odedele:

When cadbury had problems few years ago and was declared insolvent, the regulatory agency in the foods and beverages sector did not think ackwardly like Sanusi is now thinking towards forcefully taking over this company. Neither was any form of forced loan given as a bait which under an aggrement decided by CBN and its self imposed management was converted covertiously into equity stakes in these banks.
I bought intercontinental banks IPO at #13:50k, BPHP at #17:00k, Oceanic bank at >#14;00 and it would be cheating of the greatest order if CBN forcefuly spoils business for shareholders of all these companies only to acquire the shares at between #0:50k – #1:00k.
This is called cheating, lunacy and madness from infidels who are bent on not retracting their steps.
I urge all shareholders of all these banks to begin to file a law suit against the regulatory agencies suing heavily for damages for compounding the woes of these companies pending the preposition of rights issues.
In the first place, CBN and NDIC should have given the shareholders of these banks the opportunity to remove the managements and re-capitalize their institution before thinking of this unjust aggressive takeover. The way and manner the regulatory bodies CBN and NDIC has managed this issue is a good sign of unprofessionalism, evil agenda plan among other biased and selfishly connoted reasons.

@justdtruth, nice comment

Sanusi has responded to the punch article below

http://www.cenbank.org/out/2010/pressrelease/gov/PRESS%20STATEMENT-Re%20Nigerian%20banks%20as%20gamblers.pdf

Mallam Sanusi reiterated that with the reforms, Nigerian banks have stabilized with many of them back to profitability. According to him, “our banks today are in better shapes than many of the European banks although there are still challenges that are being addressed”.

Meanwhile, I will like to quote him on this in the future. However, when such disclaimers are made, I believe CBN should have given us his entire speech at the lecture to actually confirm what he said exactly.

On the other hand, i think SLS is probably as qualified for the CBN role as any other Nigerian.

by the way, what has happened to Paddy Lo?

I dey Kampe. . .

chelseabmw:

Sanusi Hits Banks Again: Calls Them 'YAHOO Centers'

K3L3CH1:



This gentleman is going to ruin the sector unless something drastic is done to get him out. He seems to be only after is own selfish personal agenda and not that of the bank/nation.

Akosbaba:

I honestly don't understand why he's been criticised for enlightening the public i.e does it make sense 4 a family to own 40% of a bank?

I honestly don't understand why he's been criticised for enlightening the public i.e does it make sense 4 a family to own 40% of a bank?

why dont u go start your own bank and own 50%  if u like. . .

bidemi12:

People still dont know how dangerous it is for a family to own such huge stakes in a sensitive institution like a bank. Especially in a country where regulatory authorities do not function properly. Hmmmm, upon all that has happened people still do not understand. Amnesia is a serious disease in nigeria.

naijaking1:

Foolish man!
I'm so disappointed for a man who stays at Savanah, GA to make such a statement. I have lived in Atlanta, and Augusta, GA, do you want a list of private or family companies in GA? All of them doing very well, contributing to the growth and economic well being of the state of GA? And you're here complaing about how dangerous allowing private companies to grow big could be in Nigeria?

All those "mega banks and companies" started from some one's dream, hardwork and personal, yes personal funds before they became big enough to attract the jealous attention and religious confusion of the Sanusi Lamidos of this World.

Banning personal companies and banks are not the answer, making the rules stronger, and applying it accross board is the way t o go, just like in GA where companies like Coca-cola, Suntrust bank, and Home Depot have personal and family based origins. Why not in Nigeria

and what does your living in savannah at one time have to do with the issue at hand?

perhaps he is trying to say that the south is as capitalist and economically conservative as they come
They dont suffer Socialist easily,and certainly wont suffer the likes of Sanusi. . . .

However the problem with Sanusi is that no-one really knows where he stands
is he a capitalist or socialist?

If he is a socialist he really has no business being CBN Governor and should humbly resign

bidemi12:

People still dont know how dangerous it is for a family to own such huge stakes in a sensitive institution like a bank. Especially in a country where regulatory authorities do not function properly. Hmmmm, upon all that has happened people still do not understand. Amnesia is a serious disease in nigeria.

PapaBrowne:

Sad commentary!! Statements like these contribute to the death of entrepreneurship. So individuals & families should be prevented from owning business because regulation is poor. My question: Who then would start banks??

However, that aside. Read your statement again and you will find that you've actually indicted Sanusi's CBN and not Family owned business.

Who is the regulatory authority for banks?? Isn't it Sanusi's CBN? If the CBN is not functioning properly, isn't that what Sanusi should be seeking to fix rather than making policies that are inimical to entrepreneurship??

Also ask yourself why most American financial institutions are names of people. Wells Fargo, Merrill Lynch, Goldman Sachs, Charles Schwab all initially belonged to individuals or groups of individuals.

bidemi12:


Myopic slowpoke. are you posting for the sake of it? did you read through my post thoroughly or were you jerking off at some p.o.rn site while trying to digest it too. I stated it was dangerous in a country like nigeria where regulatory institutions do not function properly. and what does your living in savannah at one time have to do with the issue at hand? fool.

naijaking1:

The main reason why Nigeria is not moving forward is because of people like you. People who go overseas like Savannah, GA where there is good road, regular electric power supply, and yes private and personal banks, but when givien the opportunity to apply the same reasonable and proven administrative policies to Nigeria(Africa); they simply give in to retrogressive ethno-religious sentiments.
You know personal banks work quite well in the US, why are you against it in Nigeria? Why should private ownership of banks be one of the major issues Sanusi and Hausa/Fulani elites kick against Nigerian banks

bidemi12:


Myopic slowpoke. are you posting for the sake of it? did you read through my post thoroughly or were you jerking off at some p.o.rn site while trying to digest it too. [size=13pt]I stated it was dangerous in a country like nigeria where regulatory institutions do not function properly[/size]. and what does your living in savannah at one time have to do with the issue at hand? fool.

bidemi12:


keep deceiving yourselves. [size=13pt]in this instance you want to imitate america. when it comes to following the rules of the game it then becomes a problem.[/size]