Nigerian National Assembly must take lessons from Wells Fargo as they probe corruption claims


Wells Fargo, one of America’s largest banking groups, is currently embroiled in a banking scandal. The Board of Directors has punished the Chief Executive, John Stumpf, by clawing back $41 Million of his salary and stock bonuses. The former head of retail operations, Carrie Tolstedt, will lose $19 Million and has stepped down.

Tough action from both the financial regulators (a huge fine of $185 Million) and Congress. Wells Fargo have been lambasted and summoned to hearings before the Senate. HOR has pushed the Wells Fargo board into taking strong disciplinary action against its top executives.

Sooooooooo, when is NASS going to step up to taking responsibility for what it was voted in to do? When are bank directors going to punish Chief Executives for poor business practises?

When are Nigerians going to insist that the National Assembly begins to work? And when are we going to recall at least one member of NASS to teach the other members to fear the voters who elected them?

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  1. I disagree, this was a slap on the wrist for these men. They need to claw back all the salary and bonuses earned while they crushed their customers and employees. These men will not lose their homes or the privilege and luxuries they enjoy. They will roll over to other banks or corporations courtesy of their connections. They will repackage and come back elsewhere, nah mean business and hit them where it really really hurts. Let them feel the pain the everyday man feels when saddled with interests rates of 23% or multiple late fees which keep them alley broke and indebted to these banks and other financial organisations due to the policies created by men like these and implemented by their frontline employees

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