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CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action - Politics (2) - Nairaland

Nairaland Forum / Nairaland / General / Politics / CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action (5746 Views)

APC Blasts Fayose For Opposing Buhari's China Deal / Emefiele Suspends CBN Deputy Governor, 4 Others / Coronation Of Sanusi Lamido As The 14th Emir Of Kano (Photos) (2) (3) (4)

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Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by monopolist: 7:32pm On Aug 22, 2009
Islamist Terrorists are about taking over the banking sector of the nigerian economy. We must pray them out, bind them and act against them b4 we regret things.

I see their wicked plans and acts back-firing against them in Jesus Christ name.Amen.

sanusi cannot last as Gov.

He rejected wise counsel.
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by kirkmikel: 8:12pm On Aug 22, 2009
Let us not bring ethnicity into this, afterall the names of Northerners are also on the list of debtors Sanusi is representing all Nigerians who have been unfortunate enough to have entrusted their hard earned monies to those banks.
Afterall the Hausa:s too carry Nigerian passport. If we can have a leader who can call a spade a spade and tackle a problem headlong like Sanusi has done in the banking sector Nigeria go better joo.
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by jacobs123(m): 8:53pm On Aug 22, 2009
McKren:

If Elumelu are using people like slave as you suggest, Sanusi should bring his Foreign Freinds to come and compete and drive them out of Business with their fair minded policies. To bully people and take over their Business smacks of dictatorship.


sometimes you need a bully to deal with other bullies. we all know that Elumelu and co had unfair edge over others while Soludo ran the show. If they couldn't consolidate on that but chose to fritter away the money in bad loans, then I don't care if they are gotten rid off especially if it is within the rule. Before you conclude that Sanusi acted as a dictator, let's wait to hear what the courts will decide afterall Ibru and Akingbola are in court.


monopolist:

Islamist Terrorists are about taking over the banking sector of the nigerian economy. We must pray them out, bind them and act against them b4 we regret things.

I see their wicked plans and acts back-firing against them in Jesus Christ name.Amen.

sanusi cannot last as Gov.

He rejected wise counsel.

was it your wise counsel that he rejected. Don't bring Jesus into this man made banking mess.
uchemanga:

I REALLY WONDER WHAT HAPPEN TO RATIONALISM IN NIGERIA.
WHAT MATTERS IS GETTING TO THE PROMISE LAND NO MATTER WHO TAKES US THERE!
SEE HOW SELFISH SENTIMENTS MAKE ONE A MUMU!
I STILL MOURN THE REMOVAL OF SOLUDO!!
GOD SAVES US FROM THESE MEN WHOSE MINDS ARE CRIPPLED BY RELIGION.



thanks my brother, when you read what some nairalanders write, you can't but feel sorry for this country. In the same generation when American youths brought in a black man into white house, people are still blinded by religious and ethnic sentiments. if we were so good religiously, how come our country is so bad. And who does not know that it is all tribes that has contributed to the decay of this country. Almost all tribes are represented in the Federal executive council and also in our states, what has it done for us?
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by stanloski(m): 9:05pm On Aug 22, 2009
I saw the headline in the Guardian but i was seriously disappointed to see that the body of the report was different, the people "sacked" ARE NOT DGS but board members and the gov has NO POWER TO SACK ANY BOARD MEMBER! BANKERS ARE JUST TRYING TO USE BROWN ENVELOPE JOURNALISTS TO FIGHT BACK! Whoever originated this story is either thoroughly ignorant of CBN structure or is deliberately misleading people.

The only change among the Dep Govs was the RETIREMENT IN LINE WITH SERVICE RULES of Ernest Ebi and the appointment of Moghalu as his replacement. Stop believing anythingg u see in the papers!
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by mystikal(m): 9:23pm On Aug 22, 2009
dem don sack my friend papa, eh ya!
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by Nobody: 9:38pm On Aug 22, 2009
the ibru's own guardian newspaper, so what do we expect the newspaper to say, lol
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by Ess: 10:39pm On Aug 22, 2009
I'm sick and tired of all these side comments just because its a northerner doing the job here. What ever happened to givin benefit of the doubt firstly?
There was a period when ponzi business was the talk of the day, all within the govt eyes it went collapsing with innocent peep's money. That was not enough, the stock market came crashing and still no strong action taken by the govt. Now our banks are smelling trouble and some foolish idiots are saying sharia, arab, hausa-fulani and whatever is the root of this not remembering that it is for our own sake at the end of the day. May be they want the banks to collapse also, who knows? And we are left with what? Oil?
Sanusi please carry on with your good deeds, as Nigerians never see the good in a tough and bold decision. I challenge everyone to go and check his records before thinking Sanusi would be involved of such accusations. For heaven sake aren't there Hausas in the list of debtors? In fact they have a large percentage of it.
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by Donmeca(m): 10:57pm On Aug 22, 2009
Say whatever u like, from ethnicity to tribalism. All I know is I don't trust this Sanusi Clean Up. That man is acting out a well-written script whose actual writer is still hidden but time will surely tell. As far back as march dis yr, Vanguard Newspaper reported the plot to take over 5 Nigerian banks by some forces opposed to or that lost out of Soludo's consolidation. Notable among these forces is the Arewa Consultative Forum. What do u make of this? is this a Pan-Nigeria Group, or a Tribal group.

