Banks jittery over N1trn funds of dead Nigerians

PALPABLE fears have gripped banks over the resolution of the House of Representatives to probe the inability of relatives of deceased Nigerians to access the funds of their departed loved ones, put at between N400 billion and N1 trillion. A top bank executive who pleaded anonymity confirmed to Nigerian Tribune last week at a venue of the bank’s Annual General Meeting (AGM) in Lagos, that if such probe come to effect, none of the banks would be exonerated.

Though he put the blame on the nation’s legal system, he, however, admitted that banks have not done well to simplify the process.

In his comment, an ex-banker now Managing Director, Twinsronk Consulting, Okechukwu Amadi, said the probe will expose banks a great deal, stating that the amount put forward by the sponsor of the motion was conservative. While calling for holistic probe, the former banker regretted that the probe might not see the light of day as banks would do all it takes to frustrate the process.

http://tribune.com.ng/news2013/index.php/en/component/k2/item/11234-banks-jittery-over-n1trn-funds-of-dead-nigerians

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