How cartels control commercial banks in Nigeria

The Senate on Tuesday raised the alarm that an unnamed cartel within the system had taken over control of Nigerian commercial banks, to the detriment of the economy as well as small and medium scale businesses operating in the country.

The apex legislative chamber also, came hard on the commercial banks in the country and the Central Bank of Nigeria (CBN), accusing them of strangulating Small and Medium Enterprises (SMEs).

Deputy Senate Leader, Senator Bala Na’Allah, who made the claims, while contributing to a motion, “The dire need for a Stakeholders Round Table to address increasing interest rates in Nigeria”, sponsored by Senator Rafiu Ibrahim, wondered why the interest rates were outrageously high, despite the fact that the country was yet to get out of the economic recession.https://newtelegraphonline.com/2017/06/commercial-banks-controlled-cartels-senate/