Weep not for Heritage Bank. But cry your eyes out for the former Anambra Senator Andy Uba for the public affront and humiliation brought upon him by the ignorant staff of Heritage Bank who invaded his home to protest against non-payment of loans Uba took from Heritage Bank. 

Nigerian banks are known for their notoriety. They are partners with thieves, swindlers, corrupt and rogue senators like Uba to rob depositors of their hard earned money. The banks openly engage in accounting fraud, bill discounting, check kiting, forged or fraudulent documents, forgery and altered checks, fraudulent loan applications, and fraudulent loans. 

Our banks discriminate against poor Nigerians and people without god farthers in high places or people who are not connected with politicians, the rich and the famous. It’s an uphill battle for average Nigerians to secure loans. The banks seem to be fishing for the wrong reasons to say no to these group of Nigerians. The disproportionate denials help explain why gap between poor Nigerians and the rogue elites continues to explode at alarming rate. Regular Nigerians cannot get personal loans, loans for start ups, and loans to grow or expand their businesses. 

Since we have no reliable credit rating and verification system as it obtains in advanced economies, Nigerian banks don’t base their decisions on each loan applicant’s credit profile. We know the only qualification used by the banks for the Ubas of the world is their political status. The Ubas in our society need no collateral requirements to obtain loans. Uba is one of millions of our political elites who are responsible for the collapse of many banks. People like Uba who default on loans are not to blame. The blame rests squarely on the shoulders of the bank executives and board of directors who serve as accomplices in such fraudulent activities by abdicating their oversight functions. 

It’s common in Nigeria to see bank directors being paid “ten per cent” out of the loans approved for applicants. What’s more sacrilegious is for managing directors of the banks, the supposed monitors of the financial health of the banks engage in reckless plundering of the same bank. 

The invasion of Uba’s house by Heritage Bank workers further amplifiers that Nigeria is governed by organized chaos. In a civilized society, Heritage Bank would simply have seized Uba’s assets to recoup its loans or drag Uba to court. But this is Nigeria where the blind lead the sighted. It serves Heritage Bank right!

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