Tech Investor, Victor Asemota Claims Banking in Nigeria is About Power, Not Service

Instead of looking at how to provide a good service to their customers, Nigerian businessmen prefer to acquire controlling interests in banks to have a say or power not because they are interested in improving service, stated Victor Asemota.

The Founder of SwiftaCorp, Victor Asemota, had worked as a credit and marketing consultant for banks alongside his uncle in the late 80s and also acquired experience while working in a finance house before switching into software and technology where he has been for over two decades, took to his social media handle on Sunday to expose how Nigerian businessmen prefer to acquired banks for power play, and not to provide a good service.

This statement came a few weeks after Femi Otedola who has been known to be a bullish investor over the years and Tunde Hassan-Odukale, engage in a power fight on who to control Nigeria’s oldest bank, First Bank.

The Tech Investor noted that the valuable insights he got from his uncle on banking operations in the country had made him understand that banking in Nigeria was always about power and not service.

Victor Asemota, who claimed to have witnessed how a new bank started from scratch and was cornered by the wife of the main shareholder, and another which was ruined by the main shareholder for no reason at all, vouch never to work in the banking sector in Nigeria.

He stated that the banking sector will remain the way it is and customers will keep suffering because the most wealthy investors in Nigeria are just interested in having something of value like a bank and sit around a table to have a say in the affairs of the institution without looking at how to better the service they offer.

“It is why Meffy is doing all he is doing and asking people to come and fight. That is where he came from. Fighting and power-play, not service.”

He added that this happens in every regulated industry, and it only favour the most powerful because they install the regulators. They become a cartel that tries to keep people out

Otedola has revealed that he doesn’t plan to pursue any board chairmanship ambitions but analysts have said that he can still decide who the chairman is due to his controlling voting power.