Recently, the international mogul JP Morgan decided to delist Nigeria from its government bonds. The reason is that the new Central Bank regime on foreign exchange transactions does not favour its own light of good capitalism. It has created a set of chain reactions and the stock market has turned a little giddy.
But I am happy the CBN is not yielding to the shark of a bank.
J.P. Morgan and its types come from a culture of due process and transparency. But it is a bank that knows how to trick governments and naïve citizens. Was it not the same bank that was fined close to $20 billion for a series of unethical and unprofessional conduct? It paid a major role in swindling Americans in the mortgage scandal a few years ago, and paid $13 billion in fines. It also paid $1 billion over the “London Whale scandal” and $6 billion over the manipulation of a felon called Bruno Iksil. It paid $2 billion for allowing Berne Madoff swindle innocent American investors. It was in cahoots with companies, such as Goldman Sachs to tease Greece into its crisis by crafting a system to hide its debt while profiting by it. Now, Greece is suffering alone. If JP Morgan cannot live with transparency in Nigeria, we can live without their geeks. We abhor another Greek gift