All other countries that experienced equally rapid financial asset growth crashed and suffered years of low or negative growth. As credit levels rose and stock prices inflated, the CBN failed to halt this vicious circle and foresee the consequences. The CBN did not highlight or failed to communicate the problem to fiscal authorities and the market in general.
The sad story in all this is that we now have evidence that junior officers in the CBN did document their concerns to CBN top management at that time, but no action was taken. We also have evidence that the NDIC documented its concerns but its efforts to get the CBN leadership to act quickly were rebuffed.