and instead of propelling the nation’s economy; they set up companies and give out most of the funds to themselves through cronies, families and friends, and thereby crippling other genuine businesses. Some of the facilities are allowed to remain non-performing, until written off.

It is really a pity that this is happening in our society of today.  What the situation calls for is total revolution or rebranding as the CBN authorities are doing.

Mr. Kingsley Ikpe Udoh,

Goldie Street,

Calabar, Cross River