This is sad, considering the current state of the nation,

kenerep:

Those blaming Sanusi are obviously delirious! If he did not fish out the banks do you know how many more will die and i ask the simple question which is better to loose ones job and to die? because that is what would happen to those that their life savings are squandered!

nobody is blaming sanusi, he did a wonderful job. What we are saying is that they should have continued to the end, i mean making the culprits feel the pain as well. if the culprits are apprehended, nobody will complain.

Has anybody dared to confirm the authenticity of this story?

Has anybody dared to confirm the authenticity of this story?

Sanusi Under Fire; Accused Of Waiving Saraki’s N8.4bn Debt
December 09, 2009 15:05 (5 hours ago), 1,048 views

By Moyo Fabiyi

The Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has been under intense criticisms by a group known as Renaissance Professionals.

The group has accused Sanusi of using his position to waive a whopping N8.44 billion “non performing debt” allegedly owed by companies belonging to Governor Bukola Saraki of Kwara State.

In paid advertorials in some national dailies, the Renaissance Professionals claimed that Sanusi ‘planted’ Mr. Lai Alabi, ex-employee of Saraki as the Managing Director of Intercontinental Bank, to compensate his ‘godfather’ (Gov. Saraki) who supported him to get the CBN apex job.

The group also alleged that two other former employees of Saraki’s Songhai Farms, were appointed as directors in the new board of Intercontinental Bank, inaugurated by Sanusi after sacking the Dr. Eratus Akingbola-led executive in the bank. It also alleged that three companies owned by Saraki were owing Intercontinental Bank a total of N8.4 billion which were not listed in the bank’s non-performing loans; whereas a company owing the bank N200 million was listed.

The Renaissance Professionals argued that waiving the N8.4 billion debt is a subtle support for Saraki’s 2011 presidential ambition by Lamido and by extension, his appointee, Mr. Lai Alabi, the new MD of Intercontinental Bank.

The group also called to question the First Bank of Nigeria (FBN) end of the year report of March, 2009, in which the FBN said N26 billion provision for non-performing or bad debts was adequate.

The group noted: “Taking a cursory look at the former Governor of the CBN, Prof. Soludo’s report on Nigerian banks which he presented in London and South Africa in the fall of 2008 and early this year, respectively, where he maintained that Nigerian banks are strong, one is left to ask what the new definition of strong in the light of the disclosures now being made public.”

However, Saraki has denied owing Intercontinental bank N8.4 billion. A statement by the governor’s press secretary, Masud Adebimpe, described the allegation as frivolous and an attempt to smear the governor’s reputation.

According to the statement, before he commenced his tenure as governor, Saraki had resigned his appointment as director in the three companies that were referred to as debtors to Intercontinental Bank, and has not been involved in the daily running of the companies since he became governor.

http://thepmnews.com/2009/12/09/sanusi-under-fire-accused-of-waiving-saraki%E2%80%99s-n84bn-debt/comment-page-1#comment-130018

this is indeed very sad. God help us all.

too bad,may God strenghten d hearth of those affected and turn things around 4 them in a better way than b4

This story is not entirely true. 1500 staff have not been sacked,

banks had been the messiah of NIGERIAN ARMY OF UNEMPLOYED YOUTH (NAUY),now that they have been showing people the door,then i cry the youths are in serious mess. The recently conducted friesland test testifies to the quagmire we are in this nation. God help the youths, cos we are the ones in direct confrontation with this ugly trend. Am afraid,this may be just a tip of the iceberg,I weep.

Pls has dis been confirmed? lookin for an insider view We've been xpectin t though but any confirmation in the house?

The story is not true

Its very obvious that entrepreneurship is the ultimate way to go. Its the guaranteed way to financial freedom; just imagine that some of these workers that were laid off, had their own businesses??

But, I believe that those that resigned were paid off; at least that was what took place in Zenith bank.

And there are still some fools here in the UK and the USA that wants to go home to look for work. Be truthful to your self. Nigeria has nothing to offer. Nigeria does not even know you exist.

