Keeping it in the Family

Lagos -  The Central Bank of Nigeria recently fired the leaders and boards of directors of several banks. In a country hit hard by the economic crisis, many of these powerful banks and their reckless practices have now been exposed. This building under construction on Ozumba Mbadiwe, called the Waves, was to house the new head office of Oceanic Bank. Part of the reason the CEO of that bank was fired is because the property the building is being built on not only belongs to the CEO’s children, but also the bank had lent their company billions of naira. This is an example of how some powerful hidden forces in the economy conspire not to build wealth for the country, but instead to just “keep it in the family”.
Folarin Shasanya – Lagos Lab