FOR several decades, commercial banks operated without giving out adequate credit to finance businesses and private needs in the country. This situation led to wide outcry for reform in the banking sector, which was effectively carried out by the immediate past administration of former President Olusegun Obasanjo.

TODAY, Nigerians who want to go into businesses or private needs such as purchase of cars, buildings, furniture, household equipment, children education among several others can easily access credit from the banks. This has no doubt boosted the economy.

HOWEVER, the opportunity appears to be open to abuse by Nigerians, even the highly placed in the society who owe banks huge sums of money. Last week, a Benin-based lawyer, Barrister Okeke revealed that some ex-local government functionaries were owing commercial banks huge sums of money, a matter that has already been reported to the Independent Corrupt Practices and other related offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC), for them to wade into the matter as several efforts made by the banks to recover the loans according to agreed terms, have been futile.

THE affected ex-councillors were said to have been involved in the issuance of dud/dishonoured cheques. A former council chairman was equally reported to have been involved in the issuance of a dud cheque.

THE NIGERIAN OBSERVER condemns this unpatriotic act of the former council officials. To say the least, their action is not only reckless, but also shameful, immoral and irresponsible. It is indeed unfortunate because these people are not only supposed to live above board as public officers but are supposed to show the way to other citizens.

IT is also sad to note that public officers across the country are currently involved in reckless borrowing spree from commercial banks, plunging their states and local governments into serious debts which are being brazenly accumulated, thus mortgaging the future of children and generation of Nigerians yet unborn. The loans are obtained with latent intentions of developing their constituencies but are later on diverted to private pockets.

IT is worthy of note that some of these happenings are not without the connivance of unscrupulous top bank officials who collude with the public officials to perpetrate such acts.

NOW that the matter has been reported to the anti-corruption agencies, we expect both the ICPC and EFCC to investigate all such matters and bring all perpetrators to book swiftly otherwise, the situation will grow from bad to worse and continue unchecked. Elected and other public officials must be made to stop this ugly development. Our banks have to be protected by the law enforcement agencies from the hands of highly placed thieves while the industry itself needs to be purged of rotten eggs.

WE are aware of a law that prescribes punishment for those who issue dud cheques. From all indications, the law seems to be as useless as the paper on which it is written. It is imperative for law enforcement agencies to enforce such a law to deter citizens with dubious intentions of defrauding banks under any guise.

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