Now YarAdua is disarming militants in the South while Boko Haram is declaring war on the country esp the south, and u tell people not bring sentiments (tribal, ethnic, religious or moral). Does 'making a mark' solely mean 'dicrediting ur predecessor'? Sanusi s surely doing a presumed good in a very bad way-causing great panic in the country. Mab he needs popularity.


Group plots takeover of five top banks
Written by Omoh Gabriel & Emeka Mamah
Monday, March 23, 2009

LAGOS—ANTI-CONSOLIDATION forces have regrouped with the hope of dismantling the structures and forcing a takeover of the top five banks in the country, Vanguard can now reveal.



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The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors.

Meantime, indications emerged yesterday that the Federal Government may announce the names of a new Governor of the Central Bank (CBN) and the Auditor-General of the Federation (AGF) in April just a few weeks before the tenure of the incumbents run out.

However, the Arewa Consultative Forum (ACF) has expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to make public information on causes of the development as well as the scale of the crisis.

Vanguard investigations revealed that the aim of the anti-consolidation forces is to cause loss of public confidence in the banking industry and compel the Federal Government to move in by injecting funds. Further, they ultimately plan to instigate government to take equity holdings in the targeted banks.

Vanguard gathered that the group at work is made up of former bank owners who lost out during the consolidation exercise, a powerful clique in the present government, and some aggrieved persons in three of the six geopolitical zones in the country who felt left out in the consolidation exercise.

Presidency sources disclosed that those who felt left out in the consolidation exercise are up in arms to recoup what they felt they lost during Obasanjo years.

Part of the plans hatched by the group is to ensure that the incumbent Governor of the Central Bank, Professor Chukwuma Soludo, does not get a second term. The plan is also to ensure that whatever gains consolidation recorded are discredited. This, it was learnt, was meant to force the President to act quickly in the matter of appointment of a successor to Soludo as they anticipate that the president’s slow move may scuttle their dreams and cause the renewal of Soludo’s re-appointment for a second term.

The group’s second game plan is to make Nigerian banks look unsafe in the eye of the banking public. Part of the game is to spread rumours that some banks are unsound and are on the verge of collapse. They send out text messages to individuals and account holders passing wrong information on their target banks. At the moment, the group’s target is one of the high-flying new generation banks where they have sent out several messages.

New CBN Gov, Auditor-General to emerge April

The tenure of the CBN Governor, Professor Chukwuma Soludo and Auditor-General of the Federation, Mr. O. R. Ejenavi from Delta State will lapse in May 2009.

Naming nominees for the top jobs, according to a presidency source, will afford the Senate ample opportunity to work on them before they assume office.

While Soludo will complete his first term in office as CBN governor by May 29, Ejenavi will be due for retirement on age grounds on May 18.

However, among those being considered for the position of CBN governor include the Minister of National Planning, Dr Shamsuddeen Usman from Kano, who was a former Finance minister and deputy governor at the apex bank; another former CBN deputy governor, Obadiah Mailafia from Nassarawa, Mallam Isa Hayatudeen from Borno, a former managing director of FSB International Bank, incumbent Managing Director of First Bank, Mallam Sanusi Lamido Sanusi, also from Kano, and Mallam Falalu Bello from Kaduna, Managing Director, Unity Bank.

But the most touted name so far is that of Mallam Isa Yuguda, the Bauchi State governor who won election on the platform of the All Nigeria peoples Party, ANPP, but defected to the ruling PDP last week. Yuguda is also an in-law of President Umaru Yar’Adua. Yuguda was also a former Managing Director of Inland Bank, a legacy bank in post-consolidation FinBank.

Past CBN governors include late Dr. Clement Isong (Akwa-Ibom), Alhaji Adamu Ciroma (Yobe); Mr. Ola Vincent (Lagos), late Alhaji Abdulkadir Ahmed (Bauchi); Mr. Paul Ogwuma (Abia), Dr. Joseph Sanusi (Ondo) and the current Professor Charles Soludo (Anambra).

It was also gathered that strict obedience to civil service rules will be observed in the appointment of a new Auditor General for the Federation going by the constitutional provision.

Section 86 Subsection 1 of the 1999 constitution states: “the Auditor-General for the Federation shall be appointed by the President on the recommendation of the Federal Civil Service Commission, subject to the confirmation of the Senate.” That of the CBN may be determined by other factors, mostly political considerations which are at the pleasure of the President without recourse to the commission.

The most senior director in the office of the Auditor-General currently is Mr. Ogunsina G.F from Ekiti State who may be appointed unless there is political maneuvering. Having been a director since 2004, it may not be smooth sailing for Ogunsina because, there is another senior civil servant Mr. Osonuga T. A. from Ogun State who was promoted a director in 2007 and is being propelled by other forces to occupy the office.

