Daniel Bwala clarified the responsibility of bank executives for impeding administrative changes in a recent tweet. He referenced data from the Economic and Financial Crimes Commission (EFCC) showing that the Nigerian banking sector is responsible for a noteworthy 70% of financial crimes. Bwala implicated bank executives in the execution of these reforms by highlighting the critical role that they play in forming and approving policy decisions within the commercial banking industry.
Bwala underscored the influence wielded by bank executives in driving policy decisions within the commercial banking sphere. He asserted that these decisions, once initiated and endorsed by top bank officials, trickle down to be executed by their subordinates. By pointing out the correlation between the actions of bank executives and the frustration of administrative reforms, Bwala called attention to the systemic challenges within Nigeria’s financial sector.
In a parting remark, Bwala invoked a wish for Yemi Cardoso, perhaps a figure within the administration or associated with financial reforms, to confront the prevailing issues within the banking sector. His plea for courage in addressing the evident challenges reflects a broader sentiment regarding the need for decisive action to address the underlying issues contributing to financial crimes and administrative hurdles in Nigeria.
He said: “To corroborate my point about bank execs responsible for the frustration of the administration’s reforms, the EFCC has said 70 percent of the financial crimes in Nigeria are traceable to the banking system.
Make no mistake, policy decisions of commercial banking system are initiated and approved by bank execs for their downline to implement.
May God give Yemi Cardoso the courage to address the elephant in the room.
