Nigerian Banks and the Absurdity of their Extortion

By Wasiu Owolabi

The continuous extortion by Nigerian commercial banks is too much!

Recently, I got information that some corps members’ accounts were automatically dedited with N2000 immediately they received their allowee, without indicating the reason behind the debit alerts. Some other banks do worse.

The bank sent credit alert message that they (corps members) had been credited with N19800, yet their current balance was N17800. Where did the N2000 go? There was even no alert for the debited N2000. Wait, do this people see us as fools?

After that, they sent another debit alert of N1050 for ATM card and maintenance respectively, making N3,050. What are they maintaining? As if the ATM charge is not enough, they still went ahead to deduct N50 for its maintenance. When will this oppression by banks end?

Many of the corps members were angry, and as a result, kept blabbing, but non of then confronted the back to demand the reason.

It happened to a friend of mine too and the next thing I told her was to visit the bank and demand openly why they had to deduct her money without giving any reason. Few hours later, I received a message from her that the bank has returned her money. Oh my God! Why did they deduct the money in the first place?! Were they thinking that everyone would be so daft not to demand an explanation for their actions? I bet, many had lost their hard-earned income to this frivolous, unethical actions perpetrated by these kinds of banks. Another friend of mine said that happened to him (from the same bank) in December when he also received his allowance and he never queried the bank.

Economically, a bank where which I save my money, where my money is being used for investment, where my money is being loaned out to business men, where the only thing I do is to save, withdraw and use other services that bring profits for the bank, should not in there right sense still charge me for transferring fund electronically; shouldn’t in their right sense charge me for withdraw from a different ATM; shouldn’t in their right sense charge me for credit, debit and bank statement alerts; shouldn’t in their right sense charge me for ATM card and its maintaining; shouldn’t in their right sense charge me for anything unreasonable.

Should we be blaming ourselves for patronizing the banks? We are helping them in making profits, yet they are backstabbing us by extorting us. I can categorically say our banks in Nigeria are part of Nigerians’ problem in terms of excessive rate of poverty. They made Nigerians poor!

In addition to this, the banks even deduct VAT of 2.50% of N50 charged for fund transfer. I don’t really know the profit I have made from transferring fund to kith and kin that warranted the charges and an extra 2.50%. How did our nation become so messy as such?!

All these make me wonder what kind of financial policy we have in Nigeria, a policy that impoverishes the masses. Nigeria has now become the state of the capitalist and not the masses. Nigeria has now become a state without humanism. Nigeria has now become a state without virtue.

Who then will drive our nation to Humanism, to virtue?

I pause.



Simi Might Be Pregnant with Adekunle Gold’s Child


Days after her traditional wedding with singer adekunle gold, Nigerian singer simi confirms being pregnant.
Reports from close sources confirmed to us that Simi is already carrying Adekunle Gold’s baby and reports also have it that the two love birds won’t be having a white wedding as against earlier reports that it will be holding a day after their traditional wedding which took place on 10th of January, 2019.

Instead, it was gathered that what has happened was only a reception that hosted more family and friends that were not privileged to be at the traditional wedding on the 9th of January, 2019 as only 300 wedding guests were catered for.

Some people close to the singers even said they noticed a change in the shape of Simi’s belly while she was dancing at the traditional wedding ceremony, prompting widespread assumptions that she could be pregnant for Mr Gold.

Photo credit: Guardian Newspaper

A State of Emergency: Reason, Experience and Myself

By Wasiu Owolabi


Do you know what a state of emergency means? Either you know or not, I’ll still give an illustration from experience.

This is not to scare anyone or to make us feel insecure in our own land. It is just an experience; a good-time memory when we were being trained as paramilitary personnel.

In a certain afternoon, when I was in orientation camp, we heard noises outside the camp. We never knew what the noises were all about since we had no privilege to go out until the orientation camp was over. However, we were able to discern that the noises were caused by chaotic persons.

What actually happened (perhaps what we were made to understand) was that there were militants causing havoc outside the camp–reasons for their actions unknown. Pandemonium gripped the environment. NYSC members of staff and corps members were panic, hoping the militants would not come into the camp. Soldiers were increased in all the four strategic locations and the camp commandant was restless. They were all at alert.

Later, when the situation calmed, the commandant told us not to worry, that the situation is under control. He then made a statement that if the situation gets out of hand in such a way that the soldiers were outnumbered and both the members of staff and corps members couldn’t be evacuated, everybody (including corps members) would have to be in a defensive position. We would all be armed. That’s a state of emergency.

Then I understood that our parades and drillings are ways to train us and make us fit to face any challenge that might occur amidst our activities assigned to us during our service year, and as well defend ourselves in case of emergencies.

It is quite important to acquire defensive skills; you might not know when that would save you from an unfavourable situation.

I pause.

Photo Credit: Vintage Value Investing