Biina you are just too much. how i wish dey will reason with you. keep flowing my guy

nurexg:

@biina
i have been following your post on nairaland more especially on political conner, i must admit that you are the most sensible poster on nairaland please keep it up, educate them.
sanusi is my hero[size=8pt][/size].

nurexg:

Biina you are just too much. how i wish dey will reason with you. keep flowing my guy

We'll appreciate some arguments from you too. . . Not just praising bros biina all the time 

Well, this is Nigeria. And unless things change (i'm not sure when), there is always an agenda to some orchestrated decisions. This part I have learnt over the years. Sanusi has done what he was sent to do by selectively cleansing the rot in the banking sector. I ask and still ask why some CEOs who have done worse than the punished ones were not punished. No one knows.

We all know banking is a game of risk & perception. Castigating this industry in your country reduces the positive perception which is not good enough. Sanusi could have duly punished erring CEOs and at the same time ensured that the image of Nigeria's banking Industry does not reek of fraud and deceit Nigerians have become known for worldwide.

Lastly, bros biina, let us not forget that the lack of funding for the major marketers from banks was the original cause of the fuel scarcity (Ignore my hammering so much on fuel scarcity. . . It's just that it is so difficult to get fuel these days and its driving me nuts!!!    )

I disagree and feel Sanusi's actions is the best thing that has happened in the sector since I can remember.

U cant be serious with that remark. . .sanusi is at best a second rate Cbn governor
and at worst,someone way over his league

In any serious country he would not even be the head of a regional bank,even with affirmative action

I will give u a simple reason for what i said above

a CBN governor(or Federal reserve chairman),speaks less and does more behind the scenes
cause any word he says,is interpreted by the markets and can be destabilizing

They most times let action speak for them,by cutting rates or raising them
or making rare policy speeches once in while

Sanusi goes all over the place insulting everybody,he is clearly out of his league
like everything Nigerian,only the incompetent are considered for a position

the head of the NCC(ernest Ndukwe),will soon be retiring after 10 solid years
I am sure they will give his post to some incompetent fool from the NORTH

who will now come and start rubbishing the good work ndukwe has been doing
RUBBISH

freezy:

We'll appreciate some arguments from you too

Thanks bro.

freezy:

This part I have learnt over the years. Sanusi has done what he was sent to do by selectively cleansing the rot in the banking sector.

Source.

freezy:

We all know banking is a game of risk & perception.

yes but calculative risk.

freezy:

Lastly, bros biina, let us not forget that the lack of funding for the major marketers from banks was the original cause of the fuel scarcity (Ignore my hammering so much on fuel scarcity.

Source.


Guy lets lets admit the fact that this guy biina do more research work on his post before he post anything on Nairaland

freezy:

Well, this is Nigeria. And unless things change (i'm not sure when), there is always an agenda to some orchestrated decisions. This part I have learnt over the years. Sanusi has done what he was sent to do by selectively cleansing the rot in the banking sector. I ask and still ask why some CEOs who have done worse than the punished ones were not punished. No one knows.

which CEOs and which banks are these? When there is evidence of unevenness in his handling of issues, then we will debate such issues. When the first round of executives were fired, some people claimed a hidden northern agenda was behind it, yet several month later, we are to see this agenda manifest. It is inimical to the economy to be crying wolf simply on the basis of past sightings of wolves.

We all know banking is a game of risk & perception. Castigating this industry in your country reduces the positive perception which is not good enough. Sanusi could have duly punished erring CEOs and at the same time ensured that the image of Nigeria's banking Industry does not reek of fraud and deceit Nigerians have become known for worldwide.

So you would we continue with the cloak and dagger approach to cover up for the criminals who were abusing their position to siphon depositors funds? there is no way he would have sacked the MDs without people asking why. As per image, his actions have actually improved our image as evidenced in the comments attached to the recent fitch ratings.

