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Nairaland Forum / Nairaland / General / Business / Will Sanusi Liquidate Any Of The Rescued Banks (3545 Views)
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Will Sanusi Liquidate Any Of The Rescued Banks by jeez: 8:49pm On Feb 18, 2010 |
I have a friend abroad who has substantial funds in some of the rescued banks. He came accross an article in which sanusi threatened to liquidate the rescued banks if they dont cooperate with the consultants packaging them for sale. He is worried and thinking of flying down to move his funds to first bank nigeria early next month. What do you think i advise him as i am not even sure of the future of these banks given unpredictable reforms. He has funds in Oceanic , Afri bank, Intercontinental and Union bank. Do you think these banks would even last the next three months so that he does not hurry down |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by doctor126(m): 1:47pm On Feb 19, 2010 |
To the best of my understanding, I think sanusi is doing the right thing for this country. |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by Tmoni(m): 1:55pm On Feb 19, 2010 |
@Poster, By funds, do u mean cash deposits in the affected banks or stock holding in this banks? Well, CBN guaranteed that no deposit holder will lose their funds so thats all we have to contend with, also NDIC insures you up to a certain limit (cant remember now), Personally, i think it will be throwing the baby out with the bath water if SLS liquidates the banks, most likely i think we might see a senario where this banks are acquired by other financial institutions including all assets and liabilities, So, i would advise your friend that if its deposits he has in these banks and he is very much uncertain about the future then he prolly has to come to naija to move them to other banks, @doctor the jury is still out on SLS, if these whole banking stuff ends as it stands now, we will award him a huge F9 |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by Nobody: 1:55pm On Feb 19, 2010 |
from the original op jeez: jeez: jeez: dodgy business and questionable statements |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by ricky01: 1:59pm On Feb 19, 2010 |
all nigerian banks are strong now,,,,so u can put your money in any bank of your choice, |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by Zimex: 3:03pm On Feb 19, 2010 |
Tmoni: The limit is really low, it was 50k not sure if they've changed it. I won't advise anyone to even think about NDIC insurance in making a decision. |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by NSNA: 3:35pm On Feb 19, 2010 |
Sanusi got it wrong. See the panic he as caused. A lot of developed countries have so many wrongs but they don't expose themselves like this. It should have been a little more discrete and internal. |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by tunyus(m): 3:43pm On Feb 19, 2010 |
to be on a safer side, I will advice the guy to take is money to any of the unaffected banks,because anything canb happen in this country |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by ayobase(m): 3:59pm On Feb 19, 2010 |
Learnt that pple have been withdrawing from Intercontinental bank! |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by ademark1: 4:00pm On Feb 19, 2010 |
Zimex: After the Soludo banking consolidation , it was increased to 200k |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by grandstar(m): 4:19pm On Feb 19, 2010 |
No, he will not liquidate the banks. He plans to sell them to foreigners which is unwise. The reason why it is unwise is that the foriegn banks do not care about the country. They are more interested in making profits. Have you tried opening an account with Citibank? I plead with you, don't even try. And do you see any of their branches outside the major three cities-Lagos, Abuja and Port Harcourt? Noooooooooooooooooooooo |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by grandstar(m): 4:24pm On Feb 19, 2010 |
And he has stated that he will not allow any bank to fail! |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by Nobody: 5:07pm On Feb 19, 2010 |
If they want to run down, All I want from them is they should just come and safe all those their client's money in my house. I guarantee them that the money is safed |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by odedele: 5:16pm On Feb 19, 2010 |
sanusi can neva try it.atleast we d shareholders will not accept that.all his agenda is been xposed we av sent our petition 2 d VP |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by courage89(m): 5:39pm On Feb 19, 2010 |
grandstar: I disagree with you. Selling these banks to foreign coy is the way to go 1. We will get healthy competition Majority of those foreign banks or investment companies vying for the acquisition of these banks are either number 1 or 2 (in terms of market share) in their current territory. These foreign coy structure their business strategy / goal to attain and retain major market share either no. 1 or 2 positions in every country they operate in. If they cannot within their time frame achieve their goal of being the best or second best, they’ll have to exit that market with their exit strategy in the back burner. If these coy do get permission to operate in our country, end result will be healthy competition between them and our top banks. At the end of the day, consumer will have the upper hand. 2. This will bring increased foreign direct investment, foreign expertise and technology into the country. 3. This move will also improve our global presence in the world of mergers and acquisition, and all the positive features that revolves around it. Selling these banks to local bank is not healthy and this might put us back in the same hole. 1. These local banks will get more monopoly power and this is not good for the market. 2. They’ll get too big to utilize and optimize resources within their reach, will not maximize ROI properly. The reason why we’re in this hole in the first place 3. There will be no competition if it’s the same set of company that will remain in the market. |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by pady2: 5:44pm On Feb 19, 2010 |
jst want to kw,will all of these affect staff of the affected banks(i.e if the banks are bought over by foreigners?)will it translate to a beta package for them or lose of their jobs?will appreciate comments on this pls. |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by safariman(m): 6:23pm On Feb 19, 2010 |
Well said Courage89, you stole my thunder |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by biina: 6:30pm On Feb 19, 2010 |
I expect liquidating the banks would be a last resort for the CBN, otherwise why inject funds and try to help them recover their bad loans. The banks need injection of capital, in the least to replace the CBN rescue funds. Getting said funds from foreign banks is probably the best option cos (as have been said by others) - we get an influx of forex, which is better than us playing musical chairs with local funds - the investing banks should be able to bring in needed expertise, technologies and best practices - and the affiliation should add more credibility to our sector in the global market Please keep in mind that these local banks in question can be described as the worst off in the sector and I think it will be a great coup if we get to sell the worst of the sector to foreign investors while keeping the top ones under local ownership. We eat our cake and have it, so to say. If they fail under foreign ownership, then it simply good riddance to bad rubbish, after all they were on the failure already |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by boyt1: 6:52pm On Feb 19, 2010 |
Sanusi is doing a good job. For once people should give credit to whom its due, even if the reform does not benefit you as an individual.The interest of the Nation should come first. Banks should be made competitive, and the customers should receive security and guarantee from CBN for their deposits. the era CE Os sit on the banks and operate it as their family business is over. |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by opribo(m): 7:05pm On Feb 19, 2010 |
He said this so let us trust our public officers, , We will not allow any bank to fail. However, we will also ensure that officers of banks and debtors who contribute to bank failures are brought to book to the full extent of the law and that all proceeds of infraction are confiscated where legally feasible. -Sanusi Lamido |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by PapaBrowne(m): 7:26pm On Feb 19, 2010 |
jeez: There isn't much reason to fear any longer! Sanusi's hands have been tied behind his back! [/b]All he has right now is a mouth to talk and no fist to punch!Very soon his mouth will be glued to his tongue and he will speak no more!! Jonathan's Government is doing the right thing by calling him to order! It's a matter of time, three months max b4 Sanusi puts in his resignation! All the same tell your friend to move his funds to a safer bank like GT! [b]The folks on here supporting Sanusi are mostly 9-5 jobbers with zero stake in the banking industry! You have no deposits in the banks, you hold no shares in any of the banks and you have no investments whatsoever, hence you have no understanding about the impact of Sanusi's actions on the economy!! |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by Rastamann: 9:16pm On Feb 19, 2010 |
Sanusi is doing a nice job and I trust that for now he will take a logical and reasonable decision on the rescued banks. |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by biina: 9:56pm On Feb 19, 2010 |
PapaBrowne:So says the bank 'chairman'. Your self aggrandizement of importance like a toddler is just hilarious. With all your claims to seeing what others 'miss', I am yet to see you backup your position with facts and figures, only opinions and innuendo. The truth is that it is the likes of you that have been damaging the economy by preaching doom and gloom Still, you are free to make whatever 'prophetic' statements you want about sanusi, but I would advise that you stay away from boxing those who do not share your views into any societal class or caste. |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by Nobody: 10:40pm On Feb 19, 2010 |
The folks on here supporting Sanusi are mostly 9-5 jobbers with zero stake in the banking industry! You have no deposits in the banks, you hold no shares in any of the banks and you have no investments whatsoever see confusion - 9-5 jobbers with no stake in the banking industry - pray tell, where are The salaries of these 9-5 jobbers paid into? you do realise that the 9-5 jobbers represent the middle class, the real owners of the cash in the banking industry? u think we are not bothered about risks to our hard earned cash? |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by biina: 11:26pm On Feb 19, 2010 |
Fitch says Nigerian banking sector making improvements(The following statement was released by the rating agency) Feb 18 - Fitch Ratings says in a report published today that the Nigerian banking sector's historically weak corporate governance and limited accounting disclosures have begun to improve, but notes that disclosure could be improved further. "The Central Bank of Nigeria's (CBN) initiatives to improve corporate governance and overall levels of transparency should assist to further stabilise the Nigerian banking sector," says Anthony Walker, a Senior Director in Fitch's Financial Institutions Group. "Investors will now begin to benefit from improved financial statement and periodical reporting disclosures, together with a common year-end for all Nigerian banks which will assist investors in assessing the risks within these institutions. At the same time further improvements made to corporate governance regulations since the conclusion of the CBN's special examination have also been considered to be positive." Following the conclusion of its special examination, the CBN made the managing directors and several of the executive directors at eight of Nigeria's problematic institutions redundant and appointed new management teams. Fitch notes, however, that most of the non-executive directors of these institutions have remained in place. The agency considers this surprising given the apparent breakdown in corporate governance and risk management controls at the institutions. "One of the challenges that Nigeria will face, a feature of most emerging markets is the ability to find suitably qualified and experienced individuals to serve as non-executive directors," says Denzil De Bie, a Director in Fitch's Financial Institutions Group. Although Nigerian regulations provide guidance on the structure and composition of board committees, the agency considers that the shortage of adequately qualified and experienced non-executive directors will continue to impact overall levels of corporate governance. Moving forward, Fitch believes it would be beneficial if bank compliance functions are strengthened and given a greater role in identifying and reporting corporate governance weaknesses to relevant board committees and the CBN. http://www.reuters.com/article/idUSWNA422420100218 |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by PapaBrowne(m): 12:51am On Feb 20, 2010 |
biina:Yeah, it might sound like "self aggrandisement of importance"but its neccesary sometimes to talk down on folks that just speak recklessly without the slightest form of understanding on a given issue! For you Biina, I know you have understanding on the given issue, probably a different kind from mine, and I respect that. However, majority of folks that support Sanusi, both here on Nairaland and outside have little or no understanding of the impact of reckless policy decisions on overall economic performance! Majority happen to be 9-5 jobbers! So you finally own up to the fact that since the advent of Sanusi, the economy has been damaged, but you'd rather blame fifth columnists than place responsibility on the man whose very unprofessional pronouncements, very crude methods and very aggressive sectional agenda caused all the damage! Whether we like it or not, we have to start coming to terms with the fact that the new Ag President is not a fan of Sanusi and would not allow most of Sanusi's actions. Sanusi would have a frustrating stay at the CBN if he chooses not to resign. He already said he is well ready to go on exile! I say hurry!! |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by biina: 2:59am On Feb 20, 2010 |
PapaBrowne:Do not try to justify that which is wrong. It is one thing to disparage someone's understanding of issues, its a whole different thing to be condescending to a social class. Have there been damages to the economy since Sanusi assumed office? Yes. Have said damages been a result of his actions? No Damages to the economy did not start with Sanusi, nor will it end with him. poor corporate governance, power failure, dependence on oil etc are some of the many things that have damaged our economy in recent years and are still damaging parts of, or the whole economy. People like you on the other have damaged the trust in the sector by spreading unfounded doom and gloom. Sanusi di that which needed to be done. I wonder what you will do if Sanusi is still in office after in May. |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by kennynet: 4:18am On Feb 20, 2010 |
jeez: I'll advise that you should let him come down to come and do what he plans to do because it is good to do anything that will allow him to sleep at night than to develop hypertension for himself. I have also moved my money away from Oceanic, Intercontinental and Union bank. Though, i still have shares with these banks but i have some plans on that as well. Good luck. |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by usbcable(m): 7:22am On Feb 20, 2010 |
Mallam Sanusi, most likely wont liquidate the banks. I expect he'ld sell them to foreign banks for the sake of keeping competition amongst the banks in the economy. moreover this I feel is better than liquidating the concerned banks. but its amazing how day in day out he keeps making rounds in the news. |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by hugooh42(m): 8:45am On Feb 20, 2010 |
PLEASE SOMEONE SHOULD ADVICE ME. AM PLANNING TO SEND HOME LARGE FUNDS TO BE FIXED AT EQUITORIAL TRUST BANK.BUT I DON'T KNOW IF ITS RISKY.ALTHOUGH I HAVE GOTTEN ASSURANCES FROM THE MANAGER THAT NOTHING IS GOING TO HAPPEN TO THE BANK AND MY MONEY.PLEASE I NEED YOUR ADVICE! |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by switchmax8: 9:56am On Feb 20, 2010 |
Can someone in the house give us detailed of the trouble and reliable banks |
Re: Will Sanusi Liquidate Any Of The Rescued Banks by vicishow(m): 11:17am On Feb 20, 2010 |
It is better of that way, Let the person come around, |
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