Bank recapitalisation and checkmating money laundering, By Chiawolamoke Nwankwo

INVESTIGATION: Beautiful infrastructure but poor staffing, lack of drugs hinder PHC services in Borno communitiesFaye and France: The tyre meets the road, By Azu IshiekweneJourney to the cross : The gang up of money changers, By Ayo AkereleINVESTIGATION: How Nigerian soldiers killed unarmed civilians in Kaduna community

Banks in the international orbit will have N500 billion minimum share capital; national – N200 billion and regional – N50 billion. As one financial analyst observed, N25 billion as capital base of a bank now, with the current predatory exchange rate, which was above N2, 000 to a dollar in the parallel market as of last month, is about $18 million. This is in contradistinction to the 2005 scenario when the same N25 billion was valued at about $188 million. The naira then exchanged at N130 to a dollar. Therefore, there couldn’t have been better grounds for the banks’ capital base raise demand.

Sooner than later, the Bourse will be brimming with hyperactivity with banks issuance of common shares by way of public offer and right issues, in realignment with the new realities. Private placements and foreign inflows would be aplenty too. When banks misbehave as they are wont to, to enrich their bottom lines, they should be halted in their tracks as institutions of public trust. In jurisdictions that care for public good, uncompromising legal systems serve as guardrails. No bank cuts corners, say in the US, or UK, without being reined in. Standard Chartered Bank, for instance, was fined a total of $1.1 billion in 2019 for violating anti-money laundering laws by the US and UK authorities.

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