This is the same chap who recently revealed that payments to Nigeria’s legislators account for 25% of the government’s overheads.
Nice articles from the Economist about Nigeria’s strong but volatile banking sector….and banking in developing countries in general (Chinese and Western banks flocking to Africa).
There has been much turmoil recently in Nigeria’s banking sector. The Governor of the Central Bank of Nigeria Lamido Sanusi sacked the managers of five Nigerian banks (Afribank, Finbank, Intercontinental Bank, Oceanic Bank and Union Bank). Trading in the five banks’ shares have been suspended. Other bank executives have also been arrested and/or questioned.
Sanusi has faced much criticism for allegedly having a “hidden agenda” and was also accused of undue interventionism. In this video interview, Sanusi answers his critics and explains his actions.