How could Soludo be so negligence in his duty that he allowed these banks to lend money at such an excessive without any oversight?? Or could he claim not to have any knowledge of the affairs of these bank when he was the CBN governor?? It was rumoured back in February that Soludo secretly bailed out intercontinental bank because the bank was actually distressed early this year. Soludo and his cohorts at the CBN should be arrested NOW!!!

It is not the job of Soludo to be monitoring the bank MDs and be looking at their books to see who is owing and not paying, it is the job of the banks to make it known that people are owing and not paying them, i think the banks has been cooking the book to make them look good.

Poster.

Try to read your post again, you may understand that you are being foolish and stupid. Are u trying to learn from those that know more than you or u decided to be plain idiot? You should have asked how the banking system works before you decide who to arrest or not.

nobilia:

Poster.

Try to read your post again, you may understand that you are being foolish and stupid. Are u trying to learn from those that knows more than you or u decided to be plain idiot? You should have asked how the banking system works before you decide who to arrest or not.

We are all here to share views and to learn from one another, and that doesnt call for the name callings and all that.
So i think u need to apologize to the fella for those unnecessary comments of yours

Prove me wrong and prove the poster right, I promise you I will apologize, till then the poster still remains an idiot from my own point of view.

Fhemmmy:

It is not the job of Soludo to be monitoring the bank MDs and be looking at their books to see who is owing and not paying, it is the job of the banks to make it known that people are owing and not paying them, i think the banks has been cooking the book to make them look good.

And whose job is it to prevent them from boiling the books?
it is someone's job to punish the offenders! someone was looking away or
applying mascara over these ugly trends

Lemo is next

@Dis Guy,

And this panic being created is the best way to go about it?

Lemo has no business remaining at the CBN. He should be gone with Soludo.

Fhemmmy:

It is not the job of Soludo to be monitoring the bank MDs and be looking at their books to see who is owing and not paying, it is the job of the banks to make it known that people are owing and not paying them, i think the banks has been cooking the book to make them look good.

Banks manipulate figures on financials, says report

FACTS are emerging on how some banks in Nigeria hoodwink their external auditors into packaging for them (banks) glowing reports of their financials.

The facts are coming to the open as some banks in the country are currently adopting the persuasive approach to husband their deposits, especially from high network individuals owing to the common financial year slated for December 31, 2009.

According to a report with the Central Bank of Nigeria (CBN), the banks which hoodwink their external auditors usually have two financials, one containing the exact state of health of the banks, and the second one which is the doctored version.

The report, according to a CBN source, said that in fairness to the external auditors, not being involved in the day to day running of the banks, they only worked with the 'cooked up' information fed to them by the banks.

This, the source said, prompted the external auditors to give the banks such glowing reports that the banks parade at annual general meetings.

He also noted that in the past, CBN examiners sent to these banks to audit discovered some of these lapses, but the rule then was to sanction banks for infractions.

However, he revealed that when the current CBN Governor, Sanusi Lamido, came on board, he noticed that these sanctions have little or no impact on the conducts of the top officials of such banks.

"Even after paying the sanctions, they carried on as usual and that prompted Sanusi to adopt this recent approach of removing them from the system before another banking crisis emerges," the source said.

According to him, the entire idea is to sanitise the nation's banking and this "carry and go" mentality of some of the top operators must stop, because banking is a business based on trust."

The Guardian learnt that banks are doing everything possible to persuade depositors whose funds in the banks is in the region of N5 million and above from withdrawing such funds before December 31, this year.

It was also gathered that most banks' management have mandated their branch managers to try everything legally possible to persuade such customers from withdrawing their funds.

One of the branch managers told The Guardian in confidence that what they normally do, is to invite such valued customers out to lunch and in the course of the lunch, table their problems to them.

He revealed that it is better for the banks' branch managers to come clean with their situation while pleading for understanding and co-operation.

According to him, for his bank, "this approach has worked as most of these customers have shown remarkable understanding."

However, this development has turned into an ugly tale for most banks' deposit mobilisers as it has foreclosed any form of help from their counterparts in other banks.

This is because, in the former system when banks had different financial year end, they (mobilisers) can afford to "poach" the accounts of their colleagues in other banks into their own bank to beef up their targets till after their financial year-ends.

This, they do in order to secure their jobs, the source said, adding that with the current trend, "every bank, every deposit mobiliser is left to defend his or her turf as nobody is willing to lend a helping hand."

He said that uniform financial year-end is bound to expose a lot of tricks by bankers.


http://www.ngrguardiannews.com/news/article11//indexn3_html?pdate=190809&ptitle=Banks%20manipulate%20figures%20on%20financials,%20says%20report&cpdate=190809

nobilia:

Poster.

Try to read your post again, you may understand that you are being foolish and stupid. Are u trying to learn from those that knows more than you or u decided to be plain idiot? You should have asked how the banking system works before you decide who to arrest or not.

