Good People, let us stop the rumours that Nigeria plans to mop up US dollars in domiciliary accounts to support the Naira. Such a thing was possible during the military rule but has ZERO chances today in modern Nigeria. Yes, it is impossible. Repeating that insinuation is offensive to the Nigerian banking ordinance and the new central bank boss. While I have policy differences with the government, as citizens, we must speak to stop the madness of misinformation and disinformation in the nation.
Get me right: I do have confidence in Nigerian banking, provided you can help them with data. When I left Nigeria many years ago, there was money Diamond Bank paid me. On the day of my resignation, the bank paid me upfront, a big chunk of my salary. Knowing that I was not going to be around to work for that money since I was flying into New York that same day, I modified my resignation letter, and asked the bank to reverse the payment, and I left the building with no clear path on how to pay my school fees in the US. I chronicled that experience here.
Typically, people get that money and run away. Our Chairman, legendary banker Paschal Dozie heard what happened, and approved for them to keep that fund for me (he would settle it from his personal capacity or whatever). Now, I had left and the salary account was to be closed; I did not leave any bank account behind because I was not expecting any money. The bank reached me and said they have got money for me. I provided my Union Bank savings account. It was a tough thing those days with restrictions on savings, but in the end, they pushed that money, going through the money market as my account was designed that only me could pay into it!
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Good People, after years and years, I went for that money – and it was THERE. Union Bank kept it. I had the same experience with First Bank when Platinum Capital folded. The brokerage was managing my investments in First Bank, and when it folded with Bank PHB, I reached out to First Bank, and within days, they paid directly to me all dividends. Yes, they reconcilied and confirmed. No stories!
So, the banking system with that heritage will not allow any human or government to confiscate its clients’ funds. So, relax because nothing will happen to your dorm accounts.
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Is this a distraction or what? Which one is government wants to mop up dollars inside people’s dorm accounts? Before you know it, we will spend days debating whether it’s true or false, and time will be going.
Please we have serious emergencies in the land: diesel is over N1100 in some places, dollar price is now anything goes, insecurity has become afterthought. We do not have time to be creating news, defending and challenging their veracity. This cannot be seen among serious people, and we got to be very serious right now.
Let this one end here, we don’t want anyone in government wasting days, jumping from tv stations to newspapers, defending ‘news’ we don’t even know the source.
This joke should end here, please!