Dangote’s poisoned chalice to Nigerian banks and the economy

Very recently, Alhaji Aliko Dangote, the President, Dangote Group, under heavy media presence, returned all equity funding running into hundreds of billions of naira sourced from a consortium of local banks, many years ahead of it due date.

In normal economic times, the action would have passed for a sign post of an economic boom. Instead, Nigeria, under Sanusi’s CBN is far from any such phenomenon. It is rather, experiencing an economic crisis, which before long might lead to the disappearance of majority of the micro finance banks with the few ones surviving likely to be re-owned by the government, from whom Soludo weaned them, for the disbursement of their famous micro finance credits.

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