If it is true it is a painful one but lets stop awhile and objectively look at the whole issue as a single unit. Businesses are established for profit making and business management are not founded on sentiments. Banks are warehouses for secured funds and money kept in banks are in trusts. The day business begin not to make profit and management are tending towards sentimental, the end of that business is in sight.

Lets look at a bank the size of Intercontinental suddenly declared dead and lets begin to imagine the collateral damage consequent on this:

Entire workforce lose their job without notice or payoff --- think of the multiplier effect of that
Suppliers and contractors to the bank would not collect payment for jobs already done --- think of the multiplier effect of that
Investors and shareholders in the bank lose all their investment --- think of the multiplier effect of that
Depositors savings and contributors lose their money --- think of the multiplier effect of that
Families and organisations (public and private) would not meet their needs and obligations
Bank debtors would smile and offer secret thanksgiving for getting away with all our money
Many students would not continue their education or suffer setback one way or the other
Many companies would fold up and lay off workers
Many deaths would be recorded through frustration and suicide
Government would lose tax income and have budget deficit
YOU[/font][/color] will hace to support many families, friends, colleagues and associates who are distressed by the bank collapse
YOU[font=Lucida Sans Unicode][color=#990000] will attend funerals and do commiserations and condolences to the bereaved.

One can go on and on painting pictures of what would happen when any bank fold up. Let me remind you of National Bank, AIB, ACB, Savannah Bank, and others that collapsed even before Soludo's consolidation. We were in the country then and we witnessed first hand the catastrophic losses in human and material at that time. The loss can be safely compared to war losses except it is non-violent, not immediate and non blood-letting. I tell you the effect is the same, it causes disorder in socio-economic life of any country. I tell you the damage is better imagined than experienced.

If pushing about 3000 into the labour market would prevent the abominable scenario, I think it is a more bearable pain. For those of you asking for the head of Sanusi, I will ask to pray that you lose your life savings, or work six months without salary, or be retrenched forcefully without any entitlements, or your business collapse.

The decision to rentrench might be wicked, I want to believe it is in th best interest of the bank and all of us. Tell me you will not be affected if Intercontinental Bank collapse and you find your cousin crying to you that all is life saving is lost to it or his business is collapsing because all his business fund is lost to it. Think and think again.

I agree criminals like Erastus Akingbola needs to be given the Madoff's treatment but the bastard ran with his tail in his anus before even the distress was announced and has decided to live the life of a fugitive. Nemesis would one day catch up with him. Meanwhile the damaged bank must be repaired.

When your car has accident, to repair it many parts would have to go and be replaced with new ones, even if they are tokunbo for it to be back on the road. In this case, the parts are the workers. Any person sound in quality management practises would know and expect this lay off. Downsizing and rightsizing would definitely replaced a consolidation ( mergers and acquisition) that is badly managed as we experienced in our banks' cases. Your Havard Professors must have pointed this out to you.

How do you explain the rationale behind opening branches that end up becoming cost centres. If such branches were to be folded up where do you think the workers in those branches would go --- their various homes of course. That is the stark reality of sound business decisions not mixed with sentiments and unsustainable factors.

Cry as much as you would want, the reality is that this is the just the beginning. The bank workers are not in any way endangered, the industry is only entering a new phase in its development. WELCOME TO THE ERA OF DOWNSIZING AND RIGHTSIZING. Dont shriek, for those who go to Economics School, they it is sometimes a necessary evil in CORPORATE REORGANISATION AND RESTRUCTURING. Have you not heard of it before.

So , Everything is in transition, including our lives, so be prepared!!!!!!!!!!!!!!!

BAC:

And there are still some fools here in the UK and the USA that wants to go home to look for work. Be truthful to your self. Nigeria has nothing to offer. Nigeria does not even know you exist.

Pls dont refer to Nigeria that way, show some respect for ur country

Can u all see the effect of an unprofessional approach to matters. what a pity for the immediate affected ones! Elephants dey fight, grass dey suffer. May Jah intervene soon.

The Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has been under intense criticisms by a group known as Renaissance Professionals.

The group has accused Sanusi of using his position to waive a whopping N8.44 billion “non performing debt” allegedly owed by companies belonging to Governor Bukola Saraki of Kwara State.

In paid advertorials in some national dailies, the Renaissance Professionals claimed that Sanusi ‘planted’ Mr. Lai Alabi, ex-employee of Saraki as the Managing Director of Intercontinental Bank, to compensate his ‘godfather’ (Gov. Saraki) who supported him to get the CBN apex job.

The group also alleged that two other former employees of Saraki’s Songhai Farms, were appointed as directors in the new board of Intercontinental Bank, inaugurated by Sanusi after sacking the Dr. Eratus Akingbola-led executive in the bank. It also alleged that three companies owned by Saraki were owing Intercontinental Bank a total of N8.4 billion which were not listed in the bank’s non-performing loans; whereas a company owing the bank N200 million was listed.

The Renaissance Professionals argued that waiving the N8.4 billion debt is a subtle support for Saraki’s 2011 presidential ambition by Lamido and by extension, his appointee, Mr. Lai Alabi, the new MD of Intercontinental Bank.

The group also called to question the First Bank of Nigeria (FBN) end of the year report of March, 2009, in which the FBN said N26 billion provision for non-performing or bad debts was adequate.

The group noted: “Taking a cursory look at the former Governor of the CBN, Prof. Soludo’s report on Nigerian banks which he presented in London and South Africa in the fall of 2008 and early this year, respectively, where he maintained that Nigerian banks are strong, one is left to ask what the new definition of strong in the light of the disclosures now being made public.”

However, Saraki has denied owing Intercontinental bank N8.4 billion. A statement by the governor’s press secretary, Masud Adebimpe, described the allegation as frivolous and an attempt to smear the governor’s reputation.

According to the statement, before he commenced his tenure as governor, Saraki had resigned his appointment as director in the three companies that were referred to as debtors to Intercontinental Bank, and has not been involved in the daily running of the companies since he became governor.

http://thepmnews.com/2009/12/09/sanusi-under-fire-accused-of-waiving-saraki%E2%80%99s-n84bn-debt/comment-page-1#comment-130018



SANUSI'S SCRIPT IS GRADUALLY UNFOLDING

This is a sad story, I pray it doesn't affect those I know there,

Men, bank job no be am at all!

GNBohr:

If it is true it is a painful one but lets stop awhile and objectively look at the whole issue as a single unit. Businesses are established for profit making and business management are not founded on sentiments. Banks are warehouses for secured funds and money kept in banks are in trusts. The day business begin not to make profit and management are tending towards sentimental, the end of that business is in sight.

Lets look at a bank the size of Intercontinental suddenly declared dead and lets begin to imagine the collateral damage consequent on this:

Entire workforce lose their job without notice or payoff --- think of the multiplier effect of that
Suppliers and contractors to the bank would not collect payment for jobs already done --- think of the multiplier effect of that
Investors and shareholders in the bank lose all their investment --- think of the multiplier effect of that
Depositors savings and contributors lose their money --- think of the multiplier effect of that
Families and organisations (public and private) would not meet their needs and obligations
Bank debtors would smile and offer secret thanksgiving for getting away with all our money
Many students would not continue their education or suffer setback one way or the other
Many companies would fold up and lay off workers
Many deaths would be recorded through frustration and suicide
Government would lose tax income and have budget deficit

YOU[/font][/color] will hace to support many families, friends, colleagues and associates who are distressed by the bank collapse
YOU[font=Lucida Sans Unicode][color=#990000] will attend funerals and do commiserations and condolences to the bereaved.