It’s unfortunate top 5 banks are targeted, says official

A CBN official who spoke on condition of anonymity said that it is unfortunate that top five banks are the target. The banks, he said, are sound. The CBN had mistaken in the past the ongoing move as de-marketing by competitors in the banking industry, saying it is unhealthy competition.

The group is using this means to make depositors panic and undertake massive withdrawal of funds from the targeted banks in an attempt to cause liquidity problem in the bank. In that state they hope to cause a take over by the government which may buy a stake in the bank and later sell to members of the privileged group who may be appointed in the interim into the board of the banks.

Arewa worries over liquidity problem

However, the Arewa Consultative Forum (ACF) expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to inform the people the cause of the development as well as the scale of the crisis.

ACF said that the commercial banks must have obviously lent too much money to people who either invested them in buying stocks or in the importation of petroleum products in the country, but are unable to repay such loans.

A statement signed by the National Publicity Secretary of the Forum, Mr. Anthony Sani however blamed the CBN for enquiring “into the volume of the so-called toxic assets of the commercial banks while refusing to tell Nigerians how or why in the first place, the banks found themselves in trouble.

The statement reads “The Working Committee of the National Executive Council of the Arewa Consultative

Forum (ACF) held its meeting at its national headquarters in Kaduna on Tuesday, the 17th of March 2009. In attendance were all National officers of the ACF drawn from the 19 northern states and the Federal Capital Territory (FCT). General IBM Haruna, the Chairman presided.

“Among other things, the meeting reviewed and discussed a number of issues and other troubling developments in the country. At the end, it resolved to issue the following statement.

“The ACF deliberated on the rapidly deteriorating liquidity situation in the banking industry and observed that Nigerians are feeling increasingly frustrated by the failure of the Central Bank of Nigeria (CBN) to disclose the true the true nature and the scale of the crisis.

“Even members of the National Assembly, despite their best efforts, have been unable to get to the truth of the matter.

According to Arewa consultative forum “All that seem obvious is that our commercial banks had lent out too much money to too many people who had invested them in stocks or petroleum importation but who are now unable to pay back. Beyond that, the public has no clear idea as how or why the loans were given and on what terms."
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by Nobody: 11:33pm On Aug 22, 2009
saxywale:

the ibru's own guardian newspaper, so what do we expect the newspaper to say, lol


found this on a forum

Mrs Ibru's husband Michael is head of the Ibru organisation (the 77 year old Chief has 5 wives Cheesy) lipsrsealed lipsrsealed which has controlling interests in both Oceanic Bank and Aero Contractors (the Ibru group comprises Ibru Seafoods Limited, Aden River Estates Ltd, Aerocontractors Nigeria Ltd, Complant Engineering Sales and Services Ltd, Emsee Shipping Line Lt, Ibachem (Ibafon Chemicals Ltd, Ibafon Oil Ltd, Ibron Nigeria Ltd, Ibru Merchandise 33 Ltd, Ikeja Hotels plc (Lagos Sheraton and Federal Palace Hotels), Societe Beninoise de Produits de Mer (SOBEPROM), Zabadne and Co Ltd., Osadjere Fishing Co Lt., Marine Harvest Ltd, SPIBAT Nigeria Ltd, Rutam Motors Ltd, NITREC Ltd, Oceanic Bank International PLC, Aquamarine Finance & Securities Ltd., Queens Paetroleum Co (Nig) Ltd., Guardian Newspaper Ltd., Express Processing and Packaging Ltd., Waskar Ltd., Mitchell Farms, Nigerian Hardwood Coy (Nig) Ltd., F. Steiner & Co Ltd., Blue Water Marine, Delta Freeze Ltd., Lilleshall (Nig) Ltd., Superbru Ltd., W.F. Clarke (Nig) Ltd., Boardroom Services Ltd., Minet (Nig) Ltd., (Insurance Brokers), Atlantic Estates Ltd., Societe Camerounaise de Produits de Mer- SCPM Douala).

if the man really has five wives Pastor Mrs Ibru get as ebe o. . .
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by Nobody: 11:35pm On Aug 22, 2009
http://en.wikipedia.org/wiki/Michael_Ibru

Private citizen

Chief Ibru has five wives and seventeen children. The oldest male being Olorogun Oskar Ibru who heads Ibafon Ports and Oboden Ibru who is a key player in Oceanic bank International PLC. He also tried his hands in politics, in 1983, he was a gubernatorial candidate but lost to Samuel Ogbemudia, he was also a member of the Liberal Convention and the New Movement, which metamorphosed to become NRC.


