stealth01:

The current mishap of job losses and the associated trauma being faced by the individuals and respective families of those laid off can only be attributed to one fact- that the former CBN Governor, Prof Charles Soludo did not do his job while he was in office

We were busy building a pack of cards that we called the "Mega Banks" of Nigerian banking industry now these once highly ranked institutions in the International financial markets have recently had their credit ratings seriously downgraded

This was a clear case of failure in Corporate governance
While these bank executives were busy globe trotting the world and receiving accolades for fictitious performances they recorded on their income statements and the size of their so called "balance sheets" that never balanced, the stock market enjoyed an unusual boom most fueled by insider trading and share price manipulations, Stock brokers had a free day with margin loans, proper credit checks/KYC were not done on these Corporate Clients by the lenders, no bank could really tell the exposure of these FI accounts and we had cases of multiple borrowings with the same collaterals which were also even share backed facilities probably encouraged by an absence of Credit Registry

After the recapitalisation, the then CBN management did not see a need to firm up supervision in these banks but the former CBN governor chose to receive awards and dinners hosted for him by these highly paid bank "execu-thieves". I can recall clearly that the media warned it was a strategy to silence the then governor of the Apex bank but some of us turned a deaf ear

Now the truth has come out and like they say it is bitter and just as the CBN and the executives have reiterated, the current position of these banks cannot sustain the workforce they previously carried.

However, the CBN would have involved the TUC and NLC alongside the current management of the 24 banks in a process of collective bargaining and worked out "reasonable" modalities for the rationalization (salary cuts as much as 60% would have been more preferable rather than massive layoffs) and not leave it to the banks to decide how to do what to do

I sympathize with those that have lost their jobs and the families concerned, i lost mine in October and i know what it feels like being unemployed again.

Though no one is perfect but I feel there's no moral justification for Prof. Charles Soludo to come out at this time that he wants to rule anyone or people group in this nation considering the pains he's causing many families in this country today as a result of his "oversight" while at the CBN

We only hope the current recession will be over soon and you never can tell it may be a blessing in disguise. God takes away the first that he may establish the second.

stealth01:

Jodeci it is because of psychofans and praise singers like you that this country is yet to be developed and the sooner we start holding our leaders accountable for their actions and non-actions the better for all of us and if you are well informed you would have heard the present governor admit the failure of the regulatory framework of the previous CBN administration


Fire007 On the contrary, I am not a fan of your so called “silly mallam” neither do I approve of his recent unreserved comments in the media (considering the sensitive nature of his office), I also do not support the manner in which the banking reform was executed as there was obviously some selective justice in the decisions that were taken but the truth of the matter is that “if wasn’t broken in the first place there wouldn’t have been any need to fix it”

Before you come out to make public comments like “the banks were all fine” you need to have sufficient information to prove it. There’s enough data to show that these stressed banks were frequent borrowers in the Expanded Discount Window of the CBN (created by Charles Soludo) which is more than enough reason to tell you these banks were virtually struggling to meet their obligations locally and internationally

Also, if Mr. Akingbola’s bank was fine before Sanusi Lamido took over affairs at CBN and he has nothing to hide why hasn’t he surrendered himself to the authorities for investigation up till now?

The problem with us Nigerians is that we celebrate mediocrity in the lives of our leaders but until we make our leaders accountable for their actions we cannot make headway.
We need to put in place systems that would make anyone seeking political offices understand that such positions are meant for service and not to feed their greed

Ceebee I agree with you that we may be heading for a negative progression but you should note that the seed Soludo sowed while in office was that of bad leadership which must not be celebrated both in the past and recent CBN administrations

I am not from the eastern part of the country neither am I a northerner but I foresee a Soludo if elected to be governor of any state in this country would not represent the interest of the people but choose to pursue a selfish agenda

The harm he caused the industry and society at large due to his lax supervision while at the Apex bank is enough reason for him to drop his political agenda if he has an atom of conscience left in him.

metal-gong:

@Poster

By answering the following questions for me, it would also help you with the truth.

1--- How were banks faring before Soludo left the office?
2--- Were banks laying off workers during Soludo's tenure, despite the fact that the world economy had slumped into recession before he left?
3----And What made you to believe that Sanusi, the islamic scholar, would let Soludo free if he was involved in any illegal activity?
4----What do you think that gave Soludo the temerity to be contesting for Anambra guber, if he is not really proud of his tenure at CBN? Dont even be surprise if you see him as your president come 2015.

The truth is that Sanusi is responsible for all the recent woes in the banking industry and we expect him to take full responsibility of his policies.

FYI, we Anambrarians really need the services of Soludo. Hopefully, he will be voted in come feb 2010 and all his traducers would be put to shame.

Youngichou:

@mr perfect pls stop all those saying, lets pray for sanusi. SANUSI is more of a politician, and politician dont need prayers

metal-gong:

@Poster

By answering the following questions for me, it would also help you with the truth.

1--- How were banks faring before Soludo left the office?
2--- Were banks laying off workers during Soludo's tenure, despite the fact that the world economy had slumped into recession before he left?
3----And What made you to believe that Sanusi, the islamic scholar, would let Soludo free if he was involved in any illegal activity?
4----What do you think that gave Soludo the temerity to be contesting for Anambra guber, if he is not really proud of his tenure at CBN? Dont even be surprise if you see him as your president come 2015.

The truth is that Sanusi is responsible for all the recent woes in the banking industry and we expect him to take full responsibility of his policies.

FYI, we Anambrarians really need the services of Soludo. Hopefully, he will be voted in come feb 2010 and all his traducers would be put to shame.

Johnpaul88:

Lets be sincere for once. During the time Soludo held sway at the CBN, banking is one of the best job in the country. Are we arguing that monies used to pay the numerous workers never existed or did it suddenly grew wings and flew away as soon as Soludo completed his term in office ? I find it difficult to appreciate the magnitude of blame being heaped at his head, as the masterminder of these present plight. Again,Where did these "troubled banks" get the money they used in multiplying their branches' strenght or don't they have them ab initio ? In as much we keep holding Soludo culpable for the present travails, let us not lose sight of the fact that he actually iniated the audit process,on the premise that he will be given second tenure to implement them. Not withstanding the foregoing, presence of a few cobwebs and rats in a 50-storey building, is not an indicator that the building is near-collapse or have collapsed, as we are being mearnt to understand. I know if it were under Soludo that the audit process was actually implemented, not too many people will know that it took place b/c it will not hold the media frontburner like this. If it were Sanusi that was at CBN when Soludo did his consolidation exercise,i bet u he will never have handled this situation thus. He's just in a hurry to create an impression.

uchemanga:

who ever that want to open his/her barrels to accuse Soludo should first of all think of what our banking sector was like before he emerged, what it was under him and what it is now.
we all will hail the genius and not waste time in demanding result from our dear mallam.