One can go on and on painting pictures of what would happen when any bank fold up. Let me remind you of National Bank, AIB, ACB, Savannah Bank, and others that collapsed even before Soludo's consolidation. We were in the country then and we witnessed first hand the catastrophic losses in human and material at that time. The loss can be safely compared to war losses except it is non-violent, not immediate and non blood-letting. I tell you the effect is the same, it causes disorder in socio-economic life of any country. I tell you the damage is better imagined than experienced.

If pushing about 3000 into the labour market would prevent the abominable scenario, I think it is a more bearable pain. For those of you asking for the head of Sanusi, I will ask to pray that you lose your life savings, or work six months without salary, or be retrenched forcefully without any entitlements, or your business collapse.

The decision to rentrench might be wicked, I want to believe it is in th best interest of the bank and all of us. Tell me you will not be affected if Intercontinental Bank collapse and you find your cousin crying to you that all is life saving is lost to it or his business is collapsing because all his business fund is lost to it. Think and think again.

I agree criminals like Erastus Akingbola needs to be given the Madoff's treatment but the naughty person ran with his tail in his anus before even the distress was announced and has decided to live the life of a fugitive. Nemesis would one day catch up with him. Meanwhile the damaged bank must be repaired.

When your car has accident, to repair it many parts would have to go and be replaced with new ones, even if they are tokunbo for it to be back on the road. In this case, the parts are the workers. Any person sound in quality management practises would know and expect this lay off. Downsizing and rightsizing would definitely replaced a consolidation ( mergers and acquisition) that is badly managed as we experienced in our banks' cases. Your Havard Professors must have pointed this out to you.

How do you explain the rationale behind opening branches that end up becoming cost centres. If such branches were to be folded up where do you think the workers in those branches would go --- their various homes of course. That is the stark reality of sound business decisions not mixed with sentiments and unsustainable factors.

Cry as much as you would want, the reality is that this is the just the beginning. The bank workers are not in any way endangered, the industry is only entering a new phase in its development. WELCOME TO THE ERA OF DOWNSIZING AND RIGHTSIZING.  Dont shriek, for those who go to Economics School, they it is sometimes a necessary evil in CORPORATE REORGANISATION AND RESTRUCTURING. Have you not heard of it before.

So ,  Everything is in transition, including our lives,  so be prepared!!!!!!!!!!!!!!!

100% Gospel, plzz tell them again & again & again (applauded)
When will Nigerians start thinking like literates ?

GNBohr:

If it is true it is a painful one but lets stop awhile and objectively look at the whole issue as a single unit. Businesses are established for profit making and business management are not founded on sentiments. Banks are warehouses for secured funds and money kept in banks are in trusts. The day business begin not to make profit and management are tending towards sentimental, the end of that business is in sight.

Lets look at a bank the size of Intercontinental suddenly declared dead and lets begin to imagine the collateral damage consequent on this:

Entire workforce lose their job without notice or payoff --- think of the multiplier effect of that
Suppliers and contractors to the bank would not collect payment for jobs already done --- think of the multiplier effect of that
Investors and shareholders in the bank lose all their investment --- think of the multiplier effect of that
Depositors savings and contributors lose their money --- think of the multiplier effect of that
Families and organisations (public and private) would not meet their needs and obligations
Bank debtors would smile and offer secret thanksgiving for getting away with all our money
Many students would not continue their education or suffer setback one way or the other
Many companies would fold up and lay off workers
Many deaths would be recorded through frustration and suicide
Government would lose tax income and have budget deficit
YOU[/font][/color] will hace to support many families, friends, colleagues and associates who are distressed by the bank collapse
YOU[font=Lucida Sans Unicode][color=#990000] will attend funerals and do commiserations and condolences to the bereaved.

One can go on and on painting pictures of what would happen when any bank fold up. Let me remind you of National Bank, AIB, ACB, Savannah Bank, and others that collapsed even before Soludo's consolidation. We were in the country then and we witnessed first hand the catastrophic losses in human and material at that time. The loss can be safely compared to war losses except it is non-violent, not immediate and non blood-letting. I tell you the effect is the same, it causes disorder in socio-economic life of any country. I tell you the damage is better imagined than experienced.