[edit] IBRU organization

IBRU is pioneer in the production of fish and animal protein, thereby not only strengthening Nigeria’s human resources for over forty years but also building a healthy and viable economy. The organization’s other activities include a strong Agro-Industrial base: Farming and Irrigation Schemes, construction and steel works, brewing; Bulk and liquid transportation by land and sea, distribution and marketing of Industrial chemicals, food processing, chemical preparations, plastics and container manufacturing, oil and gas exploration , aviation and automobile distribution, sales and services, banking and allied matters as well as hotel tourism. What is now one of the foremost groups in West Africa started in 1956 with the establishment of a small trading company, Laibru Limited. The first significant development came in 1957 when the Founder and Chief Executive, Michael Ibru, pioneered the marketing of frozen fish in Nigeria to alleviate the acute shortage of animal protein in Nigeria’s diet. Despite the initial market resistance, the venture was pursued so successfully that it developed into allied areas, and full use made of opportunities for further diversification. The following show something about the present broad base of activities and gives an indication of the capabilities of the IBRU GROUP- namely IBRU SEAFOODS LIMITED, ADEN RIVER ESTATES LIMITED, AEROCONTRACTORS NIGERIA LIMITED, COMPLANT ENGINEERING SALES AND SERVICES LIMITED, EMSEE SHIPPING LINE LIMITED, IBACHEM (IBAFON CHEMICALS) LIMITED, IBAFON OIL LIMITED, IBRON NIGERIA LIMITED, IBRU MERCHANDISE 33 LIMITED, IKEJA HOTELS PLC (LAGOS SHERATON AND FEDERAL PALACE HOTELS), SOCIETE BENINOISE DE PRODUITS DE MER (SOBEPROM), ZABADNE AND COMPANY LIMITED, OSADJERE FISHING COMPANY LIMITED, MARINE HARVEST LIMITED, SPIBAT NIGERIA LIMITED, RUTAM MOTORS LIMITED, NITREC LIMITED, OCEANIC BANK INTERNATIONAL PLC, AQUAMARINE FINANCE AND SECURITIES LIMITED, QUEENS PETROLEUM COMPANY OF (NIG) LIMITED, GUARDIAN NEWSPAPER LIMITED, EXPRESS PROCESSING AND PACKAGING LIMITED, WASKAR LIMITED, MITCHELL FARMS, NIGERIAN HARDWOOD COMPANY (NIG) LIMITED, F. STEINER & COMPANY LIMITED, BLUE WATER MARINE, DELTA FREEZE LIMITED, LILLESHALL (NIG) LIMITED, SUPERBRU LIMITED, W.F. CLARKE (NIG) LIMITED, BOARDROOM SERVICES LIMITED, BOARDROOM SERVICES LIMITED, MINET NIGERIA LIMITED (Insurance Brokers), ATLANTIC ESTATES LIMITED, SOCIETE CAMEROUNAISE DE PRODUITS DE MER-SCPM DOUALA.
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by jacobs123(m): 8:11am On Aug 23, 2009
http://www.elombah.com/index.php?option=com_content&view=article&id=861:the-adulteress-diary&catid=25:politics&Itemid=37



The Sanusi is not only qualified to be Central bank's governor, he is a Nigerian in whom every progressive Nigerian must find a partner to uplift our nation from the doldrums. The Sanusi Lamido Sanusi that I knew personally (in the 1980s) was a Marxist--a protege of the late Bala Usman20and a respecter of the intellectual integrity of the anti oligarchical Marxist, the late Bala Mohammed (assassinated through arson by a hired mob "protesting" the querying of the Emir by then radical Governor Abubakar Rimi--Bala Mohammed -was his political adviser).

Sanusi's intellectual depth is unquestionable; his numerous writings bear witness to this assertion. He is a Muslim in whom non-Muslims have a friend. He is not into proselytizing or into fostering Islamic supremacy. He adheres to his religion with open minds--as in the way Obama adheres to his Christianity. Above all, he never shies away from confronting the hypocrisy of Northern politicians who use Islam to mislead the down trodden masses of the North. His world class article, The Adulteress Diary (reproduced above calmed the nerves of rattled Southern Christians, women of Nigeria, and exposed the hypocrisy of Northern oligarchies (in religious matters) following the death sentence passed on a hapless Safiya Husseini. For this article, Sanusi was pilloried (even threatened with death or physical harm) by stooges of the decadent regressive feudal lords of the North. In fact, that article so struck awe and demystified the hypocritical Ullamas of the North that its link, at Gamji.com, is disabled.

Sanusi's pursuing of a degree in Islamic/Sharia was a fulfillment of intellectual curiosity and his love for his religion. That pursuit has benefited Nigeria because from the knowledge he acquired, he has been able to speak against (to the chagrin of conservative/ fanatical Northern Muslims) the abuse or exploitation of Sharia by corrupt politicians of the North. When he speaks out, he does so with authority--citing sources and interpreting verses that were purposely twisted by crooked politicians. His critics concede to his excellent interpretations of the Hadith (or whatever it is called) within minutes of his effortlessly flooring their arguments.

