until it happens i will not stop praying

Ibime:

We are talking about the provision of financial assistance for purchase of own shares, a widely abused practice in Nigeria.

CBNs action is not as specific as the concern you raised above, hence the criticisms from Okereke.
The questionable practice was prevalent in the Icelandic Banks collapse, which as you know had good support of British Institutions.

The article clearly states the following:
The CBN had recently barred money deposit banks from accepting banks' shares as security for credits granted for trading in stocks in the Nigerian capital market.


It is instructive to note that the prosecuters and forensic examiners in Iceland / England estimate it will take them 2 to 3 years to amass the necessary evidence to prosecute. Kudos to Sanusi for being able to do the same in less than 4 weeks.

^^^Lets not digress. . . whilst I am sure that it will take Icelandic prosecutors 2 or 3 years to build a case against everyone, I am equally sure the the Icelandic central bank will move[i] immediately[/i] to restrict - or enforce laws already in place governing - the practice of margin loans for purchase of own shares. . .

Ibime:

^^^Lets not digress. . . whilst I am sure that it will take Icelandic prosecutors 2 or 3 years to build a case against everyone, I am equally sure the the Icelandic central bank will move[i] immediately[/i] to restrict (or enforce laws already in place governing) the practice of margin loans for purchase of own shares. . .

another climb down?

How is that a climbdown?

I told you something is illegal (or at least restricted) abroad. . . and Sapeleguy confirms that people abroad are prosecuting for very same thing. . . I guess they wouldnt prosecute if it was legal. . . please follow the thread of the argument.

If the blanket ban on margin loans as quoted in the article is correct then the stock market and brokers will be finished.
In this context Okereke's comment are extremely reserved.

Jarus:

SLS even has an MSC Economics degree, ABu 1983, but it's only his Islamic studies degree they are obsessed with.

I hope you'll stop flashing this dubious ABU degree, because everybody in Nigeria knows how politicians, highly placed people, and yes popular princes earn their grades from compulsory classes. Sanusi couldn't even prove himself. If he wanted to, he could have tried a semester in Harvard, Oxford, or even here at Yale. What other country could have made such a character the head of their central bank?
Sanusi is fake, a fake, and a pretender to banking expertise. No amount of politics can change that.
With a basic knowledge of psychology, anybody would have spotted his inefficiency a mile away like I did 9 months ago.

naijaking1:

I hope you'll stop flashing this dubious ABU degree, because everybody in Nigeria knows how politicians, highly placed people, and yes popular princes earn their grades from compulsory classes. Sanusi couldn't even prove himself. If he wanted to, he could have tried a semester in Harvard, Oxford, or even here at Yale. What other country could have made such a character the head of their central bank?
Sanusi is fake, a fake, and a pretender to banking expertise. No amount of politics can change that.
With a basic knowledge of psychology, anybody would have spotted his inefficiency a mile away like I did 9 months ago.

Good thing Sanusi wasn't a politician when he earned his Msc, eh?
I fail to understand how someone who has held lofty positions of great responsibility in the banking industry for many years can be labelled as a 'pretender' and a 'fake'.

naijaking1:

With a basic knowledge of psychology, anybody would have spotted his inefficiency a mile away like I did 9 months ago.

Pity your powers couldn't spot Soludo's inefficiency in his last remaining year in the CBN, turning a blind eye and a deaf ear to the rampant looting and mismanagement perpetrated by Ibru et al.

texazzpete:

Good thing Sanusi wasn't a politician when he earned his Msc, eh?
I fail to understand how someone who has held lofty positions of great responsibility in the banking industry for many years can be labelled as a 'pretender' and a 'fake'.

Tell us more about Sanusi's MSc, please, please
Six months of tenure as First bank M.D was all it took , not many years.

Pity your powers couldn't spot Soludo's inefficiency in his last remaining year in the CBN, turning a blind eye and a deaf ear to the rampant looting and mismanagement perpetrated by Ibru et al.

Hate or love Soludo, one thing you can't dispute is his academic achievements. "turning a blind eye, cooking books, owing too many properties, even buying a jet------ are all Sanusi's theme songs, and it's really getting old. Please don't come here singing an unproven allegation into a reality