Credit is the vital air of the system of modern commerce. It has done more, a thousand times, to enrich nations than all the mines of the world – Daniel Webster (1834)
Today’s piece is along the lines of finance, one of the thrusts of this column. It largely addresses the practice of banking in Nigeria in relation to the economy.
A friend recently told me of his experience with one of the banks at the zenith of the banking industry in Nigeria. His company had previously maintained a healthy account with a turnover of over N10billion in one year with this bank. Then the company decided to take a bridging loan of less than N20million to finance some expenses while awaiting payment for a job it had executed for a client. In time, with interest, the loan had grown to almost N25million. Then the bank insisted that the money had to be paid back. All of it at once. All entreaties…
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