Sanusi's political ideology (assuming he is still the same man I knew years ago) is based on deploying the instruments of the State to ennoble the people-- into actualizing their best potentials. Even though his father was an Emir, he is not too fund of the parasitic pity of the Northern Royal families. Sanusi is of the Malam Aminu Kano school of thought--a school that frowns at class distinctions. If he gets into the position he is being rumored as getting into, his policies will definitely be driven by what benefits the Nigerian peoples, not just on what corporate greed breeds (this is why I doubt that he will be appointed to the Central Bank' s Governorship) .

Sanusi is of our generation (those born in an independent Nigeria--1960s) . His disdain for corruption and sycophancy is Buhariesque (uncompromising) in dimension. If he becomes Central Bank's Governor, we can almost take it to the bank that he will stamp out corruption in Nigeria's banking industry (again, this is why I doubt that he will get the position--you are looking at another Ribadu in the making). Sanusi is a Northerner who understands that he is a Nigerian, so he will not use the nation's institution ( Central Bank) to implement any parochial agenda of a few Northern aristocrats (he loathes them).

Some Southern Christians should get a life and stop being paranoid schizoids whenever a Muslim who does not hide his religion is appointed into any position of responsibility. Where were these Christians when Chris Okotie, an ordained Minister, was running for the presidency of a multi religious Nigeria? Were an Imam running for president then, these Nigerian Christian Talibans would have raised hell and fabricated stories against the candidate. They fabricated stories against Buhari, dubbing him a sharia monger, even though he is politically and religiously opposed to any misuse/abuse of religion. In the same vein, they are trying to have Sanusi Lamido Sanusi mischaracterized- -portrayed as an ill-educated Sharia monster. This nonsense will not fly because not all of us Southerners are chained by religion or its zealotry.

If appointed Central Bank's Governor, Nigeria will benefit tremendously from Sanusi Lamido Sanusi's stewardship. By any indices used to measure his appointment, Sanusi qualifies beyond reproach. With him at the helm, the Central Bank will work for the people; merit will chase away mediocrity; corruption will be extinguished, and all the good deeds Soludo implemented will be preserved.

But I am skeptical that Yara'Adua will appoint Sanusi into that office. Unless Yara'Adua is retracing his old steps (in the old Peoples Redemption Party--PRP) I do not know why he (a man who is presiding over a behemoth of corruption, inefficiency, and mediocrity) will bring in someone who is his direct opposite. Let us keep our fingers crossed and hope that he does the right thing. Let us also watch out that his critics are not hirelings of corrupt corporate Nigeria-- to thwart Sanusi's appointment as Central Bank's Governor.

Nebukadineze@aol.com
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by jacobs123(m): 8:20am On Aug 23, 2009
This was Sanusi well before he became CBN governor. he's a man with strong convictions as we can all see and he speaks his mind. I believe he's capable of independent thinking as he showed in the senate. How many of our ministers could criticize the 7 point agenda during their screening yet this man did it, some of the ministers only murmur about Yar Adua's failings, how many of them can walk away from his govt yet we come here and talk of a northern agenda.

see details here:

http://www.isaiahbalat.com/news/features/restructuring_corporate_nigeria_sanusi.htm

Conclusion (take time to read the paper)

I started this paper by saying that restructuring the Federation was not a simple task, and should be considered only as part of the process of nation-building. The message I have carried all my life is that all Nigerians have a right to maintain their diversity but this should only be on the basis of respect of the same rights for other Nigerians. No nation can be built on the platform of inequity, intolerance and selfishness.

I am Fulani. I am Muslim. But I am able to relate to every Nigerian as a fellow Nigerian and respect his ethnicity and his faith. I am also convinced that we tend to exaggerate our differences for selfish ends and this applies even to matters of faith.

I have no doubt in my mind that the leadership of Nigerian politics in all parts of the country today, is in the main, reactionary, greedy, corrupt and bankrupt. Brought up in the era of tribal warlords, most political leaders are unable to think first and foremost like Nigerians. To this extent, any conference held today may be a waste of time.

But the audience may ask “Is there any hope for this Country”? My answer is yes! I rest my hope partly on personal experience. In every part of the country, I come across young Nigerians who do not agree with their elders. In the North, there is a new northerner, throwing off the yoke of irredentism, the toga of nepotism and the image of being a beneficiary of quota system. In the South-West, I find many young Yoruba citizens who frown at the rabid tribalism and provincialism of their leaders. In Igboland, we see young Igbos who regret the past and look forward to a brighter future. I have indeed received several letters from Nigerians, northerners and southerners, christians and muslims, encouraging me in the fight against the twin vices of religious intolerance and ethnic chauvinism.

But I rest my hope on a much deeper and profound base than these fleeting impressions. The hope for this Country is founded on the existence of the very problems we have just examined. The people of this Country have a long history of being together. Yet each group jealously guards its own identity, be it ethnic or religious. This is so only because our cultures, our religions, teach us core values within which we find full expression of our humanity. If only we would look, we would find that the values that make a good Fulani, Yoruba, Kanuri or Bini man; the values that make a good Christian and a good Muslim; are the same. If only we had in each part of this country, a leadership with the vision to recognize this, to harness this, to bring together good Yoruba, Hausa, Igbo, Ogoni and Angas men and women; good Christians and Muslims; to run the affairs of this country, we would find peace.

