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Vol 50 No 17

Published 28th August 2009


After the boom, a purge

A Central Bank audit has uncovered evidence of fraud and mismanagement which implicates some leading politicians and their business partners

Like a family of latter day Medicis, Nigeria's top bankers have been prospering thanks to their acute political instincts and abilities to exploit their dominance in a tightly controlled market; now it seems that some, again like the Medicis, have overreached themselves. The unruly political system they tried to influence has at last turned on them. The consequences for Nigeria's economy and politics will extend far beyond the careers of the half-dozen bankers helping police with their inquiries and the multi-billion dollar institutions they helped create.

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