So much has been said about the sack of the  MD/CEOs and top management of 5 banks in Nigeria.

So much has also been said about the reasons for the sack (recklessness, mismanagement, dimunition of capital).

Some have mentioned that Sanusi may be pursuing a hidden agenda. What do you think?

well , i think he's doing both,

he's pursuing a hidden agenda as well as sanitizing the banking industry.

What he is really doing is morally right, but there is a secret twist to this whole scenario unfolding before us, TIME WILL TELL.

@poster,

Lamido is not pursuing any hidden agenda. He is just doing his job without fear or favour.

He took a bold step by sacking the five bank M.Ds instead of allowing them to distress those banks. Or do you prefer that shareholders and depositors lose their hard earned money?

Fcuz,these northerners,they are Nigeria's number 1 problem. If I'm president I swear,I'l wipe em all off the face of earth. They've done nufn but rule us brainlessly.

Yes. There's a hidden agenda behind all this. And I know for certain because the agenda is hidden under my bed.

someone once told me - when they are out for you - guard your work and do not be found wanting.

if indeed sanusi is following a hidden agenda, then it is too bad that the so called leaders of industry are making it so easy for him with their gross incompetence and profligacy with depositors funds.

all these eejits shouting northernisation should explain why none of the replacements are of northern extraction.

i wonder how many of them use intercontinental - the writing was on the wall, with their demands that depositors increase their account balance, their desperate 'lottery' promotion when that failed, and their atm outage that lasted a whole weekend.

which kind of hidden agenda?why cant we just acknowledge the truth when we see it.these banks were on the verge of collapsing.if the cbn had not stepped in  we would all have lost our deposits then would you be talking about AGENDA!else where in the world the executives of such companies would have honourably RESIGNED.check out freddie May,enron,etc.so please save us fromm your ethnic B, ll

@ Oyb
He would not replace them with Northeners because that would give him away easily. Moreso, the North has not had some fantastic bankers since consolidation. The question is not who run the banks but who would own them eventually by the time he succeeds with his plan.
If he had remained long enough as FBN 's CEO we would have been able to assess his own managerial capabilities too. Don't forget that some of these people built those banks from nothing.
I am certain they knew he had something  up his sleeves and they played right into his hands. I try not to be parochial  or tribalistic but my hunches in this matter are far too great to be ignored.

The need to politicize everything has come again, did the OP miss what happened in America and in Europe? BOA? Northern rock? AIG? Ford? GM? the list goes on, which politicking was going on then?
People who are playing with the money of the masses and all you can think about is that the person is playing politics how pathetic can we become?

Cadaver:

Fcuz,these northerners,they are Nigeria's number 1 problem. If I'm president I swear,I'l wipe em all off the face of earth. They've done nufn but rule us brainlessly.

This explains why u can not be president.

@OP
It will be one hell of a good hidden agenda. Meanwhile, we want more heads.

@poster
Judging in jeers and rants will not help matters. And if u dont knw Mallam Sunusi ask well, he is a no-nonsense go area.
What we want in Nigeria is technocrats with Nigerian thinking nt ethnic or religion. Those with Iron hands to deal with the situation.
The only fear thats gripping me is, majority of the entire country are tribalist. See your life!

LOL, nice one sweetpain

The kind of views we get on nairaland just indicates how far away we are from the 'one nigeria' that gets pushed around every now and then.

Can anyone of you think back to the Abacha era, when phoney banks would open, collect money from people and 3 months later, no one can find them? If you ever lost money to one of those, you would know what it is like.

The problem with Nigeria has always been that banks failed and nothing happened; CEOs and debtors walked off richer, but the salary earners like us suffered.

The only reason I have my money in any bank today is because the government has told us that these guys have met the requirements to do just that and my money is SAFE! Now the same government expresses concerns about how fine they are doing and takes action, then I start to bicker about how they built it from scratch??

Maybe we need a nigerian Madoff to set some heads straight, I just cant believe what I read here!!!

The question is not who run the banks but who would own them eventually by the time he succeeds with his plan.

the shareholders own the banks.

Don't forget that some of these people built those banks from nothing.

they still have equity in the banks - they just don't call the shots anymore. if you want to remain fully in control of an entity you 'built from nothing' then don't go into banking, which is regulated by the government. end of story.

people are playing russian roulette with other's life savings , and people are crying tribalism when those people are censured. only in nigeria.

I guess there is more to this than meets the eye. Time and events in this country has thought me not to be in a hurry to be excited on any government policy or action that seems to be in the interest of the masses on the face of it because eventually it turns out to be another gimic to give themselves more money and power.
It will be out of place to say that the banking industry in nigeria is without issues, but it is also in place to say that CBN's pressent stand might have been hurriedly taken and not encompassing.
let us compair these banks with the country!
If government suddenly have our interests at heart, What are they doing about these other issues like, education, power supply, Good roads, Lagos State LGA saga, healthcare , Niger delta, high cost of fuel and the likes.
lets not forget that election is coming up very soon and Baba goslow definitely is not ready yet to leave and money is needed to fund that project.
having his grip on such a sector as financial sector is a big advantage. we all know that most of these bank's MDs are OBJ loyalist and Yaradua is gradually religating Obj to d background.
You will agree with me that the Ngerian polity is but a chess game in the hands of the elites.
Lets keep our fingers crossed while we watch helplessly hoping we wont be consumed.