 Nigerian Youth Leaders of Tomorrow

Nigerians ! Leaders of tomorrow.

Fhemmmy:

It is not the job of Soludo to be monitoring the bank MDs and be looking at their books to see who is owing and not paying, it is the job of the banks to make it known that people are owing and not paying them, i think the banks has been cooking the book to make them look good.

And Sanusi job is different from Soludo. maybe Soludo will soon be sued .

@Lannre,

Mr. Leaders of tomorrow, we are all watching the opera. Let no one take credit of knowing where the composer led us till we hear the last note.

nobilia:

@Dis Guy,

And this panick being created is the best way to go about it?

You really think people are panicking? Think people are shocked about the whole thing not because they are cooking the books but because someone actually got their fingers out! theres nothing to hide anymore jare we are tired of acting like everything is okay abeg

And it better to do it now in the recession hopefully we will be in a better position when its all over

Consolidation also created panick didnt it? the industry grew stronger _{or should i say the CEOs got more crooked!!!}

Is EFCC still a Financial Crime Commission?

Is performance in office or lack of it a Financial Crime?

poster reflect on our post and tell us if you still believe in your argument.

McKren:

Is EFCC still a Financial Crime Commission?

Is performance in office or lack of it a Financial Crime?

poster reflect on our post and tell us if you still believe in your argument.

May your days be long. Some people do not know the difference between negligence (if any) and committing a financial crime; i.e., speaking about Soludo

Soludo's job is to manage the Central banks and their dealings with the banks.
banks in nigeria are private coys and not FG's coys, so it is not Soludo's biz to go after them for no just cause.
Sanusi went after them cos they wanna make sure that the banking system stands firm, and cos they are investing 4B$$ of public funds into the banks to save them from collapsing.

nobilia:

Poster.

Try to read your post again, you may understand that you are being foolish and stupid. Are u trying to learn from those that knows more than you or u decided to be plain idiot? You should have asked how the banking system works before you decide who to arrest or not.

Your papa and mama are foolish. You A-hole! It's obvious you are an uneducated idiot. If it's not Soludo's job to police the banks when he was CBN gov. then who's job is it?? If Lamido had folded his arms and let the situations in these 5 banks get worse to the point of collapse, it would have affected all the banks entirely and the whole banking industry would have experience a total unrestricted panic. You have a situation where the panic is restricted to this 5 banks and people still has some faith in the other unaffected banks. Soludo is a complete idiot and should be arrested along with those bank chiefs. CBN in Nigeria is equivalent to the federal reserve in USA, they monitor the health of financial institution in the country. The job of the CBN gov. is to monitor and curb bad economic practises in the financial sector. When the global recession started, the whole world were taking measures to prevent heavy impact but Soludo did nothing he was telling Nigerians that the banks were strong, he said no cause for alarm but now we know better. NOBILIA YOU ARE A BIG FOOL.

Finecat:

Your papa and mama is foolish. [/b].

Grammar repete. This one na BSc, university of jagbajantis

Afaukwu:

Grammar repete. This one na BSc, university of jagbajantis

ROTFLMAO!!

lwkmd. . . . ;d ;d ;d ;d ;d ;d

Soludo missed it somewhere; very obvious now.

Nigerians demand to know why banks were in an unhealthy condition under Soludo and what measures he took(ethical or unethical)to salvage/mask the situation.Sanusi knew all about these sharp practices before takin' over as CBN Gov and is determined to put a stop to it.
Soludo,how far?

There are certain issues that arise in this crises:
1. what level of trust do we place in the external auditors who would normally audit the books of these banks and give them a clean bill of health year in year out?
2. whatever happened to the oversight function of CBN? I know CBN gets monthly returns on transaction from banks and also sends an inspection team that spends close to a month in each bank to audit their systems and practices.
3. to what extent was Soludo compromised by hobnobbing with the banks? Do not forget that he was always being catered for by the banks whenever they open a foreign branch in Europe. A regulator was supposed to be quite distict from those he regulates. Will anyone accept the fairness of such a person? Those saying Soludo was totally ignorant should recall that he gave the banks up till 2010 to declare all their non-performing loans whereas the standard accounting practice is to indicate profits/losses in the years when they are incurred.
4. why were these banks not following the proper channel to retrieve these loans? Most of us will recall the case by Access Bank against AP Plc in recent times over a loan. Apart from Intercontinental that attempted an open advertorial of its three largest debtors none of these others complained before now.
5. post consolidation - were the management team of these banks trained on how to spend the larger funds available to them? Lets be sincere a guy/babe who has been earning NGN40,000 as amonthly salary will be surely confused and at a loss when he starts to earn NGN300,000 monthly and will first of all spend a huge chunk of his/her earning on acquiring toys or satisfying long repressed wants/desires.The guy who used to dream of TFC, Tantalisers will now begin to frequent clubs on the island every weekend and take to eating the fastfood everyday. Moet will now be a weekly drink. Rarely are such windfalls properly utilised. Which is what I assumed happened.

