Forex Crisis: Arrest 5 Bank MDs Like Sanusi, APC Chieftain Urges Cardoso

A Chieftain of the All Progressives Congress, Ayo Oyalowo, has advised the central Bank governor, Olayemi Cardoso to be bold enough to arrest five prominent commercial bank managing directors and made them to face the full wrath of the law if he is ready to stop the free fall of the naira against the dollars, pound sterling, euros and Canadian dollars.

Oyalowo, who was on channels television current affairs programme, Politics Today, monitored in Lagos on Tuesday, said the CBN governor can not do ‘paddy paddy’ with the bank managing directors who are desirious to destroy the economy.

He said Cardoso must have the ‘balls’ to arrest at least five managing directors of the commercial banks involving in the round tripping like former CBN governor, Sanusi Lamido Sanudi did during his tenure to stem the tide.

“It’s because the bank has abdicated its responsibilities, which is why you have to go under the tree to do forex transactions.

“The under the tree Mallams are not the problem. The CBN must be ready to take on the bank executives to solve the free fall of the naira.

“What we have now is that we don’t have any board superintending the bank MDs.

“The MDs are very powerful, and the board can not control them.If the CBN is ready to take on the bank MD, they should talk to me privately. I’ll give them at least five names to arrest and prosecute,the problem will be solved.

“For instance, what economic activity is driving the value of the naira?”

“What are the banks doing now and declaring humongous profits?” He asked.

It will be recalled that a former chairman of the Peoples Democratic Party, Chief Olabode George, has also questioned the rationale behind the huge profits and stupendous wealth of some bank chief executive officers.

The PDP Chieftain said he is not convinced that the bank CEOs are doing normal commercial transactions.