I am sure there is more to this than we have just experienced

Would it have been better to sack people who worked all their life to set up businesses or to have agreed to proposed mergers which some of the affected banks have already put on the table, which would still get them out of their position anyway but at least secure their initial interest in the companies concerned?

Now lets see whither direction the banks' lot is cast

It is also some of these elites that are responsible for the ordeals of the banking sector. they collected all those loans and are not paying back. what happens to them? will they enjoy immunity as usual?
Dangote now NSE president. Hmmm so much for the transparency and fight against corruption even after the allegation of his involvement in illegal stock price manipulation.
My fingers are still crossed.

Would sacking the management of those banks rectify the problem?i wouldn't know if lamido is pursuing a northern agenda,its too early to tell.but nigeria is too large to be fooled by a single ethnic group, not anymore!

Must we reduce everything to tribalism? in this millenium? God save 9ja.

Lamido is a man of integrity and of a great mind he will not want to soil his name and the name of the royal family where he came from. What this man is pursuing is the agenda of the populace to get our savings secured, ensure job security for the people working in these banks and secure the funds of the share holders. The 400 billion  Naira injected into these banks is it for the North? After-all some of these issues ought to have been thrashed by Soludo if he is really whom he claimed to be I wont be surprised if he is accused of negligence in this matter. We are all aware of the atrocities being committed by these people they cook up figures during AGM, give loans irregularly without good collateral, mismanagement funds, aiding and abetting in money laundering and so on. The weeks to come will unfold some of theses issues by then we shall be able to Judge clearly. Meanwhile Lamido Should please continue his good work.

Nezan:

Must we reduce everything to tribalism? in this millenium? God save 9ja.

TRUE TALK OO!! SAVE NIGERIA.

i do not think he has any political ambition but if he now have such,na him sabi,all i knw is that we need somebody to really sanitize this our economic down fall.

Well 4 now only God can decode cos these bankers are really dubious. But am not happy the way the guy just reversed Soludo's policy on BDC and all that. That guy definitely is playing someones music there.

I agree wit kevd4real. How come d sick man in aso rock is in a hurry 2 approve d removal of d MD/CEO of those banks wen there are more than enough pressing issues 2 be solved. like ive said in dis forum, wit a sick president come a sick nation. we were not as badly affected by d financial crisis as compared to d western world. even int'l organisations gave or banking sector a pass mark. who knows, maybe he's trying 2 acquire dem. however, i see another round of legal battle ahead.

Please, lets not politicize this incident. I think the man is on the right track. Its just that some of us are highly disappointed in the likes of Cecilia Ibru and the Intercontinental guy. Lets support Sanusi to make things right.

breathless:

I agree wit kevd4real. How come d sick man in aso rock is in a hurry 2 approve d removal of d MD/CEO of those banks wen there are more than enough pressing issues 2 be solved.

this is d modern economy where the financial system is very key to how other aspects work. Maybe you did not notice the vigour with which Europe and US tackled their financial crisis in order to make credits flow and the economy back on its feet.
We should be worried about those whose savings arewere with these sharp suited thieves who should be sweating in some sahelian prison.

breathless:

wit a sick president come a sick nation.

what did u do to prevent the sick president being your head
did u register, did u vote? how many people did you convince to do the same?
continue to complain and wait for God Rawlings to come and kill all our relations and friends and friend's relations who are stealing us blind.

anonimi:

did u register, did u vote? how many people did you convince to do the same?
continue to complain and wait for God Rawlings to come and kill all our relations and friends and friend's relations who are stealing us blind.

it would be rigged anyway!

Nigerians are fond of discrediting the good intention of reformists like Lamido Sanusi. The action taken by the CBN governor is based on available facts. The banks are mere shadows.

THE AMAKA:

it would be rigged anyway!

so what evidence will the courts have to annul the elections if voters don't show up to vote for their candidates?
how many thugs (uniformed & non-uniformed) will be used to rig versus how many potential voters?
if everyone seats at home becos it will be rigged they just make teh job easier for the thugs!

even if he is only sanitizing nigeria, it will still be working good for him to a "good" hidden agenda (making a name for himself is a hidden agenda - hope you know?). also he defntly had an axe to grind with som of dis pple (akingbola) & maybe a tacit one for cecilia.
i actually do like what he has done. it will serve as a deterrent & warning for the others. it will also keep d rest of d MDs on the tip of their toes. these 5 were just unlucky because they had to be the scapegoats as they fell in the first set of those to go of the first 10 (on purpose, i still believe). cause i dont think any axe is falling on any other bank CEO the way i see it.
i had actually been expecting him to do something cos i knew he would want to prove that wat soludo did, he can do & more. i knew that since soludo came & rocked d industry in a matter of a few months, lamido too would want to do something drastic so pple would not think that he is lily-livered & of cos to make a quick & good name for himself. it pays him .

Go Lamido GO !!!