I rest my hope, finally on my generation. A generation of young, educated Nigerians, brought up in luxury, weaned by the traumatic experiences of the last two decades, and ready to take up the gauntlet, and ignite the hopes, for a renewed Nigeria. This is the generation much maligned by the present administration of septuagenarians. The generation discarded and treated like a pack of potential thieves. The only truly marginalized generation. This is the generation that will pick up the pieces and by the grace of Allah, leave those coming behind with a legacy far more progressive than the one we
inherited.


Thank you.
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by halavoke: 9:07am On Aug 23, 2009
The timing was bad,d sackin smacks of a hidden agenda,why not audit all banks. how many of us know he was reported to CBN for de marketin. On friday he said he prefers sale of dis banks. pple's sweat for as much as 20 years. who said non performin loans is a crime,na EFCC can open their dirty mouths and say de want to arrest dem. yar adua ritehand man ibori & so many oda politicians dat stole billions r still free men.such hypocrisy! except such loans were granted to themselves ow is any of dis criminal.i agree we should not view dis as a tribalistic move. an economist wil always be a better cbn governor dan a sharia academic. Why take such actions dat can sink d bank thru erosion of depositors confidence if u dont want to kill dose banks.must u do tins like a nama
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by ridgeman: 9:54am On Aug 23, 2009
We might be saying something else if those banks failed (as indicated by international reports).

The actions of the MD's (if proven to be true) is un-ethical.

Sanusi has done nothing different to what the US and EU(especially UK) countries have done with 'dodgy' banks

The difference in 9je is that they have been locked up- this is something the West would really love to do with their failed CEO's but can't easily accomplish
because of legal loopholes and wrangling,

Lets wait and see what happens now that he has played a strong hand will the banking sector self regulate better or will it call his bluff!
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by McKren(m): 10:35am On Aug 23, 2009
Banking shake-up in Nigeria sets off jitters
By Joel Olatunde Agoi (AFP) – 4 hours ago

LAGOS — Panic withdrawals by depositors and a thick cloud of uncertainty are shaking Nigeria's financial sector after the sacking of the directors of five key ailing banks, operators and analysts said.

Central Bank of Nigeria (CBN) governor Sanusi Lamido Sanusi earlier this month removed the heads of Afribank, Intercontinental Bank, Union Bank, Oceanic Bank and Finbank for piling up billions of dollars in bad debts.

The books of about a dozen other banks are also currently under CBN scrutiny to determine their viability, debts and liquidity status.

"There are apprehensions in the industry on what will be the fate of the remaining banks because of CBN's action," a treasury manager in one of the nation's banks, Sunday Adeola, told AFP.

The dismissals of the bank chiefs and the anti-graft agency's threat to arrest, prosecute or seize property of the debtors of the banks if they failed to pay in a week has put the heat on the sector, analysts said.

"The, system has witnessed massive cash outflows in recent days. Depositors are jittery and they are withdrawing their money," said analyst Joel Allison.

"Bank vaults are becoming empty and if the trend continues we may have another bank failure on our hands," he said, recalling the liquidation of dozens of distressed banks in the 1990s after bad management and fraud.

Dozens of the owners and managers of those failed banks were prosecuted or jailed while others fled the country to evade arrest.

The CBN chief earlier this month accused the management of the five ailing banks of giving loans to prominent Nigerian businessmen and companies without adhering to good corporate governance and risk management practices.

He put the total loan portfolio of the ailing banks at 2.8 trillion naira (17.8 billion dollars, 12.6 billion euros).

The CBN has also published a list of dozens of prominent Nigerians businessmen as debtors to these banks.

The list includes tycoon Aliko Dangote, rated by US Forbes magazine as one of the world's richest Africans with a net worth of around 3.3 billion dollars.

Dangote, 52, who is also the new president of the Nigeria Stock Exchange (NSE) has denied managing the oil and gas company listed as owing Intercontinental Bank more than eight billion naira.

The Nigerian government has in the past days tried to calm the nerves of agitated bank depositors by assuring them that their money is safe and that it will not allow the debt-ridden banks to sink.

The government has already announced a 400 billion naira (2.55 billion dollars/ 1.8 billion euros) bailout for the affected banks.

Nigeria's central labour movement NLC lauded Sanusi's action, and urged the CBN to restore public confidence in the industry.

Rasheed Yusuf of the Association of Stockbroking Houses of Nigeria also called for proper management of the situation "in a way that the market will not be jeopardised."

The confusion in this important sector of the Nigerian economy is further exacerbated by the fact that three key players -- Dangote, NSE director general Ndi Okereke-Onyiuke and International Bank's ex-boss Erastus Akingbola -- were listed by the CBN as bank debtors.

Okereke-Onyiuke is also a director in Transnational Corp, a failing conglomerate, which the CBN says owes Union Bank about 31 billion naira.

