For the past few days, there has been a Twitter trend demanding the resignation of Central Bank governor Patrick Njoroge. Those pushing the trend have accused him of conspiring with NYS thieves to eat the money, or not punishing the banks involved enough or both.
I will not pretend to be an expert on how CBK should deal with banks or punish them for wrong-doing, but forgive me for being skeptical about Dr. Njoroge ‘eating’ the loot.
Though it’s true anyone can be corrupted by simply stepping foot in the Kenyan government, I would need a bit more evidence before condemning the Opus Dei man.
Also, I’m very suspicious whenever I see a controversial trending hashtag. Most of them are pushed by the same 3 people and their bots, often after money exchanging hands.
Kenyan Twitter has become so commercialized that by my rough estimation it will stop been taken seriously in about than 2 years.
As the #ResignNjoroge hashtag was trending, one blogger published a list of banks that were involved in the NYS fraud. Family Bank is the main culprit but the bloggers have been pushing CBK to act against all these other banks, namely:
National Bank of Kenya
Commercial Bank of Africa
I could go on… They are 30 in total. Basically our entire banking sector.
Someone seated behind their keyboard is demanding the CBK governor to take action (preferably shutdown) Family bank (and hopefully all these other banks), because of handling the NYS loot.
Whether Family bank is culpable or not, CBK is walking on a tightrope. The last time there was panic in this sector, Chase Bank was placed in receivership. This was after everyone and their grandmother rushed to withdraw all their money.
Governor Njoroge took measures to avoid a similar situation in future, but now some Twitter users (probably paid), want him to announce something that may jeopardise the current stability.
Yesterday, I, like many other Kenyans, received a forwarded Whatsapp message urging me to withdraw all my money from Family Bank (I have none).
The message read..
‘Hi guys if you (have) money with Family Bank, kindly make sure you withdraw by kesho afternoon. CBK is expected to put the bank under receivership due to the nys scandal. This information is verified and yet to be in the public domain.
The day Kenyans read and believed and made a lot of noise about those fake Donald Trump quotes on Kenya is the day I understood that intelligence is a taste few have acquired (or ever will).
So let me just explain. The moment you rush to the nearest Family Bank branch together with your entire clan to withdraw all your cash, is the moment you actually put the bank at the risk of receivership.
As CBK governor Patrick Njoroge explained, the run on Chase Bank is what actually led to the receivership and not the internal fraud. Problems would have been solved with the bank still in operation.
So, ignore the messages and rest assured that Kabura’s stolen millions are not reason enough to lead to a bank collapse.
And do everyone a favour please. Stop forwarding those Whatsapp messages… ALL OF THEM.
Attached: Family Bank statement on the rumours.