Banks should lose their licences for Nigeria’s damaged economy, hardships: Tope Fasua

“Very Unfortunate that the banks decided to continue screwing this poor country over,” Mr Fasua said.

Ahmed Oluwasanjo • February 5, 2024

Tope Fasua [Credit: Punch Newspaper]

Tope Fasua, an economist and appointee of President BolaTinubu’s government, says commercial banks are “culpable” in damaging the Nigerian economy, suggesting they should have their licences revoked.

Mr Fasua, special adviser on economic affairs in the office of the Vice President Kashim Shettima, made this call in a tweet on Monday.

“Very Unfortunate that the banks decided to continue screwing this poor country over,” Mr Fasua said.

“Listen to Mr Cardoso on AriseTV. Our Banks behaved like they are not part of the Nigerian economy, mopping up $7 billion into their own positions – under whatever pretext. They claim these are transaction-backed, but the CBN has seen them sitting on those monies permanently – and looking for more.”

Mr Fasua said Nigerian commercial banks would have had their licences revoked for sabotaging the economy in other countries.

“Honestly, in most other countries some or all of them will lose their Management. And prolly their licenses. The banks starved their customers and therefore trade in the country. They starved students who needed to pay school fees, and sick people who needed to pay health bills. They were tripping. Simple. Declaring trillions in profit every year, EVEN WHEN THE ECONOMY went into Recession,” Mr Fasua said.

He added, “As the country was starved of funds, under Emefiele the CBN borrowed dollars from these self-same banks. How their business models do not jive with the country in which they are domiciled beats me, and is a shame on these banks. I hope they’ve met their comeuppance. There’s a reason why the president is abroad at this time. He doesn’t want their disturbance.”

Mr Fasua’s outburst follows central bank governor Olayemi Cardoso’s interview with Arise TV on the state of the Nigerian economy.

In the interview, the apex bank governor debunked rumours that the CBN plan to convert funds in domiciliary accounts to naira, adding that he inherited $7bn foreign exchange backlog out of which $2.4bn for “non-existing entities,” and some without valid import documents.

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