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Thursday 26 November 2015

BANKING: WEMA BANK PLC RED ALERT!!! ......The sledge hammer is up

BANKING: WEMA BANK PLC RED ALERT!!! ......The sledge hammer is up

Consolidation of banking institutions through mergers and acquisitions, a program initiated by the former Nigeria central bank governor, Professor Charles Soludo was a program designed to create a banking system that is part of the global change, and which is strong, competitive and reliable. The consolidation could come through mergers of more than one bank and acquisitions of assets to raise a N25bn [twenty five billion Naira] capital base. This became necessary given the trend in the Nigeria banking industry where the banks were not living up to their responsibility to the investors and depositors as well, leading to some banks being classified as "failed banks" and in most cases liquidating without the protection of depositors. So there was lack of confidence in the banking sector with depositors always afraid if their banks will liquidate the next month and their funds go down the drain with it.
That was why the banks "consolidation and recapitalization" program was a welcome relief as this brought great relief to depositors, and the number of banks that were able to scale up the 25BN capital base with the central bank dropped to only 25 from a total of 89 banks that was operating in Nigeria before the exercise. INCREDIBLE! Now Nigerians could heave a sigh of relief and sleep with their two eyes closed knowing that they will no longer wake up to the news that their banks have gone under. This appear to be the case up until now. However, the old story seem to be hovering on the horizon again. We would like to advice Biafrans with their moneys banked with WEMA BANK PLC to hasten up now to pull all their moneys and close the account as the zoo government has concluded plans to liquidate WEMA BANK PLC with no compensation to depositors. Buhari, as the Head Of State [not the president] and 'Minister of Finance', has concluded plans to liquidate WEMA BANK PLC and use depositors funds to compensate the yorubas for supporting his election. WEMA BANK PLC  has been earmarked to be used as payback to Yorubas for their support to Buhari's election. This information is credible. Biafrans do not be caught in the web again.
Long live Biafra.


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