Lastly, bros biina, let us not forget that the lack of funding for the major marketers from banks was the original cause of the fuel scarcity (Ignore my hammering so much on fuel scarcity. . . It's just that it is so difficult to get fuel these days and its driving me nuts!!!    )

The lack of funding came about by the banks being over exposed to the stock market and Oil & gas sector, and when the stock market crashed (which began in 2008) along with the Oul prices, the banks lost a lot of their money and became insolvent.

biina you are just too much plz can i have ur email ID cos i need to be intracting will guys like you.
keep going.

paddy_lo:

U cant be serious with that remark. . .sanusi is at best a second rate Cbn governor
and at worst,someone way over his league

In any serious country he would not even be the head of a regional bank,even with affirmative action

I will give u a simple reason for what i said above

a CBN governor(or Federal reserve chairman),speaks less and does more behind the scenes
cause any word he says,is interpreted by the markets and can be destabilizing

They most times let action speak for them,by cutting rates or raising them
or making rare policy speeches once in while

Sanusi goes all over the place insulting everybody,he is clearly out of his league
like everything Nigerian,only the incompetent are considered for a position

and this is why you think he is a second rate CBN governor
You need to go and check the CBN archives and you will find that Soludo was the most vocal CBN governor we have ever had, yet it is not a bad thing. I personally approve of the transparency afforded us by the likes of Sanusi and Soludo, as opposed to the old school Joseph Sanusi and co, who were more like Ifa high priests, who came out to make declarations only at major festivals. i can still remember the Savannah bank license saga.

Back to the issue of Sanusi and his competence. From Soludo's first speech as CBN governor, in which he declared his intent to increase bank capitalization, he identified the problems of the banking sectors as follows
a) weak corporate governance, evidenced by high turnover in the Board and management staff, inaccurate reporting and non-compliance with regulatory requirements, falling ethics and de-marketing of other banks in the industry;
b) late or non-publication of annual accounts that obviates the impact of market discipline in ensuring banking soundness;
c) gross insider abuses, resulting in huge non-performing insider related credits;
d) insolvency, as evidenced by negative capital adequacy ratios and shareholders’ funds that had been completely eroded by operating losses;
e) weak capital base, even for those banks that have met the minimum capital requirement, which currently stands at N1.0 billion or US$7.53 million for existing banks and N2.0 billion or US$15.06 million for new banks, and compared with the RM2.0 billion or US$526.4 million in Malaysia.
f) Over-dependency on public sector deposits, and neglect of small and medium class savers.

After 4yrs in office, Soludo had only tackled the last two issues. In less than one year in office, Sanusi has tackled the first four problems. That to me is a sign of a first rate CBN governor.

the head of the NCC(ernest Ndukwe),will soon be retiring after 10 solid years
I am sure they will give his post to some[b] incompetent fool from the NORTH
[/b]
who will now come and start rubbishing the good work ndukwe has been doing
RUBBISH

Herein lies my problem with you and your likes, who are so blinded by ethnicity that they think that someone from the north is always inferior to his southern counterpart. If Ndukwe has failed in his duties, his successor, irrespective of his origin, is obligated to correct them, and if queried in the public forum by your likes, has the right to bring to public light these short comings to defend his actions. i am not interested in someone's ethnicity, but his competence to do the job and move us forward.

Sanusi is a northerner and I applaud his actions (example his often criticized public pursuit of debtors has help recover N110 billion of the marginal loans), while I'm yet to ascertain what Mansur (also a northerner) has done since his appointment.

Not to mention names, the man on Ajose Adeogun and the Head of the so called largest bank in Nigeria are no exceptions. Proof? There is little that can be brought to the table now. But if the ad-hoc audit which was conducted on the affected fellas with the same intent was conducted on these guys, i'm sure the results will be at par. But the hammer dint come down on them and they lived to fine tune loads. Note that i did not mention nadda about any nothern agenda.

Fitch ratings are crap to me now. If they rated high back then, that means they aint gotten any tool to detect such rot, they could go to **** with their ratings

Yes, MDs can be sacked with people questions answered without so much negative verbal attacks. Recall the shooting idea?

biina:

The lack of funding came about by the banks being over exposed to the stock market and Oil & gas sector, and when the stock market crashed (which began in 2008) along with the Oil prices, the banks lost a lot of their money and became insolvent.

Wrong.
The exposure to the oil & gas sector in 2008 was one of the sources of Mr Sanusi's 'inappropriate loans' given out by banks which had or was going bad. That did not cause the fuel scarcity. Even at that, the marketers were still being financed by the banks till the last week of September 2009. The banks were never at any point insolvent but refused to give out funds untill the the issues of the tanker drivers' purpoted sack over the inability of a parent company to continue paying their wages due to the fact that the FG has not paid what was owed this company. That my friend, was the start of the fuel scarcity.

paddy_lo:

a CBN governor(or Federal reserve chairman),speaks less and does more behind the scenes
cause any word he says,is interpreted by the markets and can be destabilizing

They most times let action speak for them,by cutting rates or raising them
or making rare policy speeches once in while

Stop talking rubbish. This issue was politicised from the get-go by ethnic jingoists and corrupt CEO's looking to preserve their empires. Sanusi does not make much statements beyond the norm.