If pushing about 3000 into the labour market would prevent the abominable scenario, I think it is a more bearable pain. For those of you asking for the head of Sanusi, I will ask to pray that you lose your life savings, or work six months without salary, or be retrenched forcefully without any entitlements, or your business collapse.

The decision to rentrench might be wicked, I want to believe it is in th best interest of the bank and all of us. Tell me you will not be affected if Intercontinental Bank collapse and you find your cousin crying to you that all is life saving is lost to it or his business is collapsing because all his business fund is lost to it. Think and think again.

I agree criminals like Erastus Akingbola needs to be given the Madoff's treatment but the naughty person ran with his tail in his anus before even the distress was announced and has decided to live the life of a fugitive. Nemesis would one day catch up with him. Meanwhile the damaged bank must be repaired.

When your car has accident, to repair it many parts would have to go and be replaced with new ones, even if they are tokunbo for it to be back on the road. In this case, the parts are the workers. Any person sound in quality management practises would know and expect this lay off. Downsizing and rightsizing would definitely replaced a consolidation ( mergers and acquisition) that is badly managed as we experienced in our banks' cases. Your Havard Professors must have pointed this out to you.

How do you explain the rationale behind opening branches that end up becoming cost centres. If such branches were to be folded up where do you think the workers in those branches would go --- their various homes of course. That is the stark reality of sound business decisions not mixed with sentiments and unsustainable factors.

Cry as much as you would want, the reality is that this is the just the beginning. The bank workers are not in any way endangered, the industry is only entering a new phase in its development. WELCOME TO THE ERA OF DOWNSIZING AND RIGHTSIZING. Dont shriek, for those who go to Economics School, they it is sometimes a necessary evil in CORPORATE REORGANISATION AND RESTRUCTURING. Have you not heard of it before.

So , Everything is in transition, including our lives, so be prepared!!!!!!!!!!!!!!!

Fuc.king brilliant. . . .
Tell and school them my friend. . . Unfortunately some idiots on the forum will never learn
Peach. . . . . Just about sums it all up brilliantly

MrCrackles:

Fuc.king brilliant. . . .
Tell and school them my friend. . . Unfortunately some idiots on the forum will never learn
Peach. . . . . Just about sums it all up brilliantly

some idiots havent learnt what?

u wanna elaborate?

ezer:

Pls dont refer to Nigeria that way, show some respect for your country

Why not call a spade a spade. I remember the day everyone was rushing to America, American was the thing back then, After that Ecomomy problems start they all start rushing to the UK. After a while thier foolish thieving friends in the Gov told them there is opportunity in Naija. They carry thier bag and they go, to serve thier mother land. Now big corporations are sneezing in Naija,
Many companies have run down to Ghana, Are they going to carry thier bags now and rush to Ghana?,

The are yet to be sacked. Those news papers are reporting false information. The bank only sacked AGMs, DGMs and GMs(20+) in total. The list for 1500 staffs to be sacked is being compiled.

as sad as it may appear,there are all sorts of meeting taking place today
at the head office of intercontinental.EDS,RDS with HR executives etc,matter of fact all the
BM's and HOP's in lagos have been asked to meet with their regional directors
today by 4, 00pm.
The staff of the bank are just waiting for the letters to confirm this story or not.

sanjowest:

The are yet to be sacked. Those news papers are reporting false information. The bank only sacked AGMs, DGMs and GMs(20+) in total. The list for 1500 staffs to be sacked is being compiled.

being compiled is even worse

shebi den go gove dem money?

tkb417:

some idiots havent learnt what?
u wanna elaborate?

Too late. . .I have closed my case/debate file on the issue!

MrCrackles:

Too late. . .I have closed my case/debate file on the issue!

sharrap and jump out of the thread
maga

when God shut a door he open a window.well come to the really world[color=Black][/color][b][/b]

olorunoba:

when God shut a door he open a window.well come to the really world[color=Black][/color][b][/b]

my pastor, ride on

Story not true please confirm