Written by Ola Kazeem
Monday, 19 October 2009 22:42
Like a thief in the night, crisis in Nigerian financial sector entered when Nigerian bourgeois think-thanks least expected it. When the crisis first showed its naked faces, it was fiercely denied, being extremely superstitious set of people, the bourgeois economists refused to acknowledge and talked about it. They simply rejected it in Jesus name!
Unfortunately, truth is a stubborn thing; whether you acknowledge it or not, the truth will always catch up with you. Suddenly, Central Bank of Nigeria Governor, (Lamido Sanusi) publicly lamented the imminent collapse of the entire Financial Sector, immediately 420 Billion Naira was coughed out within seconds to bail-out five of the threatened banks, not long after, another 220 Billion Naira dolled out for another three banks. Recently, another $2 Billion (Over 300 Billion Naira) was injected to re-inflate the economy. Close to a trillion Naira already dropped, but instead of the situation improving, it is rather deteriorating. All the Bank directors and executives of the affected banks have been severally harassed and legally challenged, all the debtors prosecuted, but is this crisis caused by the misdeed of some individuals as its been advertised or it is a crisis of Capitalism? Is this crisis avoidable under capitalism or it is inevitable outcome of this barbaric, blood sucking, all for profit systems called Capitalism? These are few of the issues look into by this article.