A friend recently told me of his experience with one of the banks at the zenith of the banking industry in Nigeria. When that happens, the banks simply move in as undertakers to liquidate the business to recoup their money. Jumbo profits are declared every year even when little contribution is made by the banks to invest in the real sector of the economy. Historically, banks have always been known to lend money to the rich to invest and make more money. Unfortunately, it appears that even in the 21st century, Nigerian banks are still largely locked in the pre-19th century operating mode.

Source: Nigerian Tribune May 28, 2018 03:19 UTC