For example, I went and read the speech in which Sanusi is said to have criticised Soludo, and TBH, it was a pretty routine policy statement. Some journalists just took it and flipped the script, causing all sorts of brouhaha.

Nigerians deserve mediocrity since they are given to wanton misinformation and outright lies.

nurexg:

Thanks bro.

Anytime, pal.

nurexg:

Source.

No source that can be brought forward now. Pity.

nurexg:

yes but calculative risk.

Now that is some reasoning! More of that, mate.

nurexg:

Source.

Hey, just type in Oct 2009 fuel scarcity in Nigeria on google. You'd get that. Do u listen to news at all?

nurexg:

Guy lets lets admit the fact that this guy biina do more research work on his post before he post anything on Nairaland

Of course, everyone does his/her research, but remember that a good number of the posts on nairaland are personal opinions. If fact this blog was created for us to have a view of each other's opinions. Now some people are more gifted in presenting their arguments but that does not mean others are dimwits[i] per se[/i]

@freezy is the best answer for a fool

Herein lies my problem with you and your likes, who are so blinded by ethnicity that they think that someone from the north is always inferior to his southern counterpart

listen my friend. . the silly federal character has totally screwed up Nigeria. .

do u think that without obasanjos Governance we would have any form of economy now. . ?

this is someone that gave us a professional military,well capitalized banks,privatization of over 1000 govt parastatals,established excess crude,set up external reserves after paying our debts,gave us our telecomms boom. .

as all these were happening the so called north were crying blue murder
they dont want a professional military cause they are retiring coup plotters from the north
they dont want bank consolidation,cause there are no banks from the north left after consolidation
no to privatisation cause nomore stealing for northerners
no to excess crude/reserves cause we must eat the money now,and not save for a rainy day
no to GSM,because NITEL must be babysat and the people must be starved of information and ability to communicate(thank god for GSM and instant communication if not they would have completed their silly coup last week)

The North is not inferior,it is the thinking of the NORTH  that is inferior
they always want to eat and mooch from govt

tell me why our power is the way it is?
why are they afraid of privatization of the power sector

OBasanjo was Yoruba,but appointed soludo,okonjo iweala(competent igbo people),to manage the economy

why is yaraduas CBN governor and minister of finance from the same place as he is from?
and u say everything is well
pls wake up and smell the coffee. . .INCOMPETENCE is our bane as a nation
and sanusi is a beneficiary of that incompetence

Stop talking rubbish. This issue was politicised from the get-go by ethnic jingoists and corrupt CEO's looking to preserve their empires. Sanusi does not make much statements beyond the norm.

u dont get it do u. . SANUSI was appointed cause he was a fulani man and a muslim
he is from the get go a beneficiary of nepotism and the incomnpetence of yara dull

therein lies the problem with Nigeria

paddy_lo:

listen my friend. . the silly federal character has totally screwed up Nigeria. .

do u think that without obasanjos Governance we would have any form of economy now. . ?

this is someone that gave us a professional military,well capitalized banks,privatization of over 1000 govt parastatals,established excess crude,set up external reserves after paying our debts,gave us our telecomms boom. .

as all these were happening the so called north were crying blue murder
they dont want a professional military cause they are retiring coup plotters from the north
they dont want bank consolidation,cause there are no banks from the north left after consolidation
no to privatisation cause nomore stealing for northerners
no to excess crude/reserves cause we must eat the money now,and not save for a rainy day
no to GSM,because NITEL must be babysat and the people must be starved of information and ability to communicate(thank god for GSM and instant communication if not they would have completed their silly coup last week)

The North is not inferior,it is the thinking of the NORTH  that is inferior
they always want to eat and mooch from govt

tell me why our power is the way it is?
why are they afraid of privatization of the power sector

OBasanjo was Yoruba,but appointed soludo,okonjo iweala(competent igbo people),to manage the economy

why is yaraduas CBN governor and minister of finance from the same place as he is from?
and u say everything is well
pls wake up and smell the coffee. . .INCOMPETENCE is our bane as a nation
and sanusi is a beneficiary of that incompetence