Five years ago, in a bid to shore up the capital base of these financial institutions, the number of banks was cut from more than 90 to 25 solid ones.

The figure later dropped to 24 when two of the banks merged.

But that early caution appears to have dissolved in more recent times and the global economic crisis has made the credit crunch that much tougher.

Mindful of the 1990s banking crisis, weary Nigerians are being cautious.

"Yesterday I took all my money from my bank to avoid possible unpleasant consequences," said Femi Afolabi, a Lagos hotelier, who lost almost three million naira (19,250 dollars/ 13,500 euros) in 1995 when his bank failed.


http://www.google.com/hostednews/afp/article/ALeqM5i-x412WYTZk3WEFYU3FOcSf_5mig

I hope at the end of this process there still will be a Bank for the Risk Manager to regulate
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by McKren(m): 11:04am On Aug 23, 2009
Nigerian stocks fall 10 pct in week after bailout
Fri Aug 21, 2009 11:26am EDT Email | Print |Share| Reprints | Single Page[-] Text [+]

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Housing and consumers may drive rally next week
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By Oludare Mayowa

LAGOS, Aug 21 (Reuters) - Nigeria's all-share index slipped further on Friday, bringing its losses since a $2.6 billion banking industry bailout a week ago to almost 10 percent.

Sub-Saharan Africa's second-biggest equities index .LAGLG dropped 0.9 percent to 21,973 points, its lowest level in more than three months, with two banking stocks among the few gainers for the first time since the bailout.

Guaranty Trust Bank (GTB.LG) and Diamond Bank (DIAM.LG), which have received clean bills of health from government auditors, were two of only 11 gainers on the index of more than 200 companies. They rose 4.9 percent and 3.9 percent, respectively.

The central bank's 400 billion naira ($2.6 billion) capital injection into Afribank (AFRB.LG), Finbank (FIBP.LG), Intercontinental Bank (INBK.LG), Oceanic Bank (OCBK.LG) and Union Bank (UBNP.LG) has knocked confidence in Nigeria's financial sector.

The regulator has completed audits of three other banks but the country's remaining 14 institutions are still being probed and investors are nervous that more bad debts may be exposed.

Banking stocks have led the declines on the stock market for much of the week.

The central bank on Wednesday published a list of more than 200 firms, individuals and state bodies including conglomerates Transcorp (TCNP.LG) and Dangote Industries (DANG.LG) (DAFM.LG) and fuel distributors African Petroleum (APET.LG) and Oando Plc (UNIP.LG) identified as defaulting debtors of the banks.

Dangote and Oando have denied holding non-performing loans but the extent of the bad debt built up at the five banks -- 1.14 trillion naira, according to the central bank -- has raised concerns about which companies might be affected. ($1=156.45 Nigerian Naira) (Writing by Nick Tattersall; editing by Karen Foster)

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLL65453620090821
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by omoodua1: 3:25pm On Aug 23, 2009
While I believe that Yaradua since becoming the president has either by commission or ommission taken some actions which may be construed as tribalist especially with respect to his appointments, it is still early tp see Sanusi's actions or motives as promoting a northern or Arabist agenda. The bottom lline is the bank exceutives mainly from the South messed up and put the customers' deposists at risk. These people I would say also s were responsible for the crash of the stock markets due to their maniplulations of mainly bank share prices.

When the central banks of developed countries were taking action to prevent the collapse of their respective banking systems, Soludo was going around saying our banks were safe and not in crisis.

I believe we should wait and see
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by Nobody: 3:31pm On Aug 23, 2009
omo odua:

While I believe that Yaradua since becoming the president has either by commission or ommission taken some actions which may be construed as tribalist especially with respect to his appointments, it is still early tp see Sanusi's actions or motives as promoting a northern or Arabist agenda. The bottom lline is the bank exceutives mainly from the South messed up and put the customers' deposists at risk. These people I would say also s were responsible for the crash of the stock markets due to their maniplulations of mainly bank share prices.

When the central banks of developed countries were taking action to prevent the collapse of their respective banking systems, Soludo was going around saying our banks were safe and not in crisis.

I believe we should wait and see

sounds like u created a new ID for this post

what was your previous ID?
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by omoodua1: 4:17pm On Aug 23, 2009
I am new to the forum and have just joined. I do not have a previous id
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by Borat1: 7:55pm On Aug 23, 2009
whatever the fallout, he should just carry on
isnt any decision whether good or bad always trailed by skepticism?
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by Vladmir2: 8:00pm On Aug 23, 2009
@JACOBS123,what are u to Mr.Sanusi?you defend him so astutely that one begins to wonder if u have a filial connection to him or are u staff of CBN on PR?.
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by jacobs123(m): 8:14pm On Aug 23, 2009
Vladmir 2:

@JACOBS123,what are u to Mr.Sanusi?you defend him so astutely that one begins to wonder if u have a filial connection to him or are u staff of CBN on PR?.

You may find it hard to believe but I'm just a very interested observer. I was a banker but I've since moved on. I'm just a "busy body" Engineer.
suffice it to say however that there's so much ignorance and sentiments being displayed that I feel that a few of us should be objective and let people see reasons.