We all remember from economics that banks create their weatlh from lending but when these bank management team saw that they could not manage their loan portfolios well they started chasing deposits. We should have noted a paradigm anomaly when chasing deposits became the order of the day.

What should EFCC arrest Soludo?
Did he commit any financial crime?
Did he aid or abet any?
Did he defraud anybody?

@ poster you must be out of your senses to say that EFCC should go after Prof. Chukwuma Charles Soludo because he did not noticed that these banks were cooking up their figures. as far as nigerian banking sector is concerned, Prof. Chukwuma Soludo made an indelible mark in the sector. for him to make the banks to pay a whooping sum of 25billion naira each is not child's play. so if Sanusi Lamido will sanction five banks, then it is his own contribution and no big deal. so please leave Chukwuma alone. he did his best in CBN.

People should know that death is born with birth, and there is no such thing as a perfect man for the job. We Nigerians are highly devisive in countless ways, whenever a solution in the right direction is proferred to a problem, the criminal in us will look for other ways around it because of the favourability factor. Abeg Soludo try for the Banking sector.
What we need now is e penal system that is very ruthless in this country especially against the plague of CORRUPTION that is threatening our existence as a Nation. As for Sanusi I want to believe he has truly come to fight this battle to win without being selective about it and please sir ATM FRAUD IS ANOTHER PROBLEM YOU SHOULD REALLY ADDRESS SIR.

i believe this poster does not understand a jack about banking and therefore unnecessary to reply him. be that as it may, the question that will be apt here is , why should soludo be aressted? is it for the banks not coming out clean with their records or them doctoring their books? did soludo benfit from any of these loans?

I told you all on this thread while Mr. Soludo was still CBN Governor that he should be charged for Murder and Economic Sabotage. I still remember the many insults i got but i will not tire till Soludo goes to his rightful home: JAIL.

Sorry Thread meant to read blogsphere

I am an IGBO man from Anambra State from Anaocha LGA formerly Njikoka LGA. I know all that went on from 2004 till 2009 by ending of 2006 if Nigeria were a nation awake and watching closely that was when Soludo should have gone to Jail.

SOLUDO or is it not SOLUEKWENSU

I WROTE NEEDS SO PLEASE DO NOT TELL ME SOLUDO TRIED I BEG YOU ALL IN THE NAME OF GOD YOU BELIEVE IN, BY THE WAY I AM A CATHOLIC TOO LIKE THE EVIL SOLUDO.

SOLUDO KNOWS WHO KILLED NIKE AYILARA RIP in 2006. I maintain this belief because of all the events that took place i was running Soludo while he was running the CBN. He broke away in 2006 and Nike was one of the costs i paid for knowing that devil.

We should be becareful when we make certain conclusions. If we say Soludo should be arrested b/c some banks failed the recent audit test and their CEOs removed, then what do we do to the CBN governors before him during whose tenure some of these bad loans originated? Are you saying for instance, we should also arrest Mr President for instance if a minister is indicted for corruption since the minister is under him? Even in America and Europe banks collapsed cdespite their IIFRS reporting standard, corporate governance, robust risk mgt framework, excellent ratings and their so called intelligent central bank governors.  Do you know how much provisions is first Bank for instance is making and is going to make? The way two or three CBN governors will handle a problem will differ and each will justify their actions. Is not possible for CBN to have asked the CEOs that were removed to inject fresh capitals into their banks within 6 months for instance or resign their appointment? If we toe this path of say arrest Soludo, then we will end up arresting Mr President and House of Assembly memebers because directly or indirectly, they also have oversight function. Sanusi is now CBN governor, let him run CBN from what he met on ground. Let Soludo be. He has done his best just like his predecessors. Remember, naira value is still falling, external reserves my vanish in the next 12 months at currrent rate of WDAS  funding, real sector is still not getting reqd funding, interest rate is still very high, real inflation is still very high etc. The real journey is still far. Lets not clap too early please.

Affalatus:

I am an IGBO man from Anambra State from Anaocha LGA formerly Njikoka LGA. I know all that went on from 2004 till 2009 by ending of 2006 if Nigeria were a nation awake and watching closely that was when Soludo should have gone to Jail.

SOLUDO or is it not SOLUEKWENSU

I WROTE NEEDS SO PLEASE DO NOT TELL ME SOLUDO TRIED I BEG YOU ALL IN THE NAME OF GOD YOU BELIEVE IN, BY THE WAY I AM A CATHOLIC TOO LIKE THE EVIL SOLUDO.

SOLUDO KNOWS WHO KILLED NIKE AYILARA RIP in 2006. I maintain this belief because of all the events that took place i was running Soludo while he was running the CBN. He broke away in 2006 and Nike was one of the costs i paid for knowing that devil.

Faintly recall hearing this issue somewhere?
Who was Nike Ayilara?