A banker and administrator, Ambassador Ibrahim Yarima Abdullahi, who said this in an interview with Daily Trust in Gombe, stated he made the assertion due to the unhealthy expertise in respect of the banking business.
A onetime Government Director of Afribank PLC in addition to Chairman of the defunct Inland Financial institution Nigeria PLC was reacting to some analysts within the oil and fuel business who suggested the federal authorities to divest 75 p.c of its 100 p.c tremendous majority shareholding within the countrys 4 refineries.
In accordance to him, some years again it was the identical private investors that took over the banks and grounded them.
Some years again these so known as investors hoodwinked the then authorities and offered its shareholdings from the financial institution to them. Now after so a few years, the banks are now not lending to any weak individual, they solely lend to the house owners of their respective banks these days.
As such the nation will lose extra due to what we now have seen from the banking system. Somewhat the investors ought to begin their very own refineries, however it’s anti-society to take the funding of the general public into the private arms which will clearly endure the identical religion that the banking business has suffered.
Abdullahi who was a Nigerias Ambassador to Malaysia and Brunei, suggested the federal government to as a substitute encourage the private investors to come collectively and set up their very own refineries.
He known as on the federal government not to permit the refineries to endure the identical religion that the banking system suffered when it was handed over to the private sector.
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