The Bank CEO's knew what was coming, they did all they could to stop Sanusi from becoming CBN governor (why was that). The guy has been consistent, they knew what he stood for and they didn't want it.

It's like Pat Utomi becoming President, you know what to expect!

We need to help ourself in this country and stop supporting the crooks and be objective too in our analysis.

I might as well add that I do not understand how the EFCC is handling this issue but you can blame Sanusi for that. It's like a Policeman stopping you and you have no particulars, you just put your self in trouble. EFCC has seen a good opportunity.
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by Nezan(m): 10:44am On Aug 24, 2009
Vladmir 2:

@JACOBS123,what are u to Mr.Sanusi?you defend him so astutely that one begins to wonder if u have a filial connection to him or are u staff of CBN on PR?.
I know those sacked bank MDs will rally up supporters for their dirty deals. Why are some of them running if they are innocent?
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by meche4vr(m): 12:49pm On Aug 24, 2009
eVENTS ARE UNFOLDING AND UNVEILING THEMSELVES it is now clear that mr risk manager is after something why cat the president make him gov./head in power/energy sector or even ou unbeatable agricultire so that he will foreignised it and leave our bank alone.
it is pertinent that he wants to northernised and foreigned our banks with even religion oriented banks
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by meche4vr(m): 12:56pm On Aug 24, 2009
@MONOPOLIST, I SAY A VERY BIG AMEN TO THAT PLS P U S H PRAY UNTIL SOMETHING HAPPENS=SANUSI REMOVAL
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by PapaBrowne(m): 2:17pm On Aug 24, 2009
To all those trying to act politically correct (trying to act detribalised), saying Sanusi has no agenda, watch as events unfold!!
I think you are just slow naturally, so it might take u sometime to understand events.

Sometimes in order to act more advanced, we stay foolish! Thats exactly what i can see here with those that can't see Sanusi's handwriting!
You would only realise what has happened when the banking industry goes the way of the NNPC, et al.

Whether we like it or not, most things in Nigeria and the world at large are controlled by these three ills of ethnicity, religion and race!
We cannot run away from it. Ethnicity, Religion and Race are the factors most used in political decisions worldwide.

Wars are fought till today, immigration policies are formed, national strategies are outlined over these three factors- ethnicity, religion and race.
So, to all those insisting we get blind to the ethnic/religious motives of the CBN Governor, I beg to differ.

Sanusi is only acting true to type. He has an agenda which has been predicted long before now!!
But I already see his end sha. He has already bungled the whole thing legally!Not a very smart guy at all.
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by coolguyz(m): 3:35pm On Aug 24, 2009
and by the way, who owns the newspaper empire that reported this news lipsrsealed?

psssshhhhhhhh, no wonder they named their bank as a take-over bid!!!!!!
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by bibiking1(m): 5:09pm On Aug 24, 2009
meche4vr:

@MONOPOLIST, I SAY A VERY BIG AMEN TO THAT PLS P U S H PRAY UNTIL SOMETHING HAPPENS=SANUSI REMOVAL

I find this a very one sided point of view!,,,,,,,,,seems a bit confusing, rather too plain for a point of view.
Easy for men to adopt prejudice rather than think out straight!!!!
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by pcicero(m): 12:09am On Aug 25, 2009
If Soludo was prevented from Naira denomination for wrong timing, then removal of bank heads at this period is well timed? Check Sanusi's policy on Bureau De Change, the aboki boys are back in business.
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by Nobody: 12:13am On Aug 25, 2009
His number one public defeat will be the re-instatement of these Bank MDs by the courts.
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by igmacco(m): 6:40am On Aug 25, 2009
MALLAM NA MALLAM,, ABOKI NA ABOKI, MUMU NA MUMU, SANUSI YOU ARE SCARING FOREIGN INVESTOR AWAY WITH ALL THIS.
THIS IS WHAT SHOULD HAVE BEEN DONE SECRETLY AND ASK BANK MANAGER TO RESIGN,
ALL MALLAM IN 9JA SHOUD JUST CONCENTRATE ON FARMING AND TO DEY FOLLOW COW FOR BACK,
Re: CBN Deputy Gov Lose Jobs For Opposing Timing And Motive Of Sanusi's Action by PROJECT: 10:19am On Aug 25, 2009
where was the banks before soludo came ,in the hands of the north and what where they doing ,using peoples monies for their own selfish gains,nigerians seem to be carried away by all this noise making , i am not in the coutry but every one in europe and its like have come out to fault the cbn governor,why come out quickly to pass judgment when banks accounts are still auditted,why not help the banks before take over like it was done in the united states,abu dhabi and co are interested in our banks cos they are vibrant if we fail to regulate properly how come our banks are in the top 15 in the world,we should be careful and stop being carried away by all this gimmicks the truth is that the north felt obj brought in soludo to sideline them,he who controls the banks controls the economy that is the battle going on now,

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