In all fairness to Yaradua, the guy has not really being able to rule, cos he has always been ill.
So it is hard to compare him to OBJ that was in power for 8 years of democracy and more years in Uniform
But i do agree with you that he at least tried to get people with competency to do the job, and not based on sentiments . . . . .

nurexg:

@freezy is the best answer for a fool

Hey. . . Touche! Why the name calling? I thot you were outta that class. Pity!
Lemme guess. . . You couldn't think of any good response, savvy? Pathetic

Let us have fun discussing . . . . .no need for name calling

@freezy
say what ever you want to say is a free world.
Thank God you are not Goodluck if not i wonder what 9Ja will turn into.
guy belive it or not you are sick in the brain, infact you are saddest.

nurexg:

@freezy
say what ever you want to say is a free world.
Thank God you are not Goodluck if not i wonder what 9Ja will turn into.
guy belive it or not you are sick in the brain, infact you are saddest.

You dont need all these . . . .Let us have fun. . . . .It is just a forum, the guys messing up Nija are drinking wine right now and we are here making enemies, we dont need it.

paddy_lo:

listen my friend. . the silly federal character has totally screwed up Nigeria. .

I agree. . . Im not a fan of incompetent Northerners. . . but Sanusi is not one. . . I file him under the same bracket as Ribadu for example.

Ibime:

I agree. . . Im not a fan of incompetent Northerners. . . but Sanusi is not one. . . I file him under the same bracket as Ribadu for example.

I still would like to know what Ribadu really did for Nija

nurexg:

@freezy
say what ever you want to say is a free world.
Thank God you are not Goodluck if not i wonder what 9Ja will turn into.
guy belive it or not you are sick in the brain, infact you are saddest.

And you are exercising the freedom beautifully from your responses. Keep it up mate.

Fhemmmy:

You dont need all these . . . .Let us have fun. . . . .It is just a forum, the guys messing up Nija are drinking wine right now and we are here making enemies, we dont need it.

Good point there. . . To think Dora was asked to resign. . . unfathomable

In all fairness to Yaradua, the guy has not really being able to rule, cos he has always been ill.

Then let him resign immediateley. . .where is SANUSIS big mouth on this one now?

can there be anything more corrupt than the current yaradua saga?

can a bank or company operate in any economy on earth,without the presence of a visible president?

can america,chinas,brazil or russias economy grow,while there is political anarchy in their country?

everyone should please spare me this sympathy for yar adua

the whole saga has shown us as an unserious country not fit to stand in the commitee of nations
and in the news today i read that northern reps want dora akunyili to quit for saying the truth,how typical. . .

the few Northerners that can perform,like el-rufai and ribadu,they chase out of the country
how do u expect me to take SANUSI seriously then?

@fhammmy thanks for the advise. @ freezy my apology i mean no offence.

@ all lets acknowledge any good work done by any nigerian rather than critisizing him/her abeg i take God beg onah

paddy_lo:

Then let him resign immediateley. . .where is SANUSIS big mouth on this one now?

can there be anything more corrupt than the current yaradua saga?

can a bank or company operate in any economy on earth,without the presence of a visible president?

can america,chinas,brazil or russias economy grow,while there is political anarchy in their country?

everyone should please spare me this sympathy for yar adua

the whole saga has shown us as an unserious country not fit to stand in the commitee of nations
and in the news today i read that northern reps want dora akunyili to quit for saying the truth,how typical. . .

the few Northerners that can perform,like el-rufai and ribadu,they chase out of the country
how do u expect me to take SANUSI seriously then?

That is what i do agree with . . . .but if he is truly in a vegetable state, then, he wont be able to resign, but his family cld do the right thing and tell people the truth and we can vote him out and move the nation forward.

nurexg:

@fhammmy thanks for the advise. @ freezy my apology i mean no offence.

@ all lets acknowledge any good work done by any nigerian rather than critisizing him/her abeg i take God beg onah

That is how we know a great man . . . . .thanx

Fhemmmy:

That is how we know a great man . . . . .thanx

You are welcome bro.
Lets learn to take our brothers blame on us just like [size=20pt]AKON[/size] said.

Kool

biina:

I suggest you read the audit reports.
and you think things will get worse? The banks have been audited, and those with shortcomings given directives to rectify their positions.

You seem to have a story book interpretation of the crisis.
The dismissed CEOs were not the only errant ones.
The rot was widespread. Those dismissed were dismissed as a result of their degree of insolvency which exceeded a certain threshold.
All banks faced various levels of insolvency.

You make reference to ongoing activities as if they will continue indefinitely.

Not at all! But the fact is that the negative impact like I listed is still being felt.
banks are still closing down branches and sacking workers as we speak.

Will the banks keep sacking forever?

No, But they are still sacking and are nowhere near conditions of hiring workers (which will indicate some form of stability)

Have healthy banks not been receiving new credit lines?

No asides the CBN publisized one.

Has foreign ratings not improved?

The last rating I got from Fitch Dowwngraded Nigerias banking sector.
The fact that it commended the CBN does not translate to an upgrade or improvement in foreign ratings.
So I dont know what u are talkin about 

Is the change of management not restricted to the distressed ones?

No if you add the retired ones like Elumelu, Ovia and co
We are talking about half of the banks.

Is being asked to raise your capital base now a sign of distress?

When inluded as part of an audit report it is a sign of limited distress. It means you are not properly capitalised.
The world is not black or white.
Between distressed and non-distressed you have various levels of distress

So in your opinion all the banks are under capitalized and cannot lend?
and where is your evidence that it is not? 

I dint say so. sanusi said so.
Sanusi's actions and comments, including the one at bayero where he alledged that banks had used depositor funds to capitalise points to the fact.

When you know the problem and can implement the solution, it is really that easy.

Sorry mate, Sanusi Mistake. Its never really that easy .
I guess he was thinking like you as he underestimated the impact of his actions.

Your are simply crying wolf, when there is none.

Whatever that means

Which speech are you referring to? If its the Bayero address, it seems you havent read it  first hand and are only commenting on second hand info.
Have the banks not been audited, or do you expect new revelations that were missed in the audit?
Have the banks not provisioned for their bad debts? Is the AMC not being established? The problems in the sector have been identified and are being addressed.
A few months ago some of you were claiming there was nothing wrong with the banks, and now you are singing a different tune that the problem is everlasting

You clearly have little knowledge of the financial world.
You do not appreciate the impact of uncertainties, heavy handed legislation and crisis impacts business confidence which impacts the markets which impacts the economy.

The CBN identified the problems (and this was common knowledge even before soludo took over) and took the necessary actions. Do you want him to start chasing ghosts?

I haven't really asked him to do anything , like you said, he has done everything he has to do (although I doubt it)
I am only saying that he should stop this culture of deceit . By saying anything to protect his position.
He need to come clean on the true situation of the banking industry.

Get your self properly informed before making allegations.

I did not make any allegations, I am just making speculations based on judgement and experiance. The same way I made in these admonishions in august last year.

nurexg:

@fhammmy thanks for the advise. @ freezy my apology i mean no offence.

@ all lets acknowledge any good work done by any nigerian rather than critisizing him/her abeg i take God beg onah

Non taken. I'm an old hand around here y'know?

Talk talk leaders with very little action

Should encourage Nigerian banks to lend to insiders and government parastals,

VIPICO:

Talk talk leaders with very little action

'Xcuse me. . .?

@Roadstar
So all you are saying is simply speculations. You have no facts and yet you demand that Sanusi comes clean?
You are convinced that Sanusi is not doing a good job, yet you have no evidence to the contrary.
24 banks were audited and 14  were found to be adequately capitalized and liquid, and 10 were found to be under-capitalized (marginal or otherwise). But you now claim that all are under-capitalized and that Sanusi said so?
Without any evidence, you claim that the 'rot' was widespread.
The level of management changes varied from bank to bank, yet in total, the CBN induced CEO changes (including tenure limit) occurred in about 10 banks, most of which were distressed and yet you want to categorize the entire sector as being under management change.
The distressed bank hiring is a sign of growth and not stability or is downsizing not a tool for improving profitability, or you think it only applies to reducing losses?. Hasn't the number of people sacked been reducing each week? You have no evidence to suggest that the downsizing will continue beyond September.
The fitch report of february 2010 says the sector is improving. when was the last fitch rating report you received?

There is no point debating this, as it is obvious you have a less than objective view of things. Time will soon tell if your doom analysis is right or just a figment of your imagination.