A recent review of the status of Nigeria’s banking industry at the backdrop of the adverse impact of COVID-19 on the overall economy has indicated sound fundamentals. But the policy powerhouse of the apex financial regulatory authority also hinted of some downside risks and weak links.
Vanguard’s analysis of the financial performance of the leading banks in Nigeria indicated a significant drop in revenue and profitability on industry-wide scale.
However, the personal positions of members of the Monetary Policy Committee, MPC, of the CBN has given a near-clean bill of health to the industry, while pointing to some red flags in the first quarter of 2021.
actually reduce united states influence in the financial sector, in the global financial sector. what s your response to that? there s no evidence for it first of all. they say these large corporations would not be able to get sentencing. the fact is, if you re going to borrow $10 billion and you re a multinational corporation, you don t borrow it all from one bank nor does one bank want to lend you the whole $10 billion because it s too much exposure and risk for either the bank or the corporation. so the they always put together deals. deals with lots of different banks to raise their capital to get that kind of financing. so in fact, if you calculated american bank size the same way the europeans do with their bank size, america would have three of the largest banks in the world. so their argument don t hold water. absolutely. the cheerleaders from wall street, you know the schticking senator, i m so sorry. we ve run out of time.
democracy. think of it as a giant politburo that you would have in russia or china. so far, the only amendment that ends up ending too big to fail, to extract money at our expense, your u.s. senators failing to follow white knights like ted kaufmann and sherrod brown, whose safe banking act would have strictly limited bank size and the risk they re able to take. that amendment was voted down by 60-30, give or take the the banksters, obviously happy to take the goldman sachs money and all the rest. senator blanche lincoln, her derivatives plan has a question mark on it. it s a nice piece of legislation but evan bayh and the center left are looking to see how watered-down they can make it. the question is, is this just a shill effectively for her to get in there? not to mention senator byron dorgan s amendment on naked swaps, targeting 80% of the market that does nothing for
accounting fraud, anyone? super-leverage, anyone? oh, giant banks. no? okay, perhaps our friend, simon johnson has some answers, contributing business editor to the huffington post. simon, do you think anybody knows why the market did what it did last week? no, i don t, dylan. certainly no regulators have the faintest clue. perhaps there are some market participants who know more, but they re not speaking out. if you were to look at the most useful thing, somebody who agrees with your assessment, somebody who agrees with my assessment, somebody who agrees with the assessment that s shared with not only you and i, but dozens, thousands, millions of other people about bank size, about transparency and accountability. those who would want to close the casino and restore capitalism, how much of a victory was today s passage of the bernie sand ers amendment? it was baby step, dylan, as you said. i m not sure i want to call it a