NIGERIAN BANKS ARE NOW OCTOPUS? - THE INCUBATORS AFRICA - A Community of African Entrepreneurs Building Businesses & Transforming Africa.
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By C. Ogbogu

This is a note for young entrepreneurs in Nigeria to reason with me.

I totally understand the ideology behind Capitalism and its inherent behaviors.

As a matter of fact, for me, it is, among all, my favorite economic system.

But then when we come to Nigeria, I really don’t know maybe if we have taken Capitalism to mean something else.

Now, let me state a simple caveat.

I may be wrong on this line of thought.

If I am, kindly prove it.

Just yesterday, I wrote about what I would call “Idea Thiefry” in the Nigerian entrepreneurial space and it harvested different thought lines from some of you.

Some entrepreneurs even came to my inbox to share with me their pains and stories, and I am deeply humbled by that.

Today, I want us to quickly consider the trend we see in Nigerian banks.

I really don’t know what’s in their Object Clauses with CAC, but I am only here to stir our minds a little bit.

Have you noticed how Nigerian banks are now doing like Octopus?

They are now Omni-Present.

They are everywhere.

They are now into banking, insurance, e-commerce, logistics, cleaning services, health care, food business, recharge card sales, events, fashion, transportation, oil and gas, network marketing, dating, sports, etc.

They are even likely to start setting up churches and nightclubs and all – every pun intended.

Nigerian banks are now aggressively competing with their own customers – customers they tell us every day they are here to help succeed.

What’s that their favorite ad line again oooh…, oh yeah:

“Come, let’s fund your Dream!”


“At Bank XYZip, we help turn your dreams into reality.”

Oh yeah.

Shoot me, instead!

They have a large pool of raw data and ‘our money’ to throw around, so they seem to even have better edge than us.

They are The Big Kahuna, while you and I are just startups managing ourselves in one co-working space downtown.

Think about this guys.

Are Nigerian banks now octopus?

This is one question that ushers in an open debate that needs to be had.

We need to book a hall.

Invite these guys over, even the regulation.

Shut the door

And have a thorough debate on these issues.

Or, what do you think?

I think there’s a perimeter flaw somewhere.

Expect, this is what Capitalism actually means and I am now sounding like a silly Socialist.

  • Innocent
    Posted at 00:12h, 10 July Reply

    Truely I agree with you sir! While we keep our money with them they take advantage of it to invest massively into other areas most persons are working at growing the business and end up over running such business.

    • TheIncubators Team
      Posted at 13:47h, 25 September Reply

      Thanks a lot for your comment, Innocent.

      great to hear your thoughts.

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