Every time the Nigerian government makes the headlines, it is usually about something ridiculous. It's not that good things aren't happening in the country, it's just the overwhelming nature of the ridiculous policies and decisions tend to be loud.
I don't know if it's a common thing in other parts of the world for the bank to take out funds from accounts that have been dormant for a certain period, but that's the situation we have here.
A couple of days ago, I stumbled into a story that talked about a special crisis fund. It is self-explanatory, and you know, I'd have commended this idea if it wasn't shrouded in misappropriation and a tub full of weirdness
The story is that the federal government signed a new act into existence that literally allows them "loan" money from certain 6-year old dormant accounts. The act read:
Any unclaimed dividend of a public limited liability company quoted on the Nigerian Stock Exchange and any unutilised amounts in a dormant bank account maintained in or by a deposit money bank which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in a bank account shall be transferred immediately to the trust fundsource
Okay I get it, we're broke and you need these funds. However, we didn't know that you could just waltz into our account and take out whatever the hell you want from our account.
The Banks are in on it
Well yeah, I know banks' hands since they have to do whatever the central bank tells them but the fact that not a single notification was sent about this decision going on the background leaves a funky taste in my mouth.
I mean, we never trusted you anyways and as @mistakili points out, we're already moving most of our assets to crypto but this recent one really exudes the underlying arrogance and impunity that most big corporations in Nigeria operate with.
The banks only cater to the needs of the cartel; you know, their fellow big corporations, and government officials. They know damn well that as long as they keep top brass happy, they can do whatever the hell they like and not be held accountable for it. At the end of the day, the system favours the big man, the 1% or whatever you refer to them as. Welp